Risk Management Reviewer PDF

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GlamorousBowenite8249

Uploaded by GlamorousBowenite8249

Our Lady of Perpetual Succor College

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risk management risk assessment business safety

Summary

This document is a reviewer on risk management. It covers various aspects of risk assessment, including identification, analysis, and evaluation. It also details types of risk and associated standards.

Full Transcript

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

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