Risk Likelihood and Consequence Descriptors
Risk Likelihood Descriptors
| Rating | Description | Likelihood of Occurrence |
|---|---|---|
| 1 | Rare | Highly unlikely, but it may occur in exceptional circumstances. It could happen, but probably never will. |
| 2 | Unlikely | Not expected, but there's a slight possibility it may occur at some time. |
| 3 | Possible | The event might occur at some time as there is a history of casual occurrence at the University &/or similar institutions. |
| 4 | Likely | There is a strong possibility the event will occur as there is a history of frequent occurrence at the University &/or similar institutions. |
| 5 | Almost Certain | Very likely. The event is expected to occur in most circumstances as there is a history of regular occurrence at the University &/or similar institutions. |
Risk Consequence Descriptors
| Rating | Description | Financial Impact | Clients & Staff Health & Safety | Business Interruption | Reputation & Image | Corporate Objectives |
|---|---|---|---|---|---|---|
| 1 | Insignificant | Minimal financial loss; Less than $300,000 | No or only minor personal injury; First Aid needed but no days lost | Negligible; Critical systems unavailable for less than one hour | Negligible impact | Resolved in day-to-day management |
| 2 | Minor | $300,000 to $2M; not covered by insurance | Minor injury; Medical treatment & some days lost | Inconvenient; Critical systems unavailable for several hours | Adverse local media coverage only | Minor impact |
| 3 | Moderate | $2M to $5M; not covered by insurance | Injury; Possible hospitalisation & numerous days lost | Client dissatisfaction; Critical systems unavailable for less than 1 day | Adverse capital city media coverage | Significant impact |
| 4 | Major | $5M to $10M; not covered by insurance | Single death &/or long-term illness or multiple serious injuries | Critical systems unavailable for 1 day or a series of prolonged outages | Adverse and extended national media coverage | Major impact |
| 5 | Catastrophic | Above $10M; not covered by insurance | Fatality(ies) or permanent disability or ill-health | Critical systems unavailable for more than a day (at a crucial time) | Demand for government inquiry | Disastrous impact |
Updated: 19 February 2013