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
The second step is to determine if the risk are from human nature or from natural causes, if they are from human nature it is important to find out if there are any ways to eliminate or at least mitigate the risk and if the company can do it what would be the cost.
Assess the likelihood of occurrence and the impact of the assigned hazard to where you live. Tell us your assigned hazard, the vulnerability of your area to that hazard, then the likelihood that the hazard will occur. Rate the risk assessment on a scale of 1 to 10, with 1 being low risk and low vulnerability and 10 being high risk and high
The assessments must cover the details of the risk, who might be affected, the likelihood of occurrence, the severity of the risk, a risk rating, controls and contingencies.
The purpose of Risk Assessment is to indentify hazards which could cause harm, assess the risk which may arise from those hazards and decide on a suitable measure to eliminate, or control the risk. A Risk Assessment for the event can only be carried out once information has been received from contractors, other companies and self employed people will
analysing the risks to determine the level of risk, which is defined as the
Identify and prioritize all related risks and perform root cause analysis to understand the effect of those risks, if left unattended, may cause higher levels of risks.
At any instances of undertaking the operation of reducing the risk. The processes should be assessed further to make sure that they are effective, efficient and reliable .To accomplish that the supervision and assessment team should consider several characteristics and events at which the risks
The probability and impact of occurrence for each identified risk will be assessed by the project manager, with input from the project team
Risk assessment methods: To decide on priorities and setting objectives, so that hazards can be eliminated and risks reduced Hughes and Ferrett (2008: 20).
3. Using your favorite project in assignment 1 of section 1, identify risks, analyze and prioritize risks, and develop risk response plans. (20 points)
An elevated interest by partners and a developing number of requests to see the results of risk evaluations have activated inquiries concerning what a risk assessment should involve, who should to be involve, how to maintain and revive the process, also, how to make an interpretation of results into action and risk informed decision making.
Step 3: Communicate Results-Inform the stakeholders of the results of the risk assessment so they can make well-informed decisions
Over the course of the last five weeks we have discussed the varying aspects of risk, risk management and the transfer of risk which we more commonly refer to as insurance. Along the timeline of the history of insurance there has been a growing disconnect between the people who buy insurance and the companies and people who provide insurance. This disconnect, along with confusion about an extremely intricate and confusing subject has created a sense of anti-insurance sentiment which could be problematic because insurance has a purposeful place in our society. Through this paper I would like to discuss the need for insurance. I will touch on the nature and function of insurance along with several other sub topics such as the law of large numbers, risk sharing and risk transfer, and insurance from the varying aspects of the society at large. I hope to clarify rather complex notions about the elements of insurable risk and the feasibility of self insuring.
The first process in the risk management is Risk Assessment. Risk Assessment is used to determine the risk associated with the organization. The output of the risk assessment is helpful in identifying the controls for reducing or eliminating the risk .