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Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business. These assessments help identify these inherent business risks and provide measures, processes and controls to reduce the impact of these risks to business operations.
How a risk assessment is conducted varies widely depending on the risks unique to the type of business, the industry that business is in and the compliance rules applied to that given business or industry. However, there are five general steps that companies can follow regardless of their business type or industry.
Controlling the risks in the workplace
As part of managing the health and safety of your business you must control the risks in your workplace. To do this you need to think about what might cause harm to people and decide whether you are taking reasonable steps to prevent that harm. This is known as risk assessment and it is something you are required by law to carry out.
A risk assessment is not about creating huge amounts of paperwork , but rather about identifying sensible measures to control the risks in your workplace
When thinking about your risk assessment, remember:
A hazard is anything that may cause harm; these can be hazards to physical health such as chemicals, electricity, working from ladders, an open drawer or to mental health – if, for example the common causes of work-related mental ill health e.g. demands, control and support for individuals are not properly managed in the workplace.
The risk is the chance, high or low, that somebody could be harmed by these and other hazards, together with an indication of how serious the harm could be.
Risk assessments can be quantitative or qualitative. In a quantitative risk assessment, the CRO or CRM assigns numerical values to the probability an event will occur and the impact it would have. These numerical values can then be used to calculate an event's risk factor, which, in turn, can be mapped to a dollar amount.
Qualitative risk assessments, which are used more often, do not involve numerical probabilities or predictions of loss. The goal of a qualitative approach is to simply rank which risks pose the most danger.
K2A Management Can Help
K2A Management Co., Ltd Cambodia offer risk assessment service for all types of the industry like construction, engineering, contracting and other. We have professional team of assessors with years of industry experience.
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