Question

In: Operations Management

1. What is the risk registry 2. what is a risk assessment 3. what are the...

1. What is the risk registry

2. what is a risk assessment

3. what are the steps for risk assessment

Solutions

Expert Solution

1. A Risk Register is a tool for documenting risks, and actions to manage each risk. The Risk Register is essential to the successful management of risk. As risks are identified they are logged on the register and actions are taken to respond to the risk. A risk register is a document used as risk management tool and to fulfill regulatory compliance acting as a repository for all risks identified and includes additional information about each risk, e.g. nature of the risk, reference and owner, mitigation measures. It can be displayed as a scatterplot or as a table.

2.  risk assessment is a systematic process of identifying hazards and evaluating any associated risks within a workplace, then implementing reasonable control measures to remove or reduce them. Risk assessment is the process of evaluating risks to workers' safety and health from workplace hazards. It is a systematic examination of all aspects of work that considers:

  • what could cause injury or harm;

  • whether the hazards could be eliminated and, if not;

  • what preventive or protective measures are, or should be, in place to control the risks.

3. Following are the steps-------

1. Step 1: Identify the hazards-------------Employers have a duty to assess the health and safety risks faced by their workers. Your employer must systematically check for possible physical, mental, chemical and biological hazards.

2. Step 2: Decide who might be harmed and how-----------Identifying who is at risk starts with your organisation's own full- and part-time employees. Employers must also assess risks faced by agency and contract staff, visitors, clients and other members of the public on their premises.

3. Step 3: Evaluate the risks and decide on precautions------This means employers must consider how likely it is that each hazard could cause harm. This will determine whether or not your employer should reduce the level of risk. Even after all precautions have been taken, some risk usually remains. Employers must decide for each remaining hazard whether the risk remains high, medium or low.

4. Step 4: Record your findings and implement them---------Employers with five or more staff are required to record in writing the main findings of the risk assessment. This record should include details of any hazards noted in the risk assessment, and action taken to reduce or eliminate risk.This record provides proof that the assessment was carried out, and is used as the basis for a later review of working practices. The risk assessment is a working document. You should be able to read it. It should not be locked away in a cupboard.

5. Step 5: Review your assessment and update if necessary-------A risk assessment must be kept under review in order to:ensure that agreed safe working practices continue to be applied (e.g. that management's safety instructions are respected by supervisors and line managers); and take account of any new working practices, new machinery or more demanding work targets.


Related Solutions

Make a Project of Management Risk Assessment: 1. Make a Qualitative Risk assessment 2. Make Quantitative...
Make a Project of Management Risk Assessment: 1. Make a Qualitative Risk assessment 2. Make Quantitative Risk Assessment and Mitigation
There are five components of internal control: 1) Control environment 2) Risk assessment 3) Control activities...
There are five components of internal control: 1) Control environment 2) Risk assessment 3) Control activities 4) Information and communication system 5) Monitoring processes. In your own words explain the purpose of internal controls. Then select one of the components shown above and explain the role it plays in protecting the assets of the business. Many of these activities can be observed in the workplace both inside and outside of the accounting department. Please share any work experiences you may...
1.What are the roles of financial specialists in a corporation 2.What is a risk 3. 3...
1.What are the roles of financial specialists in a corporation 2.What is a risk 3. 3 dimensions of risk transfer 4.Risk management techniques 5.ways of constructing a financial planning model
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3....
Internal controls can be categorized using the following framework: 1. Control environment 2. Risk assessment 3. Control activities 3.1 Authorization 3.2 Performance reviews 3.3 Information-processing controls     3.3.1. IT general controls     3.3.2. IT application controls     3.3.3. IT-dependent manual controls 3.4 Physical controls 3.5 Segregation of duties 4. Information and communication 5. Monitoring Following is a list of controls implemented by Waterfront, Inc.: a. Management established a code of conduct that includes rules regarding conflicts of interest for purchasing agents. b. Waterfront’s...
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team? What are the final decisions...
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team? What are the final decisions made by HGA management? Justify their decisions based on cost benefit analysis. PLEASE MAKE COPY PASTE AVAILABLE MUST BE 250 WORDS
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team? What are the final decisions...
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team? What are the final decisions made by HGA management? Justify their decisions based on cost benefit analysis. PLEASE MAKE COPY PASTE AVAILABLE MUST BE 250 WORDS
Discuss the following related to property management process: (3 Marks) Inherent risk assessment Control risk assessment...
Discuss the following related to property management process: Inherent risk assessment Control risk assessment Analytical procedures Answer: Explain disclosure assertions issues related to investments Audit? (2.5 Marks) Answer: For each of the following substantive procedures, first note whether it is a test of details of transactions or a test of details of account balances. Then decide for which assertion the test provides the best evidence. (2.5 Marks) Trace large cash receipts and payments to the source documents and the general...
1- type of health risk assessment tools 2- the most important health risk asseament tool for...
1- type of health risk assessment tools 2- the most important health risk asseament tool for the people who want to travel? why it is important?
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team?  What are the final decisions made...
REGARDING RISK ASSESSMENT What’s the recommendation by the risk assessment team?  What are the final decisions made by HGA management? Justify their decisions based on cost benefit analysis. PLEASE MAKE COPY PASTE AVAILABLE MUST BE 250 WORDS
What government entities have or maintain a registry? How do they get information into their registry...
What government entities have or maintain a registry? How do they get information into their registry and, if we are a hospital, clinic, etc. are we required to provide that information?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT