This website uses cookies to ensure you have the best experience. Learn more

Risk Management: Tools/Assets To Identify Potential Hazards

979 words - 4 pages

A. Step 1 -Identify Hazards: A hazard is a condition with the potential to cause injury, illness, or death of personnel; damage to or loss of personnel, equipment and property; or operations degradation. A hazard may also be a situation or event that can result in degradation of capabilities or operational failure.

1) Use the following tools/assets to identify potential hazards:

• Experience and other experts.
• Regulations and policies.
• Risk assessment matrices.
• Readiness assessments.
• Cause and effect diagrams.
• Change analysis. .
• Logic diagrams.
• Training assessments.
• After-action reviews(AARs).
B. Step 2 -Assess the Hazards: This process is systematic in nature and ...view middle of the document...

The probability levels estimated for each hazard are based on the operations or frequency of a similar event. For the purpose of (RM), there are four levels of probability—frequent, likely, occasional, and seldom:

• Frequent – Occurs very often, known to happen regularly. Given 500 or
so exposures to the hazard, expect that it will definitely happen to someone. Examples of frequent occurrences are workplace injuries , due to personnel not being properly trained.

• Likely – Occurs several times, a common occurrence. Given 1000 or so
exposures without proper controls, it will occur at some point. Examples might include workplace climate, where employees in work group or sections interact due to department projects.

• Occasional – Occurs sporadically, but is not uncommon. You may or may not get through your assigned section/department project without it happening.

• Seldom – Remotely possible, could occur at some time. Usually several things must go wrong for it to happen.

• Unlikely – Can assume will not occur, but not impossible.

C. Step 3 - Develop Controls and Make Decisions:

1) After assessing each hazard, leaders (individuals) develop one or more controls
that either eliminate the hazard or reduce the risk (probability and/or severity) of a
hazardous incident occurring. In developing controls leaders must consider the reason for
the hazard, not just the hazard itself.

2) Find Control Measures: Sources such as personal experience, AARs, risk management systems available through the organization structure , regulations, policies, techniques, and procedures , and lessons learned from similar past operations can provide or identify possible control measures for specific events. The key to effective control measures is that they reduce the effect of or eliminate the identified hazard.

3) Effective control measures must specify who, what, where, when, and how.

4) Reassess Risk: With controls applied, risk must be reassessed to determine the residual risk associated with each hazard and the overall residual risk for the task or operation. The process of developing and applying controls and reassessing risk continues until an acceptable level of risk is achieved or until...

Find Another Essay On Risk Management: Tools/Assets to Identify Potential Hazards

Evaluation: Twenty years ago natural hazards were a major topic of study as people were seen to be at risk from the environment. Today the situation appears to be reversed, and there is concern that t

2122 words - 8 pages relatively constant at about 30 per year, death rates climbed significantly.As the growing world population requires the cultivation of land more prone to hazards, more people and property are thus exposed to the risk of disaster than ever before, and as Stow (1992) argues, the death toll inevitably rises. An example that shows the concern that humans faced from the environment can be exemplified by the Bangladesh cyclone of 1970, which killed

How to Establish a Risk Management Process for an Information System?

1658 words - 7 pages organizations expect to assess risk, respond to risk, and monitor risk. To form an accurate and reliable risk frame, organizations need to identify assumptions about the risks (threats and vulnerabilities), their impact, and their probability of occurrence; constraints on the considered risk management alternatives; tolerable types and levels of risk; and priorities of factors considered by organizations to determine risk responses. Risk assessment

With Reference To A Real Life Example Discuss Money Management vs. Risk

2106 words - 8 pages today however, it is still often the case that money management wins out over risk management.What this lead to with the Titanic was that a lesson was only learned because the tuition was paid in blood. Has much changed? This week's news was full of the story that tractor-trailers are now being carefully examined for defects in their wheels and many pulled off the road, which costs money. This, after two people were killed by runaway wheels broken

Identify the significant changes taking place in today's business environment that are forcing management decision makers to rethink their views of marketing research

1335 words - 5 pages taste has leaded the organization to change accordingly to in the term of changing in its product's styling. With this, consumers' behaviour, taste, perception, and favourite ought to be aware of in developing and promoting new product into the market. While planning for the marketing structure and policies, management decision makers need to identify the internal environment like competitors, suppliers and consumers and external environment like

Identify the significant changes taking place in today's business environment that are forcing management decision makers to rethink their views of Marketing Research

1084 words - 4 pages Identify the significant changes taking place in today's business environment that are forcing management decision makers to rethink their views of Marketing Research.Desirably, marketing research can be classified or defined as the collection of any facts relevant to a marketing decision. But to be more specific and accurate to the definition, It can be defined that Marketing research is, "The systematic collection, analysis and interpretation

Analyse the role and implementation of monetary and fiscal policies as tools of macroeconomic management to manage the Australian economy through the current global economic crisis

1483 words - 6 pages Macroeconomic management has traditionally seen as a counter cyclical tool used by governments to reduce the natural fluctuation in the business cycle. In the midst of the current global economic crisis, the role and importance of macroeconomic tools have played a crucial role in stabilising delicate business cycles worldwide. In the Australian economy the fiscal policy has had a major impact with the introduction to the two different stimulus

Management Abount Decision Making. As Managers and Entrepreneurs, We Should Have Confidence in our Decisions, But Can We? Discuss With Regard to Your Ability as a Decision Maker and the Tools and...

2118 words - 8 pages ., Bergman, R., Stagg, I., & Coulter, M. (2006). Management (4th ed.). Australia: Pearson Education AustraliaRusso, J. E. and Schoemaker. P. J. H. (1990). Decision traps: The ten Barriers to brilliant decision making and how to overcome Them, New York: Fireside.pp.173-210Simon, M., Houghton, S. M., and Aquino, K. (2000). Cognitive Biases, risk perception and venture formation: How individual decide to start companies, Journal of Business

ohs ass

1635 words - 7 pages . Step 5 - Review and Improve 5.1 Step five of the OHS risk management process involves reviewing and improving existing OHS risk control systems. A systematic evaluation and review schedule will also identify potential new hazards as well as check how effective existing controls are. Manager 6. Documenting the OHS risk management process 6.1 Swinburne's OHS risk assessment and control form (or equivalent) is to be used to

Risk Management

1092 words - 4 pages safety is always a priority; • Employees will be given the proper guidance, direction and consequences in order to gain and maintain a healthy risk management culture; • Communicate to all staff the importance of the organizations assets and resources, as well as its employees, is an important, shared responsibility. (Head and Herman, 2002, p. 97) As a manager within my organization I plan to look at things in a broader, strategic risk

ENVIRONMENT AND SUSTAINABLE DEVELOPMENT

1788 words - 8 pages -risk land, and economic hardships mean that the poor in developing countries are forced to migrate to marginal land, such as hazardous floodplains, steep-ravines, or overcrowded hazard-prone sites. Thus, developing countries must concern more on the link between the poverty and vulnerability to natural hazards. In order to reduce the potential loss of life and improve the capacity to anticipate and recover from upsetting events, the issues of

CPM or Critical Path Method

1307 words - 5 pages Training Manual, Employ the Forge Dynamics “Optic” program to manage personnel, equipment and safety. Employ the Forge Dynamics “Optic” program to manage personnel, equipment and safety. Car-Part Ltd, its senior management and supervisors will ensure that safe conditions prevail at the worksite by ensuring that all employees are provided thorough orientation, safety instruction and training, clearly identifying and marking all potential hazards

Similar Essays

Identify Potential Hazards (Hazard Analysis)

751 words - 4 pages Hazard analysis aims to systematically identify hazards at each step of processing. Potential hazards have been taken into consideration as they may have adverse impact on human health and safety. Therefore, a list of potential hazards which have not been controlled through Good Manufacturing Practices and procedures must be prepared. Hazards here refer to biological, chemical or physical agents that can be found in food and pose potential risks

Benefits Of Risk Management On Investments And Portfolio Assets

2972 words - 12 pages Acknowledgement Benefits of Risk Management on Investments and Portfolio Assets The report on the above subject/topic is submitted in partial fulfillment of the requirement of MBA Program of AICISM AMITY, Noida. The report has been prepared based on information/data collected through primary survey and published information available from various sources. The data and the statistical ingredients, including the contents of the report, are

Application Essay To The Financial Risk Management Program

916 words - 4 pages Financial Risk Management. These experiences taught me how risks affect organizations. I learnt how external factors such as market volatility, oil prices and internal factors such as bad business decisions increase a firm’s vulnerability to risk. I also learnt to identify, qualify and mitigate significant technology risks faced by businesses. However, through these experiences, I also realized that to identify financial risks and to mitigate them

Financial Statement And Ratio Analysis: Key Tools To Successful Financial Management

2633 words - 11 pages debt management is to maximize shareholder wealth by minimizing the firm's after-tax cost of its debt. Thus, debt management ratios (i.e. financial gearing, or leverage, ratios) gauge management's competency to avoid excessive risk, while skillfully utilizing borrowed money. For example, the total debt to equity ratio reveals how much of the firm's assets are funded by borrowed money. Because the value of the firm is clearly affected by the