Risk Assessment is a process that shows an organization’s or group’s vulnerabilities and the estimated cost of recovery in the event of damage. It summarizes defensive measures and associated costs based on the amount of risk the organization or group is willing to accept (the risk tolerance).
System Risk Management provides a Risk Assessment Matrix which is used to identify, rate and judge risks involved with an activity or endeavor of a System Member. To use this form, see the instructions below:
- Step 1: List all event activities and be as inclusive as possible.
- Step 2: Honestly identify risks associated with each activity.
- Step 3: Use the Matrix to assess your activities. Tally the seriousness and probability scores for evaluation.
- Step 4: Brainstorm methods to manage risks. See if you can reduce the probability of something going wrong.
- Step 5: Submit Risk Management and Insurance Matrix Form with Risk Assessment Form to System Risk Management for further review by email to RMS-Insurance@tamus.edu or faxing to 979-458-6247