Case Study Example: Cash-in-Transit (CIT) Adverse Impact Analysis and Assessment (continuation)
3. Measure the degree of each risk by using an impact analysis ratio or other practical method of quantifying the high and marginal risks that require mitigation, i.e. Pareto rule, Gantt charts, PERT analysis, the use of statistical evidence or court case decisions and rulings, and past records of insurance recoveries.
Plot estimates for “Likelihoods" into Highly-Likely, Likely, Unlikely, and Highly Unlikely as well as the degree of probabilities: Highly Extreme, Extreme, Major, Moderate and Minor. Consider the worst outcome in the event that the hazard or threats will occur, which pertains to fatalities, injuries, amount of cash involved, environmental or site damages.
Note: Use the Adverse Impact Analysis Worksheet discussed in page 3 of this article, where you can find the link to the free, downloadable worksheet template.
4. Affirm that there are no other alternative measures to replace said phase, method or procedure after comparisons are made against all external sources of qualified, reliable, complete and verifiable data.
There should be proper consultations with the insurance underwriter and head of local and state police, as well as other crime prevention forces, industry associations and an OHSA consultant.
5. Risks shall be considered for all processes, whether financial, implemental, procedural, social, legal, environmental , ethical and all other factors that could possibly bring about a disastrous impact on the project’s outcome.
Compile all relevant federal, statutory, local and common laws; codes of business ethics, publications containing reviews, editorial insights, consumer group issues, concerns of civic organizations, initiatives of industry associations, as well as national and local news events and developments that are all related to CIT transactions.
6. Develop a presentation of the cause and effect scenarios once the trigger factors are launched or activated not as an element that is incidental but as an avoidable part of the project’s procedures.
Create virtual enactments that will depict the scenarios as to when, where, how , whom and what will take place in the event that the perceived hazards happen.
7. Include the preparation of stakeholder analysis, which will provide views of the projected impact whether positive or negative and the trigger factors that could cause the possible transformation of the positive into negative.
Prepare mock-financial analyses and statements that present the adverse impacts of highly-extreme, extreme and major levels of highly-likely and likely scenarios. The potential costs, effects and collateral damages should be projected in their most realistic perspective.
Please proceed to the next page for the continuation of this case study example of adverse impact analysis for cash-in-transit transactions.
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