Hazards and Risks: Identification and Assessment

Question 1

What is the role of risk management?

Answer 1

Provide a framework for decision-making and prioritizing H&S issues.

Question 2

Definition - Hazard

Answer 2

A source of potential harm, or a situation with a potential for causing harm, in terms of human injury; damage to health, property, the environment, and other things od value; or some combination

Question 3

Define - Risk

Answer 3

The chance of injury or lose defined as a measure of probability and severity of an adverse effect to health, property, the environment, or other things of value.

Question 4

Define - Probability

Answer 4

The likilhood that something will occur

Question 5

Define - Severity

Answer 5

The extent of the damage to the organization, it’s people, and it’s goals and objectives resulting from a risk event occurring.

Question 6

Define - Risk Rating

Answer 6

Risk rating refers to the classification of risks and their impact on a business in terms of reputation or economic damage to an organization or a sector.

Question 7

Define - Controls

Answer 7

Methods used to preserve integrity of valuable information, meet operational or finical targets, and/or communicate management policies.

Question 8

Define - Governance

Answer 8

Processes and structures implemented to communicate, manage, ans monitor organizational activities.

Question 9

Define - Inherent Risk

Answer 9

Risk that is inherent to the process, taking into consideration the likelihood and impact of a risk.

Question 10

Define - Likelihood

Answer 10

The probability of a risk occurring.

Question 11

Define - Residual Risk

Answer 11

Risk remaining after considering the existing control environment.

Question 12

Define - Risk Appetite

Answer 12

A statement that broadly considers the risk level that management deems acceptable.

Question 13

Define - Risk Assessment

Answer 13

The prioritization of potential business disruptions based on the impact and likelihood of pccurrence; includes analysis of threats based on the impact to the organization, it’s customers, processes and finical markets.

Question 14

Define - Risk Tolerance

Answer 14

A metric that sets the acceptable level of variation around organizational objectives and provides assurances that the organization remains within its risk appetite.

Question 15

Define - Vulnerability

Answer 15

An entity’s susceptibility to the risk event as determined by the entity’s preparedness, agility, ans adaptability.

Question 16

Why are Risk Assessments Useful?

Answer 16

They provide a suitable decision-making method that the best forward actions will be identified to solve the issue.

Question 17

Risk Management allows…

Answer 17

• The organization to consider the full range of risks it faces.
• examines the relationship between hazards and/or sources, which cause risk and the cascading impact they could have on the organization’s strategic goals.

Question 18

Principles of risk management (5)

Answer 18

PACED

Proportionate - risk management activities must be proportionate to the level of risk faced by the organization.

Aligned - Risk management activities need to be aligned with the other activities in the organization.

Comprehensive - in order to be fully effective, the risk management approach must be compressive.

Embedded - Risk management activities need to be embedded within the organization.

Dynamic - risk management activities must be dynamic and responsive to emerging and changing risks.

Question 19

Components of Risk Assessment?

Answer 19

Leadership and commitment

Integration, design, implementation, evaluation, and improvement.

Question 20

PDCA

Answer 20

Plan- Do - Check - Act