Risk Management Process Essay Example

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Risk Management Process 6

Risk Management Process

Table of Contents

3Risk Management Process

3Process

3Identifying risks and hazards

3Risk analysis and evaluation

4Monitoring and review

4Conclusion

5References

Risk Management Process

The risk management process is defined as the process of identifying, analyzing, evaluating, treating, monitoring and reviewing risks. This is done through the application of proper management practices. The employers in an organization have to ensure that measures are put in place to manage the risks. The governing standards are the guiding factor for the management of the risks. The paper thus discusses the risk management process.

Process

Identifying risks and hazards

This is the first step in the process of risk management. It involves the identification of the possible risks and hazards within the workplace. This can be achieved through studying the workplace and the policies of the organization. The job analysis and hazard studies can also be conducted to analyze the risks. The data from injuries as well as the feedback from the employees are also important during the process. The hazard registers can be used to identify the risks within an organization. It is however important to involve the managers within the company as well as using the external factors in the identification of the risks. The identification of the hazards can also be achieved through benchmarking the risks in relation to other organizations. Any new equipment and work practices should also be reviewed for risks and hazards (Taylor, 2008).

Risk analysis and evaluation

After the identification the risk, an analysis and evaluation of the risk is required. This is for the purpose of making informed decisions regarding the identified risks and hazards. The risks assessment tools should be used at this point for the purpose of analysis and evaluation. A risk matrix should then be used for the purpose of identifying the consequences of the risk. This is for the purpose of determining the extent of harm that the risk can cause. A proper matrix should be used during the analysis of the risk. This is for the purposes of obtaining accurate results with regards to the risks and hazards within the organization (Standards Australia, 2009).

Monitoring and review

Planning is the major step that is involved during the monitoring and review of the risk. This involves the processes that should be carried out for the purpose of monitoring the risks in relation to the results of the analysis. The record keeping process is important during the monitoring and review of the risk. The records of any incidences regarding the risks and hazards within the company should be maintained. This is for the purpose of ensuring that the review process is done and improvements are made based on the past records of the risks and hazards. Different types of records should be used for the purpose of reviewing the risks within the organization. The records of the health of the patients should also be used during the process. The process of reviewing the implemented practices is also important in terms of determining the effectiveness of the process. The process should ensure that the best practices should be maintained (Toohey, et al, 2005).

Conclusion

In conclusion, it is evident that risk management process is carried out in steps. Each step involves certain strategies that are used in the management of the risks. It is also evident that the purpose of the risk management is to ensure that risks are prevented and hence attaining the best practices within an organization.

References

Taylor, G. et al. (2008). Enhancing Safety – A Workplace Guide 1 (4th ed. Rev.). Perth, WA: West One

Standards Australia. (2009). Risk Management: Principles and guidelines (AS/NZS ISO 31000:2009). Retrieved on 30 May, 2013 from, <http://www.ecu.edu.au/centres/library- services/overview>

Toohey, J. et al. (2005). OH&S in Australia: A management guide. Australia: Thomson