Tool 10 – Identify Risk Treatment/Mitigation

Tool 10 helps companies to plan and take measures to treat the risks they have identified. The categorisation of risk ie serious, major or minor, will directly relate to the treatment approach required.

Step Guide


Download the table from worksheet 2.5 (p32)


Take each risk statement/scenario from tool 8 and enter them into the second column


Show how you prioritised each risk statement/scenario according to risk level ie serious, major, or minor


Place all your serious risk statements/scenarios at the top of the table, followed by the major risks and lastly the minors ones at the bottom of the table


For each statement/scenario, document possible actions that could be taken to treat or mitigate the situation in the third column


Evaluate each proposed risk treatment measure using the suggested questions provided in Tip 5 (p33)


Record your evaluations in the Notes and Considerations column

The 5 typical risk treatment options:

  • Accept it – accept the risk as it is
  • Avoid it – do not undertake the activity that creates the risk
  • Mitigate it – take actions to reduce either the probability or consequence
  • Transfer it – obtain insurance (may be difficult for many VPs risks)
  • Share it – share the risk with another entity (may be difficult for many VPs risks

Risk treatment/mitigation prioritisation:

Serious – Management of this risk is a matter of highest priority. Risk treatment arrangements need to be significantly altered to mitigate this mistake

Major – Risk treatment arrangements need to be changed in order to manage this risk. Additional resources or efforts are required

Minor – Management of this risk can be incorporated into existing arrangements and treatment. However, this risk will need to be monitored in case it escalates