Risk evaluation in risk management

Risk assessment in Risk management

Risk assessment in Risk managementRisk management consists of identifying hazards, evaluation of the level of risk and how severe the risk level in the workplace. When this evaluation is done the risk control measures are recommended, further the risk management provides to analyze how safe the workplace can be made and how the risk can be avoided. Risk management is a repetitive process consisting of a detailed observation of hazards and risks and the regular practice of work that goes on in the workplace.

The ultimate objectives of Risk management are the following:

  • Foresee the hazards and risk and address those promptly.
  • Conduct risk assessment in all the corners of the company.
  • Organize the types of hazards and risk and plan the suitable measures.
  • Maintain the data and statistics in order to analyze the level that can help in taking decisions.
  • To enhance the employee performance and develop a safety culture in the company.
  • To avoid further risks in the workplace through regular assessments in the workplace.
  • Upgrade and update the procedures and equipment of the workplace depending on the observations during the risk assessment.
  • To provide considerable information, instruction and training.
  • To define personal protective equipment suitable for the workers as per the level of risk.

Risk management straightaway drive towards the evaluation of the level of the risk present in the workplace. The evaluation determines the risk either to be acceptable or tolerable. It defines the estimated risk considering the perception of the workers. It is must for the employer and the employees to know what hazards and risks exist in the place they work. Evaluation of risk consists of the following steps which need to be followed in every workplace.

  • First and foremost is to identify the hazards that can be potential to cause accidents or even minor injury.
  • Secondly, it is also a must to identify who might be harmed and how they might be harmed.
  • Thirdly, evaluate the level of risk that the hazard could have on the workers.
  • Fourth, decide the suitable precautions and while deciding this the utmost priority must be to eliminate the hazard if not minimize the risk because of that hazard.
  • Fifth is to review the evaluation and the precautions taken and how those will be implemented.

During this risk evaluation there are various levels of risk we need to define and the risk levels should be prioritized. Risk is a combination of likelihood and consequences. The product of the risk with respect to likelihood and consequences could be defined through the risk assessment matrix where we define the level of risk acceptable. There could be multiple risks which could be a combination of various types of hazards. There could be physical hazards pertaining to noise, vibration, slip trips and falls. There could be chemical hazards consisting of various substances which can cause dangerous illnesses. The other type of hazard is biological hazards consisting of viruses, fungi and waste. Ergonomic hazards affecting the musculoskeletal system due to loading and loading or improper way of working.

We also must understand that the risk evaluation is nothing but identification and determination of risk in a qualitative or quantitative way. Quantitative level of risk is defined based on calculations which enumerates the clarity to understand the level of risk compared to the qualitative level of risk.