lesson 1 Risk analysis Flashcards
It is the possibility of
something bad happening.
RISK
According to PNS (Philippine
National Standard) It is
usually expressed in terms of
sources, events, consequences,
and likelihood, is the effect of
uncertainty on objectives.
Risk
It is the process of planning and organizing the
resources and activities of a business to achieve
specific goals in the most effective and efficient
manner possible.
Management
Are coordinated activities to
direct and control an
organization with regard to risk.
RISK MANAGEMENT
Creation and protection of value across an organization for
performance improvement, innovation promotion, and
global achievement are the very purpose of risk
management with its principles stated in Figure 1.2.
Risk Management Principles
It is
then the proactive management tool in preventing
occurrence of possible risk and hazards in the company
value chain.
risk management principle
integral part of all the organizational activities
Integrated
contributes to
consistent and comparable results.
Structured and Comprehensive -
proportionate to the external and internal
context related to its objectives.
Customized
appropriate and timely involvement of
stakeholders enables their knowledge, views and
perceptions to be considered.
inclusive
be able to responds to different changes
in appropriate and timely manner
dynamic
always based on
historical, relevant, and current information
Best available information
human behavior and
culture significantly influence all aspects
human and cultural factor
continually improved
through learning and experience.
continual improvement
is the overall process of RI, RA and RE. It should
be conducted systematically, iteratively, and collaboratively,
drawing on the knowledge and views of the stakeholders.
Risk Assessment and Risk Identification
