Risk Assessment in ISO 31000:2018

Study Notes

Risk is the effect of uncertainty on objectives, typically expressed through sources, events, consequences, and likelihood.
Risk assessment includes identification, analysis, and evaluation of risks to manage uncertainties affecting organizational goals.

The process of recognizing and describing various types of risks.
Types of Risks:
- Tangible Risks: Physical items like machinery.
- Intangible Risks: Non-physical factors like bad reviews.
Considerations include:
- Cause and effect relationships.
- Threats and opportunities, such as competition.
- Vulnerabilities and strengths within an organization.
- Changes in the internal and external context.
- Emerging risk indicators, such as rising costs.
- Asset and resource value assessment for training needs.
- Evaluating consequences and impacts to achieve goals.

Compliance Risk: Failure to adhere to laws and regulations.
Hazard Risk: Pure risk from natural disasters affecting operations.
Control Risk: Arises from uncertainty related to internal controls.
Opportunity Risk: Risks associated with potential beneficial investments or chances.

Risk management should be integrated within organizational structures and project planning.
Must be structured, comprehensive, customized, and inclusive of stakeholder input.
Dynamic management adapts to changing circumstances.
Continual improvement processes seek effective identification, assessment, and mitigation of risks.

Understand the nature and characteristics of risks, aiding organizational preparedness.
Highlights the importance of analyzing consequences, impacts, and probabilities.
Utilizes both qualitative and quantitative assessments:
- Qualitative: Standards and protocols.
- Quantitative: Statistical data and calculations.

Damage from threats is categorized as:
- Minor: Negligible impact.
- Noticeable: Distinct but not critical.
- Major: Significant disruption.
- Severe: Total breakdown.
Vulnerability ratings indicate likelihood of occurrence:
- Low: Unlikely event.
- Moderate: Possible but not guaranteed.
- High: Likely occurrence.
- Very High: Almost certain event.

1987 Constitution: Foundation for safety regulations.
PD 442 Labor Code: Mandates maintenance of safe workplaces.
OSH Standards: Sets requirements for occupational health and safety.
EO 307: Establishes the OSH Center.
PD 626: Provides a compensation framework for work-related injuries.
Anti Sexual Harassment Act: Protects against workplace harassment.
RA 9165: Addresses drug-related offenses.
RA 8504: Aims to prevent and manage HIV/AIDS in workplaces.
RA 11058: Strengthens compliance with OSHS and outlines penalties for violations.