Risks And Risks Of Risk

Decent Essays
Questions in analyzing are -5 W’s and 1 H (where, what, when, why who and how), what risk are related to attaining the stated goals? what are the risk of not attaining the goals? who is affected by the risk?
Step 2 - evaluate and prioritize the risk – At this step, the impact, probability and exposure will be analyzed and further understanding of the risk aids in evaluating the effect of the hazard correctly and the consequences of its impact in the agency. The information generated will be acted upon setting them in levels of priority. The probability of a risk happening has to be greater than zero to be set as a priority and the impact of a risk is a measure of the degree of detrimental, catastrophic effects and the degree of loss. Risk
…show more content…
Also, because of a clear quantitative metrics that are within a specific threshold and an arrangement to proceed with the plans, it can be used as a data analysis and does not require an expertise to be able to construct and utilize a risk matrix. Although some of this benefits are very important, some drawbacks when using a risk matrix are: insufficient resolution, inaccuracy, inconclusive figures, ineffective for random decision making and highly negative correlations. The impact of the risk is determined by using the impact criteria provided below. And the likelihood criteria are used to determine the likelihood of the hazard occurring. The range of the hazard is further analyzed from the risk matrix by evaluating the intersection of the impact and likelihood. This will aid in taking the decision of accepting the risk or not and a risk is usually considered acceptable if it has a very low significant level. Step 3 - determine necessary controls (engineering controls, administrative and work practice controls, personal protective equipment) – Engineering controls, administrative and work practice controls and personal protective equipment’s are some of the processes used to develop options, actions to enhance opportunities, reduce threats to the objectives of Britam water system and to control risk. Brainstorming, interviewing and deliberating by the team members on the best or necessary controls of the risk is a method that is
Get Access