an introduction to risk

Imagine you’re driving down this road.You’re alone.

How fast are you driving

RiskRiskRiskRisk

RiskRisk

What is risk?What is risk?

Risk is a measure of the probability of an undesired event occurring

multiplied by the severity of the consequences.

Probability x Consequence = Risk

Risk is a measure of the probability of an undesired event occurring

multiplied by the severity of the consequences.

Probability x Consequence = Risk

RiskRisk

•Continuous - Many times per day

•Frequent - Approximately once daily

•Occasional - Once a week to once a month

•Unusual - Once a month to once a year

•Rare - Has been known to occur

•Very rare - Not known to have occurred

RISK PROBABILITY (P) RISK PROBABILITY (P)

RISK CONSEQUENCES (C) RISK CONSEQUENCES (C)

Catastrophe Multiple loss of life$20,000,000

damage5 days track

closure

Disaster Loss of life$5,000,000 damage,

1 days track closure

Very seriousMultiple

permanent injury$2,000,000

damage8 hour track

closure

SeriousPermanent or serious injury

$500,0004 hour track

closure

Important Lost time injury $20,0002 hour track

closure

Noticeable No lost time injury No damage No track closure

RiskRisk

Imagine you’re driving down this road.You’re alone.

How fast are you drivingImagine you’re driving down this road.And your baby daughter is in the back seat

Now how fast are you driving

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