Risk management Flashcards
what is murphy’s law about risk management?
“if anything can go wrong it will and at the worst time possible” - Murphy’s law
what is risk?
the chance of injury, damage or loss
what is the effect of risk at the end of the day?
usually financial
what is risk management?
reducing the chances of injury or loss by taking steps to control risks
what is liability?
a legal response
what is negligence?
a breach of a duty to exercise due care
what are the 4 elements that must be present for negligence?
- defendant owed a duty of a cure to the plaintiff
- the defendant breached that duty of care
- injury or damage occurred
- breach was the proximate cause of the injury
what are the 4 tasks of risk management process?
- risk identification
- risk analysis and measurement
- control risk
- monitor and evaluate
what is risk identification?
“what are the possible things that can go wrong?”
what are the tools to measure risk identification?
site inspections - facility, equipment; staff training and awareness
what are the 4 main SOURCES of risk?
facilities, equipment, program and people
what are the 3 TYPES of risks?
- physical injury
- wrongful actions
- property loss or damage
what is Task II: Risk analysis and measurement?
“how likely is it these things will go wrong and what are the consequences”
what are the tools for risk analysis and measurement?
measure frequency and severity; assign a grade (high med low); develop a chart of priorities and actions
what is task III: control risk?
“what can we do to prevent things from going wrong?”
