LESSON 2

Question 1

Risk Management Principles (8)

Answer 1

1. Integration (Pagsasama-sama)
2. Structured and Comprehensive
   3.Customized (Ipasadya)
3. Inclusive (Kasama)
4. Dynamic (Pabago-bago)
5. Uses best available information
6. Considers human and culture factors
7. Practices continual improvement

Question 2

An organization should integrate its risk management efforts into
all parts and activities of the organization.

Answer 2

Integration (Pagsasama-sama)

Question 3

Creating and following a ____, ____ risk management approach leads to the most consistent, desirable risk management outcomes.

Answer 3

Structured and Comprehensive

Question 4

An organization’s risk management approach should be customized to their own needs, including the organization’s objectives and the external and internal context in which the organization operates.

Answer 4

Customized (Ipasadya)

Question 5

To be most effective, risk management should involve all stakeholders in appropriate and timely ways. This allows the different knowledge sets, views, and perceptions of all stakeholders to be considered and implemented into risk management efforts.

Answer 5

Inclusive (Kasama)

Question 6

As the organization changes, including its external and
internal context, the organiza tion’s risk mgt. program and efforts should change, too. Change is inevitable and successful organizations know
how to work with change.

Answer 6

Dynamic (Pabago-bago)

Question 7

Effective risk management is done by considering information from the past and present as well as anticipating the future. Therefore, 1.) the information from the past and present must be as reliable as possible, and 2.) risk managers must consider the limitations and uncertainties with that past and present information.

Answer 7

Uses best available information

Question 8

Risk management is a human activity and it takes place within one or more cultures (organizational culture, etc.). Risk managers must be aware of the human and culture factors that the risk management effort takes place in and know the influence that human and culture factors will place on the risk management effort.

Answer 8

Considers human and culture factors

Question 9

Through experience and learning, risk managers must strive to continually improve an organization’s risk management efforts.

Answer 9

Practice continual improvement

Question 10

The process of risk assessment involves 6 basic steps:

Answer 10

Step 1: Identify Hazards (source of risk or danger)
Step 2: Analyse Consequences (potential injury, property damage, etc)
Step 3: Assess Risk (probability, frequency, severity of risk)
Step 4: Determine Action (methods of removing or reducing risk)
Step 5: Implement Controls (redesign, removal, new methods, audit)
Step 6: Evaluate Control

Question 11

It involves considering what could happen if someone is exposed to a hazard (for example, COVID-19) and the likelihood of it happening.

Answer 11

Risk Assessment

Question 12

A risk assessment can help you to determine:

Answer 12

• How severe a risk is
• Whether any existing control measures are effective
• What action you should take to control the risk, and
  how urgently the action needs to be taken.

Question 13

A risk assessment will assist to:

Answer 13

• Identify which workers are at risk of exposure.
  *Determine what sources and processes are causing the risk.
• Identify if and what kind of control measures should be implemented, and
• Check the effectiveness of existing control measures.