Risk Score Calculator

ELECTRONIC RISK SCORE CALCULATOR:

Risk Score Nomograms are based on OHS Risk Assessment AS/NZS 4804:2001 and contained in HB205-2004 OHS Risk Management Handbook. The Ratings used for the Risk Calculation have been adapted from Fine, Journal of Safety Research 1971 page-159. The risk assessment calculator is intended as a guide to identify level of risk. The risk score should be interpreted with caution. It should only be used as a basis for reasoned judgment.

Screen Shot:

In the working version, adjust the slide for Probability, Exposure and Consequence for instant Risk Rating then print, save the file or cut & paste to a document.

Please click here for a free copy of the working version

Manual Version of Risk Score Nomogram:

PRIORITISING HAZARDS - CALCULATING THE RISK SCORE:

The risk assessment calculator is intended as a guide to identify level of risk. The risk score should be interpreted with caution. It should only be used as a basis for reasoned judgment. The method of use of the calculator is as follows:

1. Start with the most likely or typical CONSEQUENCES resulting from exposure to the hazard and mark your choice on the POSSIBLE CONSEQUENCES line.

2. Estimate the EXPOSURE, that is, how often people, plant and equipment are exposed to the hazard, and mark your estimate on the EXPOSURE line.

3. What is the likelihood or chance that the consequences you have predicted will follow? Mark your choice on the PROBABILITY line.

4. Draw a line from the point on the PROBABILITY scale to the appropriate point on the EXPOSURE scale.

5. Extend the line to the TIE LINE.

6. Draw a line from the intersection of the TIE LINE to the appropriate point on the POSSIBLE CONSEQUENCES scale.

7. Extend the line to the RISK SCORE scale.

CONSEQUENCES
Catastrophe - numerous fatalities, extensive financial loss ( > $5M), major disruption to operations, extensive environment damage
Disaster         - multiple fatalities, significant financial loss ($1 – $5 M), major disruption to operations, major environment damage
Very Serious - fatality, significant financial loss ($500,000 to $1M), significant production disruption, significant environmental disruption
Serious          - serious injury (permanent disability, amputation), notable financial loss (<$50,000) slight production or environment disruption
Important      - Injury requiring medical treatment, notable financial loss ($5,000 to $50,000), minor environmental damage
Noticeable     - first aid treatment (minor cuts, bruises, bumps), negligible financial loss (<$5,000), negligible environmental damage

ONLINE RISK REGISTER Please click here for more info or a demo

WHAT’S THE RISK?

Understanding the key components of risk management is one thing but ensuring you have a tool to hold people accountable, communicate clearly and demonstrate best practice, is another. WSP are pleased to announce the development of an online hosted risk register which helps organisations to track the implementation of mitigation strategies, hold people accountable for managing risks and provides clients with an easy way of demonstrating effective risk management practices. Using our extensive experience and knowledge, WSP has integrated their 9 core standards of risk management into this easy to use online tool.

SUPPORT OPTIONS

With WSP you have the benefit of having risk management consultants who can assist with coaching you through the process of identifying the risks and the required controls and can guide you through the process of implementation. However if you already have this information and you just need the online tool, you can just purchase the tool to meet your requirements.

9 CORE STANDARDS OF RISK MANAGEMENT

WSP’s 9 core strategic risk management standards represent the key 'classes of risk' or 'areas of exposure' that apply to every organisation. These standards assist organisations to achieve an acceptable level of risk and obtain the return on effort.

FEATURES OF THE ONLINE RISK REGISTER

By using our online service to manage your risk tracking processes, you can finally say good bye to those complicated Excel spreadsheets and proprietary risk databases. Our online tool is so easy that anyone with internet access and a web browser can use it. And you can rest assured that your information is safe in a powerful, customisable and secure online system. Manage risk mitigation timeframes and accountabilities with built-in email reminders and automatic audit-trails. Track progress with unlimited comments and documentation (attachments in any format including Word, PDF, Excel etc.). Ensure transparency across your organisation and its partners with read-only through to full access user accounts. And with customisable output options including printer-friendly reports and Excel export, you always remain in full ownership of your information.