Risk treatment involves developing a range of options for mitigating the risk, assessing those options, and then preparing and implementing action plans. The highest rated risks should be addressed as a matter of urgency.
Selecting the most appropriate risk treatment means balancing the costs of implementing each activity against the benefits derived. In general, the cost of managing the risks needs to be commensurate with the benefits obtained. When making cost versus benefit judgement the wider context should also be taken into account.
Let me know your thoughts on:
• The importance of risk treatment in an effective risk management system
• Determining whether to treat or not to treat risks(cost/benefit analysis and the ALARP principle)
• Options for treating risks
For your information, a LIVE webinar on "Risk Treatment: Cost versus Benefit" will be delivered on the 21st of April,2016. You can have a direct discussion with the presenter, and ask all your questions related to the topic. The webinar is entirely for FREE.
You will also gain a CPD credit, by attending one of our webinars.
Register at : bit.ly/1S0UAiS
I've just registered and this is the first topic that I found very interesting.
In my opinion, depending on the type and nature of the risk the most adequate and available options are: sharing or transferring the risk, avoiding, reducing or accepting. A range of treatments may be available for each risk and these options are not necessarily mutually exclusive or appropriate in all circumstances.