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.
Working out how likely it is that a hazard will harm and how bad it could harm the staff and aware the risk activities before it happen.
Risk assessment is done when assisting with personal hygiene to prevent, slip, trip and falls which can lead to serious injury or death.
Employers make arrangements to carry out the health and safety measures and identified risks by taking risk assessment and they should have monitor and review those arrangements. They should assign the people with the sufficient skill, knowledge and experience to take risk assessment. Employers must setup an emergency procedures and provide information to all the employees about them. Employer must provide clear information, supervision and training for employees and ensure that only suitable people are appointed who are capable of carrying out the tasks. Employers make sure that they work together with any other employer from the same workplace and share the information on the risks that may be affect
There are various reasons why risk assessments are put in place. Risk assessments can be used to assess the environments that we work in, the risks staff may be exposed to, the risks to the individual and the risks of the equipment that is in place. Once the risk assessment process has been completed it will help all concerned to thin about ant potential hazards there may be in the situation or activity and the ways risks to the individual others cane be minimized. Taking risks is part of being able to choose and be in control of your life. It is important that concerns about risks do not get in the way of people living their lives in the way they want to. We must ensure we make the individual aware of all risks for them to be able to make their
Obviously, financial establishments can endure breathtaking misfortunes notwithstanding when their risk management is top notch. They are, all things considered, in the matter of going out on a limb. At the point when risk management fails, be that as it may, it is in one of the many fundamental ways, almost every one of them exemplified in the present emergency. In some cases, the issue lies with the information or measures that risk directors depend on. At times it identifies with how they recognize and impart the risks an organization is presented to. Financial risk management is difficult to get right in the best of times.
... recommendation is that better protection should be provided for the management of financial risk. Benkol could use the Net Present Value technique to cover that. Benkol also lacks a proper risk assessment method. Benkol does not use a risk assessment matrix, nor scenario analysis and probability analysis is done by the project manager using subjective assumptions. This can be refined by implementing proper probability analysis and risk assessment matrix.
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A candidly of risk occurs in every organisation. Governance principals and the occupational health and safety urge that the organisations take reasonable measures to hinder loss, charge or rage to the organisational and all stakeholders/management. Injury and accidents can even happen ultimately with stringent OHS and the fact that an accident when occurs, does not mean that someone is liable if all responsible steps for prevention or minimisation has been taken.
Over the past decade, risk and uncertainty have increasingly become major issues which impact business activities. Many organizations are raising awareness to minimize the adverse consequences by implementing the process of Risk Management Framework which plays a significant role in mitigating almost all categories of risks. According to Ward (2005), the objective of risk management is to enhance a company’s performance. In particular, the importance of the framework is to assist top management in developing a sensible risk management strategy and program.
e risk management process typically includes five steps. These steps are 1) identifying all significant risks, 2) evaluating the potential frequency and severity of losses, 3)developing and selecting methods chosen, 5) monitoring the performance and suitability of the risk management methods and strategies on an ongoing basis.
Risk mitigation is also the process of controlling actions, which are identified, and selecting the suitable ones to reduce risk according to project objectives (Pa, 2015). Risk mitigation is important in IT organizations in so many ways. According to Ahdieh, Hashemitaba, Ow (2012), mitigation of risk provides a mechanism for managers to handle risk effectively by providing the step wise execution of the risk handling (as cited in Pa, 2015, pg. 49). Some risks, once identified, can readily be eliminated or reduced. However, most risks are much more difficult to mitigate, particularly high-impact, low-probability risks. Therefore, risk mitigation and control need to be long-term efforts by IT project managers throughout the project lifecycle. There are three types of risk mitigation strategies that hold unique to Business Continuity and Disaster
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The importance of enterprise risk management is to ensure that the program is not managed in individual departments, but rather utilizing a holistic approach. According to Fraser & Simkins, in the text, Enterprise Risk Management, the common result of a stove-pipe approach to risk management is that risks are often managed inconsistently these risk may be effectively managed within an individual business unit to acceptable levels, but the risk treatments or lack thereof selected by the manager may unknowingly create or add to risks for other units within the organization. This stove-piping or silos as we understand it at University of Saint Mary create major rifts and
Risk management is a process used in all industries to reduce the risk. The Risk management tool usage changes from sector to sector and hence each sector has developed their own risk management tools and methodologies to mitigate the risk. But the concept remains the same behind all the tools (Ropel, 2011). The main steps for risk management irrespective of the sector are:
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.