Question

In: Operations Management

Why should organisations have comprehensive risk assessment procedures?

Why should organisations have comprehensive risk assessment procedures?

Solutions

Expert Solution

Risk assessment is an essential administration device in guaranteeing the wellbeing and security of laborers (and others). What numerous individuals maybe don't know about, in any case, is that they are really a lawful prerequisite for businesses and certain independently employed individuals.

At last, a Risk assessment is a procedure which distinguishes:

  • Potential risks and hazards
  • The potential seriousness of hazards
  • Recurrence of presentation to hazards
  • Systems to actualize to limit hazards and maintain a strategic distance from hurt

This procedure is definitely not a fast fix to all security issues, nor is it an assurance of a 100% physical issue free work environment. It is to a greater extent a hazard conclusion and security remedy used to archive chance in a work environment, help decide a worthy degree of hazard, and decide a strategy to alleviate dangers.

A Risk assessment isn't just a significant advance in guaranteeing a sheltered and solid workplace, it is a legitimate necessity. It should be led before representatives’ complete work on current, new or obscure parts, procedures or materials. You should think about the potential reasons for the hurt and what steps to take in forestalling the damage in any case. In case your business has less than 5 representatives, you don't need to report anything other than you more likely than not considered risks and control measures.

A decent Risk assessment will assist with forestalling mishaps and sick wellbeing. These can possibly destroy lives; however, they could likewise build expenses to organizations through lost yield, remuneration claims, and higher protection premiums.

Risk assessment is a clear and organized technique for guaranteeing the dangers to the wellbeing, security, and prosperity of representatives (and others) are appropriately dispensed with, diminished or controlled

The principle reason for Risk assessment is:

  • To distinguish wellbeing and security perils and assess the dangers introduced inside the work environment
  • To assess the viability and reasonableness of existing control measures
  • To guarantee extra controls (counting procedural) are actualized any place the rest of the hazard is viewed as something besides low
  • To organize further assets if necessary to guarantee the abovementioned

Related Solutions

Why is it necessary for business organisations to have policies and procedures and why should employees...
Why is it necessary for business organisations to have policies and procedures and why should employees be aware of the organisation's policies and procedures? If necessary conduct independent research?
The main purpose of risk assessment procedures is to Obtain an understanding of the entity and...
The main purpose of risk assessment procedures is to Obtain an understanding of the entity and its environment, including its internal control, to assess the risks of material misstatements at the financial statement and assertion levels Test the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level Detect material misstatements at the assertion level. All of the given choices are main purposes of risk assessment procedures Inquiries directed towards those charged with governance...
Most organisations have a range of policies and procedures relating to the operation of their accounting...
Most organisations have a range of policies and procedures relating to the operation of their accounting systems. Describe in how you would apply policies and procedures to operating a computerized accounting system (120 - 150words). Please remember do not quote GAAP as policies and procedures for operating a computerized accounting system as it is refered as Generally Accepted Accounting Principles and the term applies to the accepted accounting principles used in any country, not for computerised system. (Please consider Australian...
Most organisations have a range of policies and procedures relating to the operation of their accounting...
Most organisations have a range of policies and procedures relating to the operation of their accounting systems. Describe in how you would apply policies and procedures to operating a computerized accounting system (200-300 words). Please remember do not quote GAAP as policies and procedures for operating a computerized accounting system as it is refered as Generally Accepted Accounting Principles and the term applies to the accepted accounting principles used in any country, not for computerised system. Please consider Australian Accounting...
Which of the following audit procedures most likely will involve sampling? A. Risk assessment procedures performed...
Which of the following audit procedures most likely will involve sampling? A. Risk assessment procedures performed to obtain an understanding of internal control. B. Tests of automated application controls when effective information technology general controls are present. C. Analyses of controls to determine the appropriate segregation of duties. D. Testing of process for approval of credit to customers for sales on account.
Describe the benefits and challenges of performing a comprehensive risk assessment for a healthcare facility.
Describe the benefits and challenges of performing a comprehensive risk assessment for a healthcare facility. What are some methods you can use to overcome these challenges?
This problem is based on the JA Tires data.. As part of risk assessment procedures, you...
This problem is based on the JA Tires data.. As part of risk assessment procedures, you have been asked to perform some preliminary data analytics on the sales file to assess whether individual transactions or classes of sales transactions represent increased inherent risk because they are large, unusual, or involve related parties. You can perform this analysis using Excel. Required: a.   Identify the five largest sales transactions. Indicate whether you believe these transactions should require an increase in inherent risk....
Should other comprehensive income be eliminated? Why or why not?
Should other comprehensive income be eliminated? Why or why not?
All organisations need to have effective policies and procedures in place controlling the approval and authorisation...
All organisations need to have effective policies and procedures in place controlling the approval and authorisation for purchasing assets. However, not all of these policies and procedures are the same. Identify and explain (100 to 120 words) why some organisations would have different policies and procedures to achieve the same results.
As part of the risk assessment procedures required by ISA 315, the auditor must carry out...
As part of the risk assessment procedures required by ISA 315, the auditor must carry out certain procedures to obtain information relevant to identifying risks associated with related parties. Describe the audit procedures.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT