risk management

Topics: Risk management, Risk, Evaluation Pages: 4 (2069 words) Published: October 23, 2014

What is Risk Management?
According to business dictionary, it is the identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks.1 An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.1 Essentially, Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen and setting up procedures that will avoid the risk, or minimise its impact, or cope with its impact.2 It is like getting ready for any potential happening and being able to control the situation when it arises. It is basically setting up a process where you can identify the risk and set up a strategy to control or deal with it.2 It is also about making a realistic evaluation of the true level of risk.2 Risk management, in the occupational health and safety context, refers to a systematic process by which management policies, procedures and practices are applied to identify the workplace hazards, assess the risks associated with those hazards, determine the appropriate control measures and monitor and review the risk management process for effectiveness in providing a safe and healthy workplace.3 There is a four step process in Risk management: “Identify - all hazards associated with a system of work. A hazard is something that can or has the potential to cause injury or illness. Assess - the level of risk posed by the hazard. What is the likelihood that a person will be harmed and how severe would the consequences be? Implementation follows which is also known as Control - the risk. Decide on appropriate control measures such as elimination and substitution using the hierarchy of controls. Note that the employer is required to take all reasonably practicable steps to protect the health and safety at work of the employer’s...

References: ACIG, 2012, viewed on 21 August 2013, <http://www.acig.com.au/what-we-do/evaluation-and-review/>.
Coffman, C 2012, The office of health, safety and security, viewed on 21 August 2013, <http://www.hss.doe.gov/sesa/corporatesafety/feosh/feosh_inspections.html>.
http://www.businessdictionary.com/definition/risk-management.html#ixzz2cdr06sCZhttp://www.comcare.gov.au/safety__and__prevention/managing_whs/ohs_risk_management/faqs_on_risk_management *More information on the legislative requirements of risk management can be found in Part 1 of the Occupational Health and Safety (Safety Standards) Regulations 1994. Other parts of the Safety Standards Regulations refer to risk management obligations for specific hazards, activities and places where work is performed. Part 1 of the OHS Code 2008 addresses Risk Management and provides practical guidance to employers. OHS Code 2008http://www.indent.net.au/wp-content/uploads/2009/05/an-introduction-to-risk-management.pdf
King, B & Gibbins, J 2011, Health Hazard Evaluation, viewed 21 August 2013, <http://www.cdc.gov/niosh/hhe/reports/pdfs/2010-0115-0129-3138.pdf>.
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