Relevant Steps. Steps HD Faculty™ uses in selecting cost-effective controls for each risk event undertaken by the Risk Management Team:
- Evaluate the potential losses to HD Faculty™.
- Identify potential mitigation tactics and techniques to reduce or eliminate the identified risk.
- Assess direct costs, as well as indirect costs to implement the tactic plan.
- Compare costs of implementing controls with the anticipated benefits (one of the objects is to identify the cost/benefit of the mitigation tactical plan/proposal, by calculating the risk reduction leverage).
- Select and implement tactical plans that add the most value relative to the composite costs.
