risk assessment

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Slide 1

What is risk assessment?

Slide 2

Concept Risk assessment consists of an objective evaluation of risk in which assumptions and uncertainties are clearly considered and presented. Part of the difficulty in risk management is that both the quantities by which risk assessment is concerned – potential loss and probability of occurrence – can be very difficult to measure. The chance of error in measuring these two concepts is high. Risk with a large potential loss and a low probability of occurrence is often treated differently from one with a low potential loss and a high likelihood of occurrence. In theory, both are of near equal priority, but in practice it can be very difficult to manage when faced with the scarcity of resources, especially time, in which to conduct the risk management process

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Assessment of risk At the strategic level policies are made specifying acceptable levels of risk, procedures to be followed within the organization, priorities and allocation of resources.At the systematic level, management involved with the project produce project level risk assessments with the assistance of the available expertise as part of the planning process, and set up systems to ensure that required actions to manage the assessed risk are in place. At the dynamic level, the personnel directly involved may be required to deal with unforeseen problems in real time. The tactical decisions made at this level should be reviewed after the operation to provide feedback on the effectiveness of both the planned procedures and decisions made in response to the contingency. The first step in risk assessment is to establish the context This restricts the range of hazards to be considered. This is followed by identification of visible and implied hazards that may threaten the project, and determining the qualitative nature of the potential adverse consequences of each hazard. Without a potential adverse consequence, there is no hazard. It is also necessary to identify the potential parties or assets which may be affected by the threat, and the potential consequences to them if the hazard is activated.

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Dynamic risk assessment During emergency response the situation and hazards are often inherently less predictable than for planned activities. In general, if the situation and hazards are predictable, standard operating procedures should deal with them adequately, and in some emergencies this holds true and the prepared and trained responses are adequate to manage the situation. These situations are usually those that the operator can deal with without outside assistance, or with the assistance of a backup team who are prepared and available to step in at short notice.

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Risk assessment in your work place As part of managing the health and safety of your business you must control the risks in your workplace. To do this you need to think about what might cause harm to people and decide whether you are taking reasonable steps to prevent that harm. This is known as risk assessment and it is something you are required by law to carry out. If you have fewer than five employees you don't have to write anything down. A risk assessment is not about creating huge amounts of paperwork , but rather about identifying sensible measures to control the risks in your workplace. You are probably already taking steps to protect your employees, but your risk assessment will help you decide whether you  have covered all you need to.

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Think about how accidents and ill health could happen and concentrate on real risks – those that are most likely and which will cause the most harm. For some risks, other regulations require particular control measures. Your assessment can help you identify where you need to look at certain risks and these particular control measures in more detail. These control measures do not have to be assessed separately but can be considered as part of, or an extension of, your overall risk assessment

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Risk assessment in your work place Identify the hazards Decide who might be harmed and how Evaluate the risks and decide on precautions Record your significant findings Review your assessment and update if necessary

Summary: risk assessment is used to to understand the risk at the time of production or in the work space. it is a good method to under stand the risk it is understood by using several steps

Tags: risk management assessment

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