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Treatment or Mitigation

Risks are plotted on the risk map based upon their respective risk score, as determined using the method described previously.  The treatment strategy selected will be determined by the risk ranking.  An example is presented in Figure 7 below.  Due to the diverse nature of the University’s teaching, research and community services , and, the fact that not all risks can be transferred to third parties through insurance policies, contracts or waivers, the management  and monitoring  effort may be required on residual risk in some cases.

Risk mitigation treatment strategies tend to fall into one of the following categories - avoidance (eliminate or not become involved); control (ensure adequate processes are in place); accept (potential opportunity) or transfer (outsource to external party).

Accept: When the impact and probability of occurrence are low.

Control: When there is a high probability of a risk but its impact would be low: ensure that appropriate controls are in place.

Share: When there is a high impact but low probability: share the risk with others (e.g. insurance).

Mitigate and Control (Reduce): When both the probability and the impact are high, design controls and processes to reduce exposure.