Risk Assessment
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Risk Assessment

It is necessary to design new business process with  sufficient risk control  measures from the beginning. and  occasionally reassess risks  are an ongoing process. Another way is transferring risks to an external party  such as to  insurance company. It can be  avoided risk altogether by closing down a high risk section of the organization. Once risks have been identified  it is required to withdraw from not becoming involved.  Risk retention is accepting  the risk. Some of the risks involve trade-offs that are not acceptable to   the management making risk assessment decisions.

As an example for risk avoidance not flying in order to take the risk that airplane can be hijacked.  It seems avoidance  is the answer to all risks  but in that  way no profits can be gained.

 

Hazard  avoidance is referred  to  avoid risks in the business activities. The most effective way of preventing hazards is   elimination of hazards. This is costly and not practical  so the other way  is risk reduction. Reduction of risk is reducing  severity of the loss. It is necessary to find balance between  negative risk and  benefit of the  activities.

 

Outsourcing   can be applied as  risk reduction . As an example  company can outsource its manufacturing of goods  to another company  and handling business management only.  This way company can concentrate on   business  development  without having to  worry much about   production process.

 

Current risk assessment plan should be changed with following  suggestion in order to avoid  risks and also to minimize the loss.

 

  1. All workers should be insured with different insurance covers such as Accident Cover, Critical Insurance Cover and Health Cover and a  competent Consultant should be appointed to  looking after this  functions and  advise  the management.

 

  1. Periodical medical checks must be done for the employees.

 

  1. One employee must be   assigned  to see that all fire extinguishers and  alarming  systems are working properly and   employees must be trained to teach them  what  action must be taken in the event of a fire.

 

  1. Purified water must be provided for employees  for drinking purposes.

 

  1. Periodical checks must be done to see that working areas are properly  illuminated  and exhaust fans are working properly.

 

  1. Medical doctor must be appointed to look after the health hazard and  advise the management  on possible risks.

 

  1. Make compulsory for workers to wear helmets in construction areas and  proper notices  must be  displayed in construction areaS to state that  construction work is going on.

 

  1. Quality electrical items should be fitted in the work place and there should an   experienced electrician to  attend to electricity problems.

 

  1. First Aid training  program must conducted to all employees.

 

 

 

 

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