Erm 7-Step Process

The last step in a risk management plan is to evaluate the risks. This is a learning step and works to provide experiences gained form working with risks. This evaluation should consider all aspects of the plan and identify best practices. The evaluation should answer the questions pertaining to how the project team did, what could be done better, what lessons were learned, and how can best practices be incorporated into the risk management process. This risk evaluation helps to influence how the organization will plan, prepare and commit to future risk management plans.

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

7.2 Describe how to carry out a risk assessment and risk management in line with policies and procedures

4.3: To carry out a risk assessment first of all you need to identify the hazards, then decide who might be harmed and how. Then evaluate the risks and decide on precaution and then record your findings and implement on them. After this is done review your assessment and update if necessary.

Then you consider what safety measures are required to put in place to reduce the risk. Throughout the day and accident or incident should be logged and reviewed constantly at meetings and make sure that you communicate the risks and changes to others to prevent them getting hurt. The risk assessment can help address dilemmas between an individual's rights and health and safety concerns to allow people have awareness then they can work towards avoiding the dangers and keeping others safe within their environment.

Which of the following best describes how the composite risk management process should be reflected in your safety briefing?

Health and Safety Executive (n.d.2) explain five steps of risk assessment that are ‘identify the hazards, decide who might be harmed and how, evaluate the risks and decide on precautions, record your significant findings, and review your assessment and update if necessary’.

A typical Risk Management plan (RMP) has five steps – Plan, Identify, Assess, Respond, and Monitor. As we discuss the five steps in details, it would be evident that they hold good in every set up in a business – be it IT or non-IT environment.

At the end all the risk are finance related, because the liability’s cost money and this will have an effect in the company’s earnings, so what is important is not only to try to avoid such events but also to be prepare in case they happen and have a plan, is like the saying “Hope for the best but be prepare for the worst”.

Therefore, the risk process places a high emphasis on risk workshops, initial risks, and how risks are identified throughout the course of the project. The next two sections describe different methods of identifying risks.

Receiving effective information to allow the right information to assist with analyzing the risks involved. The effective information can be broken down in a work breakdown structure and tracked through a checklist. The tools and techniques that will assist in the accurate tracking and monitoring include an activity information checklist, interview methods that involve personnel with their direct work responsibilities. Additional techniques include studies conducted throughout the organization on processes and producers to include lessons learned from past projects. In analyzing risk there are two methods such as qualitative and quantitative risk analysis to assist in making the analysis process straightforward.

Make risk management an integral part of your organization’s management approach. Emphasize the need to communicate and consult with both external and internal stakeholders, Continuously monitor and review your organization’s risk management process (including SOC playbooks and CSIRT response scenarios).

Once there has been a risk management assessment, we can know exactly what to expect and what can be done to prevent any type of risk. We will also know how to deal with any risk while it is happening to contain it.

This risk management process should be delivered to all employees via training. This process should train personnel to identify any hazards that may be present in the work area and should equip employees to appropriately manage the risk. Hazard reporting is conducted through dedicated safety software and remedial action

Discuss the risk management process presented in the course text (Page 8 of session 1). Apply it to a specific risk present in your own workplace and pay particular attention to any secondary risks that may be introduced.