Hazards and Risk ManagementAbstractHazard and risk management can be defined as the process of identifying risk and possible activities which are harmful to the organisation, individuals, government, churches and even society in general to come up with some mitigation measures which can be used to eliminate or reduce the impact they cause to the recipients (Regulatory Reform, 2005). This paper discusses the various types of risk assessment method and management strategies. It also explores different methods of risk management giving example of each. The methods discussed include; SWOT analysis, PESTLE analysis, cost benefit analysis risk ranking using FN diagram, FMEA, PHA or HazOp, common cause analysis, business planning, event diagram, fault tree and lastly reliability block diagram.
The essay will also numerate the advantages and disadvantages of each risk analyses method and lastly the paper discuses the budget allocation method to be used in risk management. The first step in the risk assessment is to make a tick list which can be used as a blue print in managing risk. Tick list with (Layout) by chief Security Officer Mr. HarrisonIn risk management it is of great important to make a list of activities which will take place incase of the disaster outbreak.
It gives a brief list of the requirements to be used during disaster outbreak. The following is an example of tick list used in risk management and is always a one time activity. Fig. 1.0 Tick list tableNoActivitiesTick1Asked whether the methodology you want used in risk management is defined2Identification of people who are responsible for keeping and maintaining the logs of risk management 3The project team should be actually aware of the procedures to be used in submitting the risk which might hinders their work towards completing the project4The log of risk management should be accessible to all project team members5Ensure that all risk management log have been distributed to all stakeholders of the project6The relevant data should be sufficient enough for easy understanding of the risk, the probability and the impact of the risk should be well articulated, contingency plans and the mitigation measures to be used. 7Identify all the relevant risk triggers and should be well documented8The risk should be identified in terms of priorities and the possible impact on the After ticking the above information and carefully putting them in place then it is prudence to look for other continuous activities to be checked during risk management processFig.
1.1 (tick list table)Iterative Activities1The log should be reviewed continuously to ensure that the status are up to date2Continuous review and updating the list of potential risk 3Log should be up to date4Risk prioritizationChangahwal Godown LayoutFire exit gateThere are several methods used in risk assessment and management process both in business and in real life situation.
This includes: -1.1SWOT Analysis at Village Changahwal Godown (strength, weaknesses, opportunity and threats) In order to carry out proper risk management, it is in order to do proper scanning and organisation audit listing its strength, weaknesses, opportunities and threats of the organization, this internal examination of the organization is very important as it gives the management the opportunities to prepare for any eventuality which might arise along the process of running the business (De Brouwer, 2009). StrengthThis is the unique capability which an organization is having and is not being found in any other organization or its potential competitors. Examples include; Competent team of expert who can handle all types of risk ranging from fire outbreak to landslides.
This is distinctive and unique which can only be found in our organization. Accessibility of the area, the place is very spacious and can be easily accessible within all directionsPowerful equipments and risk management tools which are efficientProper management structure which is less bureaucratic to allow easy and faster response in case of disaster outbreakIn risk management the company needs to perfect its strength so that it can maximize income out of it (Taylor and Francis, 2002)WeaknessesThese are the shortcomings of the organisation which makes it not to compete effectively in the industry