TOU 041 Reviewer PDF

TOU 041 Reviewer Risk refers to hazard, danger, peril, exposure to loss, injury or destruction. According to Business Dictionary, Risk is the probability of the threat of damage, injury, liability or any other adverse occurrence that is caused by external or internal vulnerabilities, and that may...

TOU 041 Reviewer Risk refers to hazard, danger, peril, exposure to loss, injury or destruction. According to Business Dictionary, Risk is the probability of the threat of damage, injury, liability or any other adverse occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preventive action. Risk, according to UNTWO, is a situation that exposes someone or something to danger, harm or loss. Risk can be a physical matter, a risk of property loss, a financial business risk, and more. In the point of view of economies, risk implies future uncertainty about deviation from expected earnings or expected outcome Risk Management as defined in ISO 31000, is the identification, evaluation, and prioritisation of risk. To address the issue of risk which is inevitable but foreseeable in any business venture, circumstances must be studied carefully to identify all the risk involved, followed by an intense evaluation of the same to determine which among those risk should be addressed first and which should be treated lastly Importance of Risk Management According to the risk management guru Barry Boehm, Risk management focuses the project manager's attention on those portions of the project most likely to cause trouble and compromise participants Risk affects all of your project i.e; budget, schedule, quality etc. Main objective of risk management is to increase the probability and impact of positive outcomes and decrease the probability and impact of the negative outcome Unfortunately, many organizations don't follow a formal risk management, process and operate in a perpetual state of crisis management. Crisis Management is the opposite of good risk management. Sources of Risks Uncertainty in Financial Markets Threats from project failures Legal Liabilities Credit Risk Accidents Natural Causes or disasters Deliberate attacks from adversary Events of uncertain or unpredictable root cause Risk in Workplace Risk are classified depends on the hazard identification and being assessed by HIRAC. Risk may be classified as Low, Average, and High Risk Environment. Low risk in workplace - There is a less of exposure to hazards and possible cause of inevitable events, Having low level of danger and less possibility of causing people Harm Average risk workplace - The environment now does have yet moderate exposure to hazards yet can be preventive by proper planning and control measures. High Risk Workplace - refers to those wherein presence of hazards affects not only workers but person outside the workplace. The exposure to safety hazards is high.  Risk Analysis is a process that helps you identify and manage potential problems that cod undermine key business initiatives or projects. Risk analysis can be complex, as you'll need to draw on detailed information such as project plans, financial data, security protocols, marketing forecasts and other relevant information. However, it's an essential planning tool, and one that could save time, money and reputation. When to use Risk Analysis Risk analysis is useful in many situations: When you're planning projects, to help you anticipate and neutralize possible problems. When you're deciding whether or not to move forward with a project When you're improving safety and managing potential risks in the workplace. When you're preparing for events such as equipment or technology failure, theft, staff sickness, or natural disasters. When you're planting for changes in your environment, such as new competitors coming into the market, or changes to government policy The first step in Risk Analysis is to identify the existing and possible threats that you might face. These can come from many different sources. For instance they could be: Human-Illness, death, injury, or other loss of key individual. Operational-Disruption to supplies and operations, loss of access to essential assets, or failure in distribution. Reputational-Loss of customer or employee confidence, or damage to market reputation. Procedural-Failures of accountability, intemal systems, or controls, or from fraud. Project- Going over budget, taking too long on key tasks, or experiencing issues with product or service quality Financial-Business failure, stock market fluctuations, interest rate changes, or non availability of funding 7 Technical-advances in technology, or from technical failure Natural-Weather, natural disasters or disease. Structural-Dangerous chemicals, poor lighting, falling boxes, or any situation where staff, products, or technology can be harmed. Political-Changes in tax, public opinion, govemment policy, or foreign influence. Strategies to manage threats ✓ Developing a risk culture ✓ Identifying risk ✓ Performing risk assessment ✓ Responding to risk ✓ Monitoring risk ✓ Reporting risk ✓ Integrating decision ✓ Conclusion Tools such as SWOT analysis and Failure mode and Effect Analysis can also help you uncover threats, while Scenario Analysis helps you explore possible future threats. SWOT Analysis Strengths Weaknesses Opportunities Threats FMEA Analysis Failure Mode Effect Analysis Scenario Analysis Defining the problem Gathering data Separate certainties and uncertainties Develop Scenarios Use the scenarios in your planning What are the common threats businesses encountered? ✓ Financial issues ✓ Law and regulations ✓ Broad economic uncertainty ✓ Attracting and retaining talent ✓ Legal liability ✓ Technology risk and data breach ✓ Increasing employee benefit cost ✓Medical cost inflation Risk Culture is defined as institution's norms and attitudes related to risk awareness, risk taking, and risk management. Safety is the preservation of the lives, property, and the environment by taking preventive reserves to prevent accidents and pollution and destruction, through accidents prevention programs. Safety is the state of being safe: freedom from danger, risk, or injury Safety is the absense of danger What is workplace safety? The process of protecting employees from work related illness injury. It starts by the development of a company Environmental, safety and health policy statement and implementation of a work place safety plan and program. Safety culture is a term often used to describe the way in which safety is managed in the workplace, and often reflects "the attitudes, belief, perceptions and values that employees share in relation to safety". How is Safety Culture Created Management and Employee attitudes Policies and procedures Supervisor responsibility and accountability Safety planning & Goals Actions in response to unsafe behaviours Employee training & motivation Employee Involvements Safety program aims to minimize accidents, reduce loss and damage to person and property. Principles of Safety Program Identification and elimination of potential danger of hazards and analysis of root causes to prevent it from happening Proper safety education and training on regular basis The effective program must aim to reduce potential hazards and take remedy actions Systems for reporting of accidents and detailed analysis of root cause of an accident Regular safety checks the inspections Provisions of safety equipment in workable conditions Emphasis on supervisors and workers to take extra care of safety measures. The occupational safety and health standards, as amended, is the body of rules and regulations that protect every worker against the danger of injury, sickness or death through safe and healthful working conditions. Republic Act 11058 An act strengthening compliance with Occupational Safety and Health Standards and providing penalties for violations. OCCUPATIONAL SAFETY & HEALTH STANDARDS Major Elements A written safety & health policy Visible senior management leadership Employee involvement & recognition Safety communications Orientation and Training Documented safe work practices Safety Program Coordination Return to work Program Internal program verification SAFETY TIPS You are responsible for your own safety and for the safety of others All accidents are preventable Do not take shortcuts, always follow the rules If you are not trained, don't do it. Use the right tools and equipment and use them in the right way Assess the risk before you approach your work Never wear loose clothes or slippery footwear Do not indulge in horseplay while at work Practice good housekeeping Always wear PPES Essential safety obligations employers must know: Inform workers about hazards through trainings, safety labels and signs, alarms, color-coded systems and other appropriate methods. Train workers in a language and vocabulary they can understand Display posters where everyone can see Provide medical examinations An Accident may be described as a result of a chain of events in which something has gone wrong, resulting in an undesired conclusion. An Accident is an unplanned & uncontrolled events which causes or is likely to cause an injury. Accident causation models were originally developed in order to assist people who had to investigate occupational accidents, so that such accidents could be investigated effectively. The Domino Theory In 1931, the late H.W. Heinrich (Heinrich et al, 1980') presented a set of theorems known as 'the axioms of industrial safety. The first axiom dealt with accident causation, stating that 'the occurrence of an injury invariably results from a complicated sequence of factors, the last one of which being the accident itself.’ Alongside, he presented a model known as the 'domino theory' as this accident sequence was likened to a row of dominoes knocking each other down in a row. The sequence is: Injury, caused by an; Accident, due to an; Unsafe act and/or mechanical or physical hazard, due to the; Fault of the Person, caused by their, Ancestry and Social Environment The accident is avoided, according to Heinrich, by removing one of the dominoes, normally the middle one or unsafe act. This theory provided the foundation for accident prevention measures aimed at preventing unsafe acts or unsafe conditions. Conclusion All accidents whether major or minor are caused, there is no such thing as an accidental accident Very few accidents, particularly in large organisations and complex technologies are associated with a single cause. The causes of accidents are usually complex and interactive Multiple Causation Theory is an outgrowth of the domino theory, but it postulates that for a single accident there may be many contributory factors, causes and sub causes, and that certain combinations of these give to accidents. According to this theory, the contributory factors can be grouped into the following two categories: Behavioural. This category includes factors pertaining to the worker, such as improper attitude, lack of knowledge, lack of skills and inadequate physical and mental conditions.  Environmental. This category include improper guarding of other hazardous work elements and degradation of equipment through use and unsafe procedures. UNSAFE CONDITION Presence of leaking hazardous chemical Presence of workers with communicable disease Unsanitary toilet Poorly illuminated work stations Noisy machines Hot temperature Poorly ventilated warehouse UNSAFE ACTIONS Operating equipment without authority Removing safety devices Using Defective Equipments Improper/ non use of PPE Horse playing Working while under the influence of alcohol or drugs