BSBOPS504 Week 4

Table: Likelihood of risk occurring

Rare	May occur only in exceptional circumstances, e.g. death of an employee at work.
Unlikely	Event is unlikely to occur but is possible, e.g. an employee crashing a company car.
Possible	Event could occur, e.g. rain on the day of an outdoor event.
Likely	Event likely to occur once or more during the life of the project, e.g. first aid injury.
Frequent	Event will occur many times during the life of the project, e.g. a busy street.

PricewaterhouseCooper believes that boards can play a vital role in improving the quality of risk management information provided to them to review and/or act on. A discussion paper published by them at describes five steps that can help boards get the information they require. Based on the likelihood scale above, describe which risks would be included in the statement 'Be clear about what matters', i.e. would you include all items on the scale, or just frequent risks? Identify the cut-off you would apply and explain why.