Quality Risk Assessment - definition of 'high', 'moderate' and 'slight' risk.
Q: I'm putting together a quality risk register for our business and looking for some examples other people have used for their definitions of ' high ', ' moderate ' and ' slight ' risk. For example, ' high ' risk could be: major financial loss to business, major loss of company reputation, complete break-down of management system, loss of accreditation. A: The examples above refer to the high consequences wording. At Risk analysis and Risk evaluation phases, it is necessary to take into account likelihood , a mandatory risk component. Major financial loss to business, major loss of company reputation, complete break-down of management system, loss of accreditation – all these examples could be attributed to the ' slight ' level of risk when likelihood is close to 0 . Based on our experience, the risks in the Risk list should be worded in terms of an ‘event’ – an adverse event that may occur with a certain likelihood...