BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Risk assessment of hazards identified through a review of the potential unsafe-acts.
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Risk evaluation of identified hazards taking into account the existing controls and defences.
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Risk ranking is a process by which risks can be prioritised for action.
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Risk is a function of the probability of contact with (or exposure to) a hazard.
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Detailed explanation-1: -A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. A business impact analysis (BIA) is the process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes. There are numerous hazards to consider.
Detailed explanation-2: -A risk assessment is the process of identifying what hazards currently exist or may appear in the workplace. A risk assessment defines which workplace hazards are likely to cause harm to employees and visitors.
Detailed explanation-3: -Explanation: Risk assessment helps to understand possible problems and provides alternatives as well as control measures to reduce the accident.
Detailed explanation-4: -Risk control uses the findings of risk assessments – specifically, the potential risk factors in an organization’s operations and management practices that assessments bring to light. These factors include weak financial controls, technical and non-technical controls, and other issues that could harm the business.