4. P r o b a b i l i t y REMOTE (low) OCCASIONAL (medium) PROBABLE (high) C o n s e q u e n c e MARGINAL (low) CRITICAL (medium) CATASTROPHIC (high) Risk Assessment Matrix B C C A B C A A B
5. Risk Management Strategies Tolerate (retain) Treat (mitigate) Terminate (eliminate) Transfer (by contract or insurance) 4 T’s (Dorfman 1997)