1 About the Mitigating Action Plan
When risks are identified and assessed as being acceptable to the functioning of the business and cannot be eliminated, we develop and implement mitigating actions where possible, to reduce the impact and/or likelihood of the risk. Managers use the Risk Mitigating Action Plan for each risk, detailing what actions, processes and controls can be used to reduce the risk.
Each risk is addressed and reviewed, with managers then developing and documenting measures and controls that will reduce the risk impact and likelihood. It is not possible to eliminate all risks, but we aim to reduce them to an acceptable level. Our aim is always to assess whether the impact to the business or an external individual or entity are proportionate to the objectives of the project/function and when deciding if the risk is acceptable. Mitigating actions aim to reduce the risk to its lowest rating when it is the re-assessed and given a revised rating.
2 Mitigating Action Plan