IA6 Risk Control

Question 1

Common Risk Management Strategies are:

Answer 1

• Risk avoidance
• Risk reduction
• Risk transfer
• Risk retention, with or without knoledge

Question 2

Define risk avoidance

Answer 2

• Risks can’t be managed to an acceptable level.
• The cost of necessary risk control on a project is too high.
• There is a financially feasible alternative.
• The risks are so high, they cannot be justified.

Question 3

Define risk reduction

Answer 3

Risk Reduction, involves evaluating the risks and developing a risk reduction strategy, on two risk variables, use of Hierarchy of controls, involving technical, procedural and behavioral measures , auth. of process, redesign task/method, benefit and costs are high.

• Most common risk management strategie
• Decrease the likelihood and/or severity of undesired events.
• Apply control measure according to the hierarchy of risk control.
• Reduce risk by introducing health and safety management system.

Question 4

Define risk transfer

Answer 4

Risk Transfer, shifting financial or legal responsibility to third party against a premium e.g. use of insurance policies, outsourcing high risk activity to specialist contractors, outsourcing a process or processes.

or

• “Financial risk” is transferred.
• The risk is transferred to a third party entity
• Most common use is to buy an insurance policy
• Subcontract the risk to another organisation

Question 5

Define risk retention

Answer 5

Accepting a level of risk and financial consequences with or without knowledge ea. ineffective RA, failure to insure according market value, failure to identify critical workers or unique equipment. Benefits greatly exceeds the costs.

Question 6

What does Risk Management means?

Answer 6

• Risk management involves hazards identification, their associated risk and their effective control.
• The objective of RM is to minimize the risks of loss by safeguarding the organization’s assets: people, equipment, materials, environment, methods, services/products, reputation and money.

Question 7

Define the Risk management strategy of preventive and protective control measures

Answer 7

1. Avoiding risk
2. Evaluate risks that cannot be avoided
3. Combating risks at source
4. Adapting work to the individual
5. Adapting to technical progress
6. Replacing
7. Developing policy
8. Prioritise collective protection measures over individual protective measures,
9. Giving Appropriate instructions.

Question 8

Identify the factors affecting choice of control measures

Answer 8

1. Meeting legal requirements
2. Cost
3. Applicability
4. Practicability
5. Short-term/long-term
6. Competence of personnel and training needs
7. Proportionality
8. Effectiveness of control.

Question 9

Define the methodology for Cost Benefits Analysis (CBA)

Answer 9

1. Identify and quantify all positive and negative effects of the proposed action
2. Apply monetary value to all effects
3. Compare costs and benefits.

Question 10

What is a Safe System of Work (SSW)?

Answer 10

• SSW is a method of working designed to eliminate, if possible, or reduce risks to H&S; or
• The integration of People, Equipment and Materials in the correct Environment to ensure health and safety.

Question 11

Identify the components of a SSW

Answer 11

acronym : PEME

1. People
2. Equipment
3. Material
4. Environment.

Question 12

Identify the steps to develop a SSW

Answer 12

1. Assess the task (task analysis)
2. Identify the hazards and assess the risks
3. Define the safe and healthy methods
4. Implement the SSW
5. Monitor and review