Public Board of Directors papers 27.01.22

12.2 Risk quantification & assessment Risk assessment analyses hazards, (which are situations with the potential to cause harm) and risks (which are defined as the likelihood of meeting that hazard). The process identifies controls in place or needed and thereby the Trust can assure the public, patients and stakeholders that it is effective and efficient and delivering the objectives of the organisation. It will also aid decision-making and resource prioritisation. The Trust uses a 5 step process for risk assessment: 1. Identify the hazards (what can go wrong?) 2. Decide who might be harmed and how 3. Identify the controls in place; is there a need for further action? 4. Record your findings, proposed action and identify who will lead on what action. Record the date of implementation. 5. Review your assessment periodically, at least annually and update if necessary In order to manage the risks identified during the assessment process, it may be necessary to take action and put controls in place. Appropriate control measures ensure risks are eliminated or minimised as far as possible. With suitable controls in place the level of risk may be reduced to an acceptable level. Managers must consider the level, type and cost of the control measures required to manage a specific risk, the benefit these may have on the likelihood of the risk occurring and potential consequences if it should occur. There may be cases where the cost of controlling risk far outweighs the benefit. All risk assessments must be documented on the general risk assessment form. As a minimum risk assessments must be reviewed annually. Template and sample risk assessments are available on HIVE. Once uploaded the sample risk assessments will not be updated, although the template ones will be as appropriate. Risk assessment training is provided by the patient safety and risk team and can be booked via the-christie.incidentreporting@nhs.net 12.3 Risk evaluation The Christie has adopted a Risk Management Standard which measures risk using a combination of consequence (also described as impact or severity) and the likelihood (or probability or frequency) of an event occurring. Risk is therefore assessed in terms of Consequence x Likelihood and facilitates the construction of a risk matrix for evaluating the level of risk -low/moderate/high/extreme, and the priority for action. The following grids are examples of the impact matrix (refer appendix 6 for more detailed examples across difference categories of incidents and the likelihood matrix Consequence / Impact 5=Catastrophic ►Fatality

4=Major

►Major injury / long term incapacity / disability (e.g. loss of limb)

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Risk management strategy and Policy 2021-2024 Document ref: RM01 Version 04

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