PRA - Preliminary Risk Analysis

The Preliminary Risk Analysis (PRA) consists of a prior assessment of the main risks involved in an organization, process, or project. This study should consider all stages of the risk management process: Contextualization, identification, analysis, and assessment of risks, in addition to defining and monitoring controls.

 

The PRA is an initial survey that aims to obtain the first mapping of risks, in a structured way, in a reduced time, with the purpose of prioritizing resources. PRA considers the threats, vulnerabilities, impacts, probabilities, and effectiveness of existing controls.

 

Essentially, the PRA consists of a prior, rapid study with an adequate level of detail about the organization's risks. As the PRA has a preventive purpose, it must be performed at the beginning of a new project, task, or process, especially in new building structures.

When to do an PRA?

Your organization needs to carry out a large volume of risk assessments, in a short time, in order to make a decision, but it does not have the necessary resources such as a highly specialized team and a defined budget.

1

Prioritize resources such as time, people and investments in the risk management process.

2

Use non-specialized human resources, or with little specialization, in the risk management process.

PRA benefits for companies

By knowing the risks to which your organization is exposed, you will be able to develop mitigation strategies, prioritize investments and monitor mitigation actions, reducing uncertainties regarding the organization's future objectives.

 

The truth is that every human activity has risks involved. Some of greater and others of lesser magnitude for the organization. Thus, even if your organization does not have a risk management culture, this will be a valuable management tool capable of:

 

  • Identify the organization's risks and classify them: From the collection of information in the different areas of the company, it is possible to define, by degree of importance, the vulnerabilities, threats, and possible consequences.
  • Raising awareness of own employees and business partners: Mapping and analyzing risks allows those involved in the organization's processes to understand the importance of their actions and the processes that need to be better controlled.
  • Enable managers to effectively control risk: With the PRA of key processes, managers can effectively track the controls that keep risks within the organization's risk appetite, ensuring the organization's strategic objectives.
  • Definition of responsibilities: When planning on the controls defined in the PRA, it is necessary to designate people responsible for the implementation and maintenance of the controls. This process will increase employee engagement. Risk Management is not an exclusive task for the corporate risk management area.

How to make PRA using t-Risk?

Aims to collect and organize the main information about the organization, process, project or structure where the Preliminary Risk Analysis - PRA will be carried out.

Aims to identify risks, focusing on threats, vulnerabilities and consequences (impacts). Evidence of risks through photographic records that will automatically go to the final report (PDF).

Aims to broaden the understanding of the identified risks through 6 criteria: Function, replacement, depth, extent, probability and impact; enabling the classification and prioritization of risks according to their importance to the organization.

Aims to make decisions on prioritizing risks through rankings, taking into account the organization's risk appetite, enabling the definition of efficient and effective controls.

Define Action Plan to implement and monitor the efficiency of selected controls. Through 5W2H it is possible to manage projects and detail tasks. Send automatic emails alerting about late or completed tasks.

Issuance of complete reports (PDFs) following the ABNT standards, containing photographic evidence and all structured information during the PRA. The indicator comparison panel (KPIs) of the PRA cycles can show the evolution of risks .