The paper “ Fire and Rescue Service Integrated Risk Management ” is a thoughtful example of the essay on management. Risk assessment is the process of inspecting the things at the workplace that may cause harm to those around them. The main objective of carrying out the inspection is to assess whether the concerned individual has taken the necessary safety measures or need to take more measures to prevent the occurrence of the harm. A risk is the impact of uncertainty on both positive and negative objectives. It is an unexpected result form the set aims that may cause undesired results.
Workers, students living together and family members have the right to be safeguarded from any harm that may result due to the failure of taking the necessary risk control measures. The occurrence of accidents and health problems caused by risk potential materials can mess up lives, properties, and businesses. It is therefore a legal requirement for one to assess the potential risks at the workplace so that the necessary risk control measures can be put in place (Kemshall & Pritchard, 1996). On the other hand, risk management is the identification, assessment and orderly arrangement of risks, and the use of economical resources to reduce, observe and control the likeliness of the occurrence of the undesired effects, or to increase the recognition of opportunities for risk occurrence. Methods of risk assessmentThe value of the identified potential risk is done quantitatively or qualitatively.
Quantitative risk assessment is where the single loss expectancy of an asset is calculated (SLE). This is the value of loss that can occur following one security incident. Another value that is calculated is the annualized rate of occurrence of the risk to a certain asset.
This is an estimated data to consider the chances of the threat to succeed in exploiting a susceptibility of the asset. From the data obtained from the two values, annualized loss expectancy is calculated. This is the calculation of a single loss expectancy, times the annualized rate occurrence. In other words, it is the value that an organization may lose on an asset following the occurrence of the risks, threats on the asset, and its vulnerability.
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