AbstractKey FeaturesAssessmentIntroductionMeasur.docx

Abstract
Key Features
Assessment
Introduction
Measures
Figure 1. This is the Risk Assessment Matrix Chart on the basis
of the overall scenario
(continued)
Discussion
Figure1. The overall scenario of Risk management analysis on
basis of survey and guidelines :
Safety of Risk Management
Risk management is an activity which integrates recognition of
risk, risk assessment, developing strategies to manage it, and
mitigation of risk using managerial resources. Some traditional
risk managements are focused on risks stemming from physical
or legal causes (e.g. natural disasters or fires, accidents, death).
Financial risk management, on the other hand, focuses on risks
that can be managed using traded financial instruments.
Objective of risk management is to reduce different risks related
to a pre-selected domain to an acceptable. It may refer to
numerous types of threats caused by environment, technology,
humans,
organizations and politics. The paper describes the different
steps in the risk management process which methods are used in
the different steps, and provides some examples for risk and
safety management.
The risk management steps are:
1. Establishing goals and context ,

2. Identifying risks,
3. Analysing the identified risks,
4. Assessing or evaluating the risks,
5. Treating or managing the risks,
6. Monitoring and reviewing the risks and the risk environment
regularly, and
7. Continuously communicating, consulting with stakeholders
and reporting.
Some of the risk management tools are described
in (IEC 2008) and (Oehmen 2005).
As per discussed about the overall visualisation of safety risk
management we can conclude by the stated figure about the
outcome of the risk factor in different zone or field of work .
The common concept in all definitions is uncertainty of
outcomes. Where they differ is in how they characterize
outcomes. Some describe risk as having only adverse
consequences, while others are neutral.
One description of risk is the following: risk refers to
the uncertainty that surrounds future events and outcomes. It is
the expression of the likelihood and impact of an event with the
potential to influence the achievement of an organization's
objectives.
The phrase "the expression of the likelihood and impact of
an event" implies that, as a minimum, some form of quantitative
or qualitative analysis is required for making decisions
concerning major risks or threats to the achievement of an
organization's objectives. For each risk, two calculations are
required: its likelihood or probability; and the extent of the
impact or consequences.
Establish goals and context:- The purpose of this stage of
planning enables to understand the environment in which the
respective organization operates, that means to thoroughly
understand the external environment and the internal culture of
the organization.
Identify the risks :- Using the information gained from the

context, particularly as categorised by the SWOT and
PEST frameworks, the next step is to identify the risks that are
likely to affect the achievement of the goals of the organization,
activity or initiative. It should be underlined that a risk can be
an
opportunity or strength that has not been realised.
Analyse the risk :- Risk analysis involves the consideration of
the source of risk, the consequence and likelihood to estimate
the inherent or unprotected risk without controls in place. It
also involves identification of the controls, an estimation of
their effectiveness and the resultant level of risk with controls
in place.
Evaluate the risk :- Once the risks have been analysed they can
be compared against the previously documented and approved
tolerable risk criteria. When using risk matrices this tolerable
risk is generally documented with the risk matrix.
Treat the risk :- An unacceptable risk requires treatment. The
objective of this stage of the risk assessment process is to
develop cost effective options for treating the risks which are
not necessarily mutually exclusive or appropriate in all
circumstances.
Monitoring the risk :- It is important to understand that the
concept of risk is dynamic and needs periodic and formal
review. The currency of identified risks needs to be regularly
monitored. New risks and their impact on the organization may
to be taken into account. This step requires the description of
how the outcomes of the treatment will be measured.
Communication and reporting :- Clear communication is
essential for the risk management process, i.e. clear
communication of the objectives, the risk management process
and its elements, as well as the findings and required actions as

a result of the output.
The term safety management subsumes the entirety of all
activities relating to the planning, organization, management
and supervision of individuals and work activities with a view
to the efficient achievement of a high degree of safety
performance. The main key steps for safety risk management
are as defines :-
Risk management is, at present, implemented in many large as
well as small and medium sized industries. In (Gustavsson
2006) it is outlined how a large company can handle its risks in
practice and contains a computer based method for risk analysis
that can generate basic data for decision-making in the present
context. In that study, Trelleborg AB has been chosen as an
example to illustrate the difficulties that can be encountered
concerning risk management in a large company with different
business areas. One typical difficulty is reaching the personnel.
Another typical weakness is a missing system for controlling
and following up on the results of the risk analysis that has been
performed.
However, not only industries but also governmental
organizations, research institutes and hospitals are now
introducing risk management to some extent.
Life cycle
Safety Risk Management
1

Abstract
Key Features
Assessment
Introduction
Measures
Figure 1. This is the Risk Assessment Matrix Chart on the basis
of the overall scenario
(continued)
Discussion
Figure1. The overall scenario of Risk management analysis on
basis of survey and guidelines :
Safety of Risk Management
Risk management is an activity which integrates recognition of
risk, risk assessment, developing strategies to manage it, and
mitigation of risk using managerial resources. Some traditional
risk managements are focused on risks stemming from physical
or legal causes (e.g. natural disasters or fires, accidents, death).
Financial risk management, on the other hand, focuses on risks
that can be managed using traded financial instruments.
Objective of risk management is to reduce different risks related
to a pre-selected domain to an acceptable. It may refer to
numerous types of threats caused by environment, technology,
humans,
organizations and politics. The paper describes the different
steps in the risk management process which methods are used in
the different steps, and provides some examples for risk and
safety management.
The risk management steps are:
1. Establishing goals and context ,
2. Identifying risks,
3. Analysing the identified risks,

4. Assessing or evaluating the risks,
5. Treating or managing the risks,
6. Monitoring and reviewing the risks and the risk environment
regularly, and
7. Continuously communicating, consulting with stakeholders
and reporting.
Some of the risk management tools are described
in (IEC 2008) and (Oehmen 2005).
As per discussed about the overall visualisation of safety risk
management we can conclude by the stated figure about the
outcome of the risk factor in different zone or field of work .
The common concept in all definitions is uncertainty of
outcomes. Where they differ is in how they characterize
outcomes. Some describe risk as having only adverse
consequences, while others are neutral.
One description of risk is the following: risk refers to
the uncertainty that surrounds future events and outcomes. It is
the expression of the likelihood and impact of an event with the
potential to influence the achievement of an organization's
objectives.
The phrase "the expression of the likelihood and impact of
an event" implies that, as a minimum, some form of quantitative
or qualitative analysis is required for making decisions
concerning major risks or threats to the achievement of an
organization's objectives. For each risk, two calculations are
required: its likelihood or probability; and the extent of the
impact or consequences.
Establish goals and context:- The purpose of this stage of
planning enables to understand the environment in which the
respective organization operates, that means to thoroughly
understand the external environment and the internal culture of
the organization.
Identify the risks :- Using the information gained from the
context, particularly as categorised by the SWOT and
PEST frameworks, the next step is to identify the risks that are

likely to affect the achievement of the goals of the organization,
activity or initiative. It should be underlined that a risk can be
an
opportunity or strength that has not been realised.
Analyse the risk :- Risk analysis involves the consideration of
the source of risk, the consequence and likelihood to estimate
the inherent or unprotected risk without controls in place. It
also involves identification of the controls, an estimation of
their effectiveness and the resultant level of risk with controls
in place.
Evaluate the risk :- Once the risks have been analysed they can
be compared against the previously documented and approved
tolerable risk criteria. When using risk matrices this tolerable
risk is generally documented with the risk matrix.
Treat the risk :- An unacceptable risk requires treatment. The
objective of this stage of the risk assessment process is to
develop cost effective options for treating the risks which are
not necessarily mutually exclusive or appropriate in all
circumstances.
Monitoring the risk :- It is important to understand that the
concept of risk is dynamic and needs periodic and formal
review. The currency of identified risks needs to be regularly
monitored. New risks and their impact on the organization may
to be taken into account. This step requires the description of
how the outcomes of the treatment will be measured.
Communication and reporting :- Clear communication is
essential for the risk management process, i.e. clear
communication of the objectives, the risk management process
and its elements, as well as the findings and required actions as
a result of the output.

The term safety management subsumes the entirety of all
activities relating to the planning, organization, management
and supervision of individuals and work activities with a view
to the efficient achievement of a high degree of safety
performance. The main key steps for safety risk management
are as defines :-
Risk management is, at present, implemented in many large as
well as small and medium sized industries. In (Gustavsson
2006) it is outlined how a large company can handle its risks in
practice and contains a computer based method for risk analysis
that can generate basic data for decision-making in the present
context. In that study, Trelleborg AB has been chosen as an
example to illustrate the difficulties that can be encountered
concerning risk management in a large company with different
business areas. One typical difficulty is reaching the personnel.
Another typical weakness is a missing system for controlling
and following up on the results of the risk analysis that has been
performed.
However, not only industries but also governmental
organizations, research institutes and hospitals are now
introducing risk management to some extent.
Life cycle
Safety Risk Management
1

AbstractKey FeaturesAssessmentIntroductionMeasur.docx

AbstractKey FeaturesAssessmentIntroductionMeasur.docx

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