Risk Management Flashcards
Define Risk Management.
What is the basic role of the safety practitioner in relation to risk management?
- Systematic application of management policies, procedures, and practices to the task of analyzing, evaluating, and communicating about risk issues.
- Identify issues, provide information/data/research, ensure issues are made aware to senior management.
What is integrated risk management?
What are benefits of having a risk management system?
Organizational wide risk management.
- Strategic decisions that contribute to the achievement of an organizations overall corporate objective.
- Reduces liability, protects from harm, reduces injuries and accidents, minimizes the effects of claims, provides information for legal defense, stabilize/reduce long term costs of insurance.
What are the 3 main questions of risk management?
What further two questions may be asked?
1) What can go wrong
2) What is the likelihood
3) What is the severity.
4) What will we do to prevent in response
5) If something happens how will we be effected?
Define: Risk Hazard Impact Probability Frequency Risk Assessment Residual Risk Acceptable Risk
- Chance of loss/gain, R = IxPxF
- Act or condition that may lead to loss.
- Measure of severity of loss
- Measure of likelihood of loss
- Rate of occurrence
- Process of Identifying risk associated with event/action
- Level of risk remaining following control measures
- Level of risk we accept daily
What are the four main elements of risk management?
What is integrated risk management?
Risk Identification and measurement, Analysis, assessment, and control.
Modern approach where all risks are considered at the same time in a relative context.
What is Risk?
What are the three critical cornerstones of the integrated Risk Management Framework?
- The chance of loss or injury defined as a measure of probability and severity of an adverse effect to health property or environment.
- Risk, Risk Management, and Integrated Risk Management.
When should Risk Management in the workplace begin?
What is operational risk?
- Risk management should begin at the design phase.
- Any unexpected loss resulting from inadequate or failed internal processes, people, systems or from external events including legal risk.
What are the 3 risk attitudes?
What is the difference between risk and a hazard?
Risk Averse. Risk Neutral, Risk Seeking.
Hazard is a source of potential damage/harm/health effect, while risk is the probability of the hazard inflicting damage.
Define the following: Risk Risk assessment Hazard Hazard Analysis
- Risk - Chance of injury or loss as defined of measure of probability and severity of an adverse affect as a result of a given hazard.
- Risk Assessment - Process of identifying risk associated with an event or action
- Hazard - Act/Condition/Situation that may lead to a loss
- Hazard Analysis - Acquisition of hazard and failure data to assess the magnitude of a hazard
How is risk management different than hazard control?
What are the 6 categories of hazard type?
- Risk management considers all workers in all situations while hazard control is more localized.
- Biological, Chemical, Ergonomic, Physical, Psycho-social, Safety
What is a Biological Hazard? Example.
What is a Chemical Hazard? Example.
What is an Ergonomic Hazard? Example.
- Biological - Living hazard that can cause adverse health effects - Bacteria, Bites, Viruses
- Hazard caused by the properties of a chemical - Formaldehyde, Lead, H2S
- Equipment or conditions that do not match with the capabilities of the human. Repetitive strain.
What is a Physical Hazard? Example.
What is a Psychosocial Hazard? Example.
What is a Safety Hazard? Example.
- Sources of energy in the environment strong enough to cause strain. Heat, Radiation, Cold, Noise
- Affect the psychological well being of a worker. Stress, Bullying.
- The most common type of workplace hazard. Trips, Slips, Falls, missing guards.
Modify the risk using the following hazard:
Stairs
- You can modify the risk of stairs by adding handrails (engineered control), or procedures that insist the handrail is used/3 point contact is maintained (administrative control). The hazard remains but the risk of use changes.
What are the 4 steps of the risk assessment process?
1) Hazards associated with the work are identified.
2) Controls are implemented to control the hazard.
3) Risk associated with the controlled exposures are analyzed.
4) Appropriate means to manage the associated risk by systematically eliminating or further controlling the hazards are determined until residual risk is accepted.
