06 Aug reorganize poster
Figure1. The overall scenario of Risk management analysis on basis of survey and guidelines :
Safety of Risk Management
Risk management is an activity which integrates recognition of risk, risk assessment, developing strategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managements are focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death).
Financial risk management, on the other hand, focuses on risks that can be managed using traded financial instruments. Objective of risk management is to reduce different risks related to a pre-selected domain to an acceptable. It may refer to numerous types of threats caused by environment, technology, humans,
organizations and politics. The paper describes the different steps in the risk management process which methods are used in the different steps, and provides some examples for risk and safety management.
The risk management steps are:
1. Establishing goals and context ,
2. Identifying risks,
3. Analysing the identified risks,
4. Assessing or evaluating the risks,
5. Treating or managing the risks,
6. Monitoring and reviewing the risks and the risk environment regularly, and
7. Continuously communicating, consulting with stakeholders and reporting.
Some of the risk management tools are described in (IEC 2008) and (Oehmen 2005).
As per discussed about the overall visualisation of safety risk management we can conclude by the stated figure about the outcome of the risk factor in different zone or field of work .
The common concept in all definitions is uncertainty of outcomes. Where they differ is in how they characterize outcomes. Some describe risk as having only adverse consequences, while others are neutral.
One description of risk is the following: risk refers to the uncertainty that surrounds future events and outcomes. It is the expression of the likelihood and impact of an event with the potential to influence the achievement of an organization’s objectives.
The phrase “the expression of the likelihood and impact of an event” implies that, as a minimum, some form of quantitative or qualitative analysis is required for making decisions
concerning major risks or threats to the achievement of an organization’s objectives. For each risk, two calculations are required: its likelihood or probability; and the extent of the impact or consequences.
Establish goals and context:- The purpose of this stage of planning enables to understand the environment in which the
respective organization operates, that means to thoroughly understand the external environment and the internal culture of the organization.
Identify the risks :- Using the information gained from the context, particularly as categorised by the SWOT and
PEST frameworks, the next step is to identify the risks that are likely to affect the achievement of the goals of the organization, activity or initiative. It should be underlined that a risk can be an
opportunity or strength that has not been realised.
Analyse the risk :- Risk analysis involves the consideration of the source of risk, the consequence and likelihood to estimate the inherent or unprotected risk without controls in place. It also involves identification of the controls, an estimation of their effectiveness and the resultant level of risk with controls in place.
Evaluate the risk :- Once the risks have been analysed they can be compared against the previously documented and approved tolerable risk criteria. When using risk matrices this tolerable risk is generally documented with the risk matrix.
Treat the risk :- An unacceptable risk requires treatment. The objective of this stage of the risk assessment process is to develop cost effective options for treating the risks which are not necessarily mutually exclusive or appropriate in all circumstances.
Monitoring the risk :- It is important to understand that the concept of risk is dynamic and needs periodic and formal
review. The currency of identified risks needs to be regularly monitored. New risks and their impact on the organization may to be taken into account. This step requires the description of how the outcomes of the treatment will be measured.
Communication and reporting :- Clear communication is essential for the risk management process, i.e. clear communication of the objectives, the risk management process and its elements, as well as the findings and required actions as a result of the output.
The term safety management subsumes the entirety of all activities relating to the planning, organization, management and supervision of individuals and work activities with a view to the efficient achievement of a high degree of safety performance. The main key steps for safety risk management are as defines :-
Risk management is, at present, implemented in many large as well as small and medium sized industries. In (Gustavsson 2006) it is outlined how a large company can handle its risks in practice and contains a computer based method for risk analysis that can generate basic data for decision-making in the present context. In that study, Trelleborg AB has been chosen as an example to illustrate the difficulties that can be encountered concerning risk management in a large company with different business areas. One typical difficulty is reaching the personnel. Another typical weakness is a missing system for controlling and following up on the results of the risk analysis that has been performed.
However, not only industries but also governmental organizations, research institutes and hospitals are now introducing risk management to some extent.
Life cycle
Safety Risk Management
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