Risk assessments are quantitative process to study and identify the risk related situations and official threats by calculating profits & losses. This practice consists of assumptions and objective evaluation of measuring potential occurrence of losses. In industries, a risk assessment also includes risks of ill health harming employees, risks of injury and serious accidental heralds. Certain hazards can impact the outcome of business and can ruin lives. By conducting such an assessment program, an employer organization can initiate diverse safety procedures to prevent the employees and business from related hazards.
Types of Risk Assessment:
- Project Management Risk Assessment
- Human Health Risk Assessment
- Information Security Risk Assessment
- Auditing Risk Assessment, etc
Following factors should be considered to draft & conduct the effective risk assessment program:
- Decide the format of a risk assessment such as an optional form, checklist and a theoretical questionnaire consisting of various sections to check out the potential dangers of some project and newly introduced official processes.
- Employ risk assessment models to ensure credit management system, audit trials, implementation of security measures and central management of official data.
- Use the risk assessment tools such as cost & benefit risk, health impact identification tools, work practices & working conditions and procedural check of machinery.
- Record the received feedback from the concerned department and evaluate it for filing the risk assessment.
- After completing the risk assessment, sign & seal the document for the future use.
- Pen out, if there are some important remarks to mention in the risk assessment.
Therefore, a well designed risk assessment procedure helps to reduce the associated risk factors.