Question

Regarding Risk Assessment

Regarding modernize payroll process.

What's your take regarding this approach? Do you see the value in it?

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Answer 1

Q Regarding Risk Assessment ,Regarding Risk Assessment.What's your take regarding this approach? Do you see the value in it?

Ans: Now let's know about the Risk Assessment and the  modernize payroll process one by one.

Risk Assessment: Risk assessment is basically the term that are used to describe the overall methods and process where :

• We can identify the risk factors and risk hazards that have the potential to harm , in the simple words we can say that it is used for the hazard identification.
• We can evaluate and analyze the risk that are associated with the hazards.In the other ways we can say that risk assessment are used for the risk evaluation and the risk analysis.
• With the help of the risk assessment we can find the appropriate way to eliminate the hazard or also we can control the risk when the hazard cannot be eliminated.

In the simple word we can define the Risk assessment is basically used to identify those things,processes , situations etc that can cause the harm at the workplace.When we made the identification we can evaluate and analyze how likely and the severe the risk is.Then after the determination are made we can take an measure to  control and eliminate the harm from happening.The importance of the risk assessment are of the following reasons:

• It create an  awareness of the risk and hazards.
• It also help to identify who may be at risk , it may be the public, employees ,contractors etc.
• It prioritize the hazards  and also control measures.
• It helps to determine whether a control program is required for the particular hazard.

From the above points we see that how much the risk assessment is necessary for any organization.So , according to my point of view the risk assessment make an huge impact on any of the organization.We see that it helps in identifying the hazards and also helps in eliminating and protecting that from the future happening .So, with all this points we can say that the  Risk Assessment create an value for any organization.

Payroll Process: Payroll process is basically an essential business function that basically involves in arriving the ‘net pay’ of the employees that after the  necessary adjustment of the  taxes and the deductions.Following are the key points of the Payroll Process are as follows:

• It help to develop the organization’s pay policy that basically includes the eave enhancement policy,flexible benefits etc.
• It also define the  payslip components like the basic pay , HRA etc.
• It also collect the other payroll inputs like the transport service provider ,  food/canteen vendor etc.

From the above points we can say that the Payroll Process is an also an important factor that makes as greater impact on an organization.Because , payroll process basically helps in managing the financial activity of an organization .So, with my point it makes an great value .

THANKS , i think this will give you a better intuition about your question .if you have any doubt feel free to ask in the comment section.