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Changes in the marketplace > Changes in the marketplace - Pg. 41

Development of Risk Management 41 Risk management tools and techniques will assist with the management of the hazard risks, control risks and opportunity risks that could impact these key dependencies. Organizations should ensure that the risk management process is repeated as often as necessary, to overcome the difficulty of a static snapshot of the status of the risks facing the organization. This will ensure that risk management remains a dynamic activity. f I g u r E 4.1 8Rs and 4Ts of (hazard) risk management 1. Recognition of risks 2. Rating of risks 3. Ranking against risk criteria Experience feedback 4. Responding to risks: · tolerate · treat · transfer · terminate Information feedback 5. Resourcing controls 6. Reaction planning 7. Reporting on risk 8. Reviewing and monitoring