Risk management Essay Example | Topics and Well Written Essays - 2500 words - 1

Risk management - Essay Example Even it is also consisted of implementation of a program for assessing the effectiveness. Therefore, it can be said that risk management is an ongoing process. There are four ways to deal with the risk. The first method consists of just rejecting the risk hopping that it will be resolved automatically. Accepting the risk and initiating appropriate actions against the risk can be another option. Transfer of the risk is another measure which indicates the acceptance of alternative risk, higher than the reasonable risk. Lastly, to mitigate the risk i.e. to implement the physical, administrative and technical controls in order to reduce the risk is the another way. Risk assessment is a process or examination through which it can be understood that what can be harmful for the workplace and how it can be prevented in advance. It is important because it gives the authority an advanced alert for the risk that may occur in future so that the future accidents can be avoided. Apart from accident, risk assessment is also useful for reducing insurance cost and damages in machineries. This is a part of risk management and can be better understood by the following diagram. The main objective of the risk assessment is to determine the risk associated with a particular asset. In order to assess risk successfully, few more steps have to be followed, firstly the critical information regarding the assets have to be gathered and possible threats attached with the asset should be identified. Then, the vulnerabilities of the threats and possibility of exploitation are assessed. For assessment of risk, quite a few steps have to be taken. At the outset, identification of risk is necessary. The assessor must visit each and every corner of the work place to have a better understanding with the present condition of the plants and equipments attached in it along with the premises. They may also take advice of the employees. Then, it has to be made out that who are the