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Tools for Risk Management

RAMS & Evaluation - Adapting and mitigating

The severity of Risk - Understanding the likelihood and 4Ts application

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Risk Assessment Management (RAMS) 

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& Evaluation

It is crucial to think of the possible risks involved in a project. In order to have a successful outcome, mitigations and anticipation of consequences help treat, transfer, tolerate or terminate the risk. 

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Simply, RAMS is made with a table. Based on the picture shown below, the risk is evaluated based on how serious the risk is (severity), how often it would occur (likelihood) or how risky it is in comparison to the others (risk level). Upon factoring in the following evaluations, the group have to determine the course of action (4Ts):

Treat (control): This is to find solutions for the risk stated.

Terminate (avoid): In other words, eradicate the risk entirely by either changing or modifying product/service.

Tolerate (accept): It is to leave the risk alone, this can be done, provided the risk is not too severe.

Transfer (share): To transfer the risk means it is to either share the risk through insurance or partnerships (make sure the transfer is recorded and legal).

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Hence, the team have come up with the following RAMS and an evaluation. As shown in the picture below (descriptions included). Multiple versions of the PAR-Q and indemnity form has been created to terminate and treat severe mishaps that might occur. Ultimately, we have also considered the "Assumption of risk" (a legal doctrine that holds the individual accountable for voluntarily exposing him or herself to the risk stated) while commercialising this product as a form to sign and consent is not feasible.

 

This is useful as I feel that being able to mitigate the risks and protect the user, product and business is important for sustainability. Being unprepared for possible consequences can result in serious repercussions if the product or service takes flight, this can cause lawsuits and bad reputation eventually affecting sales and profits.

RISKo.PNG

Severity of Risk

Severity of Risk

Explained in the images above, we have rated the severity of each risk. This helps us categorise and adapt to each based on the likelihood and consequences of it occurring.

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This helps the team in the development and ideation phase as while creating, we are able to find solutions and feedback in improving the product before the finalisation; reducing any possible risk.

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This is an example of how these two tools correlate. 

The risk is the possibility of triggering a seizure while using the VR headset.

 

Based on the severity of this risk, this is considered Major (4). The likelihood of this would be Occasional (3) hence the evaluation of a 12 making this a medium risk. 

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This is the step where the team brainstorm ways to mitigate this risk. Applying one of '4Ts' mentioned above. 

1. To treat this by altering the VR concept to a video or removing the headset

2. To terminate by restricting sales or trials to individuals with seizure history

3. To tolerate: -Not applicable- (as this is a medium risk)

or 4. to transfer by partnering with insurance companies or medical faculties for assistance when it occurs.

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