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Quantitative Assessments

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Risk Rating

 

TIRA as a risk management program offers quantitative assessment rating using the following guidelines:

  

Likelihood

 

Severity (consequences)

 

5. Almost Certain

4. Probable

3. Possible

2. Possible (under unfortunate circumstances)

1. Rare

5. Fatality

4. Major Injury, resulting in disability

3. Injury Requires, Doctor’s or Hospital attendance

2. Minor Injury, 1st Aid required

1. Minor Injury, 1st Aid not required

 


 

Risk Rating is calculated by multiplying the likelihood against the severity, e.g. taking a likelihood of 4, which is classified as Probable, and multiplying this against a severity of 2, which is classified as a Minor Injury 1st aid required, would give you an overall risk rating of 8, which would be risk rated as a low risk.

 

Note : A high risk, but minor effect may appear to need less in terms of risk management than a low risk, with serious, irreversible, effect. However, it may need more attention, particularly if it is likely that more people will be affected. High hazard does not equate to high risk!

 

Standard 5 x 5 Risk Matrix

  

L
I
K
E
L
I
H
O
O
D


5

 


5

 

 

10

 

15

 

20

 

25


4

 

 

4

 

8

 

12

 

16

 

20


3

 


3

 

6

 

9

 

12


15


2

 


2

 

4

 

6

 

8


10


1

 

 

1

 

2

 

3

 

4

 

5

 

 

1

 

 

2

 

3

 

4

 

5

SEVERITY

  

RISK

HIGH

MEDIUM

LOW

 

Risk Rating is calculated by multiplying the likelihood against the severity, e.g. taking a likelihood of 4, which is classified as Probable, and multiplying this against a severity of 2, which is classified as a Minor Injury 1st aid required, would give you an overall risk rating of 8, which would be risk rated as a low risk.


High risk equals 16 to 25

High Risk activities should cease immediately until further control measures to mitigate the risk are introduced.


Medium risk equals 9 to 15

Medium Risks should only be tolerated for the short-term and then only whilst further control measures to mitigate the risk are being planned and introduced, within a defined time period.  Note:  Medium risks can be an organisations greatest risk, it’s achilles heel, this because they can be tolerated in the short-term.


Low risk equals 1 to 8

Low Risks are largely acceptable, subject to reviews periodically, or after significant change, etc...

 

 

  

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