RISK MANAGEMENT REVIEWER.pdf

Risk Assessment within the Framework of Risk Identification, Risk Analysis, and Risk Evaluation Risk Danger Threat Consequences Impact Source- where the risk comes from Risk (PNS ISO 31000:2018) -Usually expressed in terms of sources, even...

Risk Assessment within the Framework of Risk Identification, Risk Analysis, and Risk Evaluation Risk Danger Threat Consequences Impact Source- where the risk comes from Risk (PNS ISO 31000:2018) -Usually expressed in terms of sources, events, consequences, and likelihood. -An effect of uncertainty on objectives -Coordination activities to direct and control an organization concerning risk. Risk Assessment- process of figuring out what risks are out there Risk Identification Risk Analysis Risk Evaluation Risk Identification- Find, recognize, and describe the risk. 1. Tangible- physical items (machinery) Intangible- (bad review) 2. Cause and Effect 3. Threats and Opportunities- (competitor) 4. Vulnerabilities and Capabilities- weaknesses and strengths 5. Change in Context- internal/ external environment 6. Emerging Risk Indicator- Sign to new risk (rising cost of raw materials) 7. Value of Assets and Resources- performance of assets (all staffs should be trained) 8. Consequences and Impact- To achieve goal Types of Risk Compliance Risk -Failing to comply with laws, regulations, and industry standards -Mandatory (business permit) Hazard Risk -Pure risk (natural disasters) -Affects the company Control Risk -Risk arising from uncertainty -Internal control Opportunity Risk -Related to taking chances that could benefit the company in the long run (investment) -Also called as “future risk” Value Creation and Protection Integrated- essential part of all organizational structure (project planning) Structured and Comprehensive- management (checklist) Customized- to fit specific needs Inclusive- involves stakeholders knowledge and opinions (opinion and perception of people) Dynamic- risk management adapts to changes as they occur. Best Available Information- relies on timely, clear, and accessible information. Human and Cultural Factors- moral characters, culture, human behavior, influence Continual Improvement- ways to identify, assess, and mitigate risks more effectively and efficiently (improvement) Purpose of Risk Management- to value and protect the organization. Risk Analysis- To comprehend the nature of risk and its characteristics. Helps the organization to be better. Consequences- Impact, effect of risk Likelihood/ Probability- Gaano kadalas? Qualitative- standard/ protocol Quantitative- calculations of data Combination- combination of quantitative and qualitative Threat- possible effect or condition that could cause harm Vulnerability- weakness that makes it easier for threats to occur Impact of Loss- How much damage that threat could cause Categories: 1. Minors- small or almost unnoticeable impact 2. Noticeable- has impact but not major 3. Major- significant damage or disruption 4. Severe- complete breakdown/very serious damage Vulnerability Rating- shows how lightly the cause could damage 1. Low- not likely to happen 2. Moderate- could happen but not always 3. High- likely to happen 4. Very High- almost certain to happen Risk Evaluation -To support decisions (evaluate) -Comparison of the chosen problem -To know the factors code Legislated Safety and Security 1987 Constitution PD 442: Labor Code OSH Standard Philippine Labor Code on Enforcement of Safety and Health Standards -Requires employers to maintain a safe and healthy workplace -Compensation provides support if employees are injured because of work. The Administrative Code on Enforcement of Safety and Health Standards -Investigates the workplace Occupational Safety and Health -Practices to ensure safety of the health of employees at work EO 307- Creating OSH Center Under Employees Compensation Commision -Executive order PD 626- Employees Compensation and Safe Insurance Fund -For work related injuries Anti Sexual Harassment Act -To protect employers in terms of harassment RA 9165 Comprehensive Drug Act of 2002 -Penalty for drug trafficking/ possession RA 8504 National HIV/AIDS Law of 1998 -To address/ prevent who have HIV/ AIDS RA 11058 Act of Strengthening Compliance with OSHS with Providing Penalties for Violations -Requires protocol -Penalties for violations