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Risk Assessment and Business Management Essay

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Risk Assessment and Management Problem
The term risk assessment refers to an objective evaluation of risks to which end the assumptions and uncertainties are clearly put into consideration as well as presented. On the other hand in regards to risk management it has in most cases courted difficulties in the measurement of both the quantities in which risk assessment is concerned (Muzzi, Armando, and Augusto Panà, 2000, pp. 99-103). This is because the potentiality of an anticipated loss and the probability of it occurring have proved pretty difficult to quantify. This leaves a huge margin of error in the quantification of these two concepts.
Over the years, the concept of risk management has proven to be an integral part of a business community as well as a necessity in the compliance of national laws. They have over time been known to be an integral part in the determination of the risk that prevails within one’s work place. What should be noted is that the law has no provision for the elimination of all risks. What the law provides for is the provision for the protection of up to a reasonable practicable level.
To this end it is important to carry out a risk assessment which would evaluate the factors that would cause harm to people at the work place. This would be the only way to make a conclusive assessment and or conclusion as to whether all necessary precautions have been executed to avert such harm.
Risk assessment is done through a five phase process. These are namely; identification of the hazards, determination of those at risk and the risks in question, evaluation of the risks and deciding on the precautions, recording and implementation of the precautionary measures and lastly carrying out reviews and making any ne...


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...enefit analysis. This would entail a comparison of the risk and how it is related to the benefits. If the benefits were lower than one would have to forego the risk and opt to mitigate it. Finally one would have to seek the public opinion on the issue. This is because despite all the factors put into consideration the public is the determinant as to how the business would develop.



Works Cited

Brucker, A D, and Dieter Hutter. “Information Flow in Disaster Management Systems.” 2010
International Conference on Availability Reliability and Security. IEEE, 2010. 156-163.
Champion, J. “Risk assessment. A five step process.” British journal of perioperative nursing the
journal of the National Association of Theatre Nurses 10.7 (2000) : 350-353. Print.
Muzzi, Armando, and Augusto Panà. “Risk assessment and risk management.” Igiene E Sanita
Pubblica 2000 99-103.


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