Page 1108 - BSN_COPC_v1

CAGAYAN STATE UNIVERSITY – CARIG CAMPUS
Tuguegarao City, Cagayan 3500
ISO 9001:2015

L. Risk and Opportunity Response Strategies

Risk Response Description
Strategies
Eliminate the risk by changing action/treatment plans, processes, or
Avoidance scope
Reduce the likelihood or impact of the risk through proactive
Mitigation measures by improved quality control, or redundancies and
repetitiveness
Shift the risk to a third party through insurance, contracts, or
Transfer
outsourcing or to other offices more capable of handling
Acknowledge the risk and have contingency plans in place to manage
Acceptance
the consequences if the risk occurs.
Collaborate with partners, stakeholders and or offices sto shoulder
Sharing
the effect of the risk

Opportunity Exploitation Description
Strategies
Take actions to maximize the benefits of the opportunity, such as
Enhancing investing in additional resources or expanding the scope of the
program/project/activities
Collaborate with partners or stakeholders and or to leverage the
Sharing
opportunity and maximize the benefits for all parties involved
Acknowledge the opportunity and incorporate it into action/treatment
Acceptance
plan to ensure that it is fully realized.

Common to Risk and Description
Opportunity
Develop contingency plans to address unforeseen events or changes
Contingency Planning in circumstances that may impact the processes.

Establish monitoring mechanisms to track the progress of risk
Monitoring and Control response and opportunity exploitation strategies and take corrective
actions when necessary.
Foster a culture of continuous improvement by learning from past
Continuous Improvement
risks and opportunities to enhance future desirable outcomes.
Keep stakeholders informed about the identified risks and
Communication and opportunities, as well as the strategies being implemented to address
Stakeholder Engagement them. Engage stakeholders proactively to gather insights and
feedback.
Utilize transfer mechanisms such as insurance policies, indemnity
Transfer Mechanisms clauses in contracts, or performance guarantees to mitigate financial
risks.
Conduct regular risk assessments to identify new risks and
Identification and Analysis
opportunities and analyze their potential impact on the project

Document Code: Effectivity Date: RM AND RBT Revision No.: 00 Form Code:
A-URMRBT-12504 04-17-2024 OFFICE Pages: 15 of 15 F-DCO-1820

28