Risk Assessment And Business Management Essay

962 words - 4 pages

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 necessary updates thereof (Champion, 2000, pp.350-353)
The first thing I would initiate in an effort to generate an efficient risk assessment analysis system at for the hotels is to establish a Risk Analysis Steering Committee. The committee would have representation from all sectors of the hotel industry and would comprise of the hotel owners, their senior management as well as representation from the employees. This would ensure there is support of the analysis project from the entire organization from its onset.
Upon the establishment of such a committee, I would then embark on an identification of the hazards mission. This is the risk assessment or risk evaluation process. It would try to raise the risk that needs to strategize on this time with reference to the Riskaway project.
Upon the attainment of this, I would then embark on a determination of those at risk and the risks in question, I would then steer the organization towards a business impact analysis. This crystalizes the core business areas of hotels that would require the usage and or protection offered by Riskaway. Bearing the fact that disaster is bound to take place and upon occurrence it might not be able to...

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