Podcast
Questions and Answers
What is the primary goal of risk management?
What is the primary goal of risk management?
- To eliminate all risks associated with a project
- To identify hazards only
- To ensure that workers are constantly supervised
- To maximize the realization of opportunities (correct)
Which of the following describes the risk assessment process?
Which of the following describes the risk assessment process?
- Identifying communication barriers in the workplace
- Training employees to avoid risks
- Examining hazards to implement control measures (correct)
- Assigning blame for past accidents
What is the first step in the risk management process?
What is the first step in the risk management process?
- Monitoring and controlling risks
- Hazards Identification (correct)
- Implementing control measures
- Risk prioritization
Why is it important to involve workers in the risk management process?
Why is it important to involve workers in the risk management process?
Which of the following methods is NOT commonly used for hazard identification?
Which of the following methods is NOT commonly used for hazard identification?
What does continual process in risk management imply?
What does continual process in risk management imply?
Which factor does NOT contribute to hazard identification?
Which factor does NOT contribute to hazard identification?
What type of control utilizes barriers and guards to mitigate hazards?
What type of control utilizes barriers and guards to mitigate hazards?
Which criterion emphasizes the need for personnel to be competent in implementing controls?
Which criterion emphasizes the need for personnel to be competent in implementing controls?
What is the primary focus of educational controls?
What is the primary focus of educational controls?
Which of the following is NOT a key element in developing control measures?
Which of the following is NOT a key element in developing control measures?
What does the 'Standards' criterion refer to in control implementation?
What does the 'Standards' criterion refer to in control implementation?
In the context of controls, what does the term 'Avoidance' refer to?
In the context of controls, what does the term 'Avoidance' refer to?
Which component is NOT considered under the Support criterion for controls?
Which component is NOT considered under the Support criterion for controls?
What aspect is crucial for ensuring effective control measures are in place?
What aspect is crucial for ensuring effective control measures are in place?
Which of the following statements about controls is correct?
Which of the following statements about controls is correct?
What is a primary step in the risk management process?
What is a primary step in the risk management process?
Which of the following is not an aspect of risk perception?
Which of the following is not an aspect of risk perception?
How many automobile accidents occur per year in the United States?
How many automobile accidents occur per year in the United States?
What factor distinguishes risks as human-made versus natural?
What factor distinguishes risks as human-made versus natural?
What does loss control refer to?
What does loss control refer to?
Which of the following components is not included in the risk management process?
Which of the following components is not included in the risk management process?
What is typically involved in the financing risks stage?
What is typically involved in the financing risks stage?
Which element is related to evaluating the uncertainty of risk?
Which element is related to evaluating the uncertainty of risk?
In risk management, which of the following refers to risks perceived as new or familiar?
In risk management, which of the following refers to risks perceived as new or familiar?
What might influence the perception of risk in children?
What might influence the perception of risk in children?
What is the average cost per accident calculated from the financial data?
What is the average cost per accident calculated from the financial data?
What is the total financial risk per person per year according to the analysis?
What is the total financial risk per person per year according to the analysis?
What does redundancy in a safety system imply?
What does redundancy in a safety system imply?
What is a notable challenge with safety devices?
What is a notable challenge with safety devices?
What does loss control in the context of insurance aim to achieve?
What does loss control in the context of insurance aim to achieve?
What does the risk score, R, represent in the context of hazard evaluation?
What does the risk score, R, represent in the context of hazard evaluation?
How is the cost justification value, J, computed?
How is the cost justification value, J, computed?
What does a cost justification value, J, greater than 10 signify?
What does a cost justification value, J, greater than 10 signify?
What aspects are estimated during the risk analysis process with return on investment?
What aspects are estimated during the risk analysis process with return on investment?
Which equation correctly represents the relationship between costs, exposure, and hazard probability?
Which equation correctly represents the relationship between costs, exposure, and hazard probability?
What is the first step in the risk analysis process?
What is the first step in the risk analysis process?
What factors does the degree of correction value (DC) consider?
What factors does the degree of correction value (DC) consider?
Which of the following descriptions best illustrates the concept of effectiveness in the context of controls?
Which of the following descriptions best illustrates the concept of effectiveness in the context of controls?
Which of the following best describes a cost factor (CF)?
Which of the following best describes a cost factor (CF)?
How is a reduction in frequency and severity of losses measured?
How is a reduction in frequency and severity of losses measured?
Flashcards
What is risk management?
What is risk management?
The process of identifying, assessing, and prioritizing risks, then implementing resources to minimize, monitor, and control the likelihood and impact of negative events, or maximize opportunities.
What is Risk Assessment?
What is Risk Assessment?
This involves analyzing potential risks associated with identified hazards to decide on and implement appropriate control measures to prevent these hazards from occurring.
What is Hazard Identification?
What is Hazard Identification?
This is the step where you examine each specific workplace area to find hazards related to every job or task.
What are the key aspects of Hazard Identification?
What are the key aspects of Hazard Identification?
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How is the hazard identification process carried out?
How is the hazard identification process carried out?
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Why is it important to involve workers in hazard identification?
Why is it important to involve workers in hazard identification?
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How are hazards typically identified?
How are hazards typically identified?
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Educational Controls
Educational Controls
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Physical Controls
Physical Controls
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Avoidance Controls
Avoidance Controls
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S.T.I.L.S.
S.T.I.L.S.
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Support (S.T.I.L.S.)
Support (S.T.I.L.S.)
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Training (S.T.I.L.S.)
Training (S.T.I.L.S.)
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Individual (S.T.I.L.S.)
Individual (S.T.I.L.S.)
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Leadership (S.T.I.L.S.)
Leadership (S.T.I.L.S.)
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Standards (S.T.I.L.S.)
Standards (S.T.I.L.S.)
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Risk Score (R)
Risk Score (R)
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Cost Justification Value (J)
Cost Justification Value (J)
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Risk Analysis with Return on Investment
Risk Analysis with Return on Investment
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Probability Value (P)
Probability Value (P)
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Consequence Rating (C)
Consequence Rating (C)
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Exposure Value (E)
Exposure Value (E)
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Cost Factor (CF)
Cost Factor (CF)
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Degree of Correction Value (DC)
Degree of Correction Value (DC)
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Hazard Identification
Hazard Identification
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What is the first step in risk analysis?
What is the first step in risk analysis?
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Redundancy in System Safety
Redundancy in System Safety
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Safety Devices
Safety Devices
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Probability of Accident (P)
Probability of Accident (P)
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Average Cost of Accident (C)
Average Cost of Accident (C)
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Financial Risk (R)
Financial Risk (R)
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Risk
Risk
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Risk Management
Risk Management
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Risk Analysis
Risk Analysis
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Risk Control
Risk Control
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Risk Financing
Risk Financing
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Risk Identification
Risk Identification
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Risk Perception
Risk Perception
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Risk to Children
Risk to Children
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Risk Avoidance
Risk Avoidance
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Risk Mitigation
Risk Mitigation
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Study Notes
Risk Management
- Risk management is the identification, assessment, and prioritization of risks, followed by coordinated and economic application of resources to minimize, monitor, and control the probability and impact of unfortunate events.
- Risks can arise from liabilities, credit risk, accidents, natural causes, disasters, and deliberate attacks.
- Risk assessment involves evaluating the risks associated with identified hazards to inform decisions and implement appropriate control measures.
- Hazard identification is the process of examining work areas to determine hazards associated with each job or task.
Risk Management Process
- The risk management process begins with hazard identification and hazard-driven event identification to determine threats to people and property.
- Hazard assessment involves determining the probability and severity of hazards; this is done using standardized methods and procedures.
- Implementing controls includes coordination with supervisors to ensure controls are integrated into standard procedures.
- Risk management addresses what to do about risks derived during risk assessment; this includes strategies for eliminating, reducing, or managing risks as appropriate.
1- Hazards Identification
- Hazards are identified through experience, historical data, analysis, judgement, brainstorming, and other methods.
- Specific work areas and previous documents or data concerning previous incidents are reviewed.
- On-site visual inspections are conducted to identify potential hazards involved in tasks.
2- Hazards Assessment
- Hazards are assessed individually using charts, codes, and numbers to determine risk levels.
- The process results in an estimate of risk from each hazard and an estimate of overall project/task risk.
- Decisions about low-risk projects can be made by supervisors, while those with extremely high risk require executive-level authorization.
Probability
- Probability refers to the likelihood of an event occurring.
- Probability ratings are subjective and based on the job or project's context.
Severity
- Severity refers to the degree a hazard will impact people or the project.
- Severity is considered somewhat subjective and estimated based on similar past events.
Probability and Severity Ratings
- Specific descriptions of frequent, likely, occasional, seldom, and unlikely events are detailed.
Chemical Risk Assessment
- Steps in chemical risk assessment include hazard identification, dose-response assessment, exposure assessment, and risk characterization.
- Each step describes a specific set of factors for assessment.
Risk and Insurance
- Risk definition and relationship to the insurance industry are provided.
- An example calculation for automobile accident risk is given.
- Financial risk calculations are presented for an insurance context.
System Safety Devices
- Redundancy (multiple systems/components) is a common safety device technique.
- Parallel subsystems, backup systems, and partial redundancy are described.
- Safety devices and fail-safe devices are described.
- A distinction is made between fail-safe and fail-dangerous devices.
Warning Devices
- Warning devices inform people about hazards without removing them.
- Key elements of an effective warning system are detailed.
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Description
Test your knowledge on the fundamental principles of risk management. This quiz covers key aspects such as risk assessment processes, hazard identification, and the importance of worker involvement. Challenge yourself to understand the intricacies of effective risk management strategies.
