Name: Abdullah

Roll no: 13

Assessing and Minimizing the Risks from Hazards:

Some practical steps you could take include:
 Trying a less risky option.
 Preventing access to the hazards.
 Organizing your work to reduce exposure to the hazard.
 Issuing protective equipment.
 Providing welfare facilities such as first-aid and washing facilities.
 Involving and consulting with workers.

Risk Concept and Terminology:

Concept:
Risk is the probability that an accidental phenomenon produces in a given point of
the effects of a given potential gravity, during one given period.
Terminology:
 Risk. The effect of uncertainty on expected results or objectives.
 Upside risk. This generally refers to the financial or investment opportunity of a better
return than otherwise available.
 Downside risk.
 Risk control.
 Objective.
 Risk inventory.
 Risk event.
 Interested parties.
Risk assessment procedure:
You can do it yourself or appoint a competent person to help you.
 Identify hazards.
 Assess the risks.
 Control the risks.
 Record your findings.
 Review the controls.

Risk Metric’s:
Risk Metrics is a method for calculating the potential downside risk of a single
investment or an investment portfolio. The method assumes that an investment's returns follow a
normal distribution over time. It provides an estimate of the probability of a loss in an
investment's value during a given period of time.

Risk Estimation and Acceptability Criteria:

Risk Estimation:
Estimating risk is when you determine the probability of occurrence of harm
and severity of harm. The risk should be recorded in your hazard traceability matrix or risk
analysis. You do this both before risk control measures have been taken, as well as after risk
control measures have been implemented
Acceptability Criteria:
Risk acceptance criterion defines the overall risk level that is
considered acceptable, with respect to a defined activity period. The criteria are a reference for
the evaluation of the need for risk reducing measures, and therefore need to be defined prior to
initiating the risk analysis.
Principles of risk prevention:
 Risk identification.
 Risk analysis.
 Risk control.
 Risk financing.
 Claims management.
 Bringing risk management principles to life.

Selection and implementation of appropriate Risk controls:

Eight steps to establishing a risk management program are:
 Implement a Risk Management Framework based on the Risk Policy.
 Establish the Context.
 Identify Risks.
 Analyze and Evaluate Risks.
 Treat and Manage Risks.
 Communicate and Consult.
 Monitor and Review.
 Record

Hierarchy of controls:
The hierarchy of controls has five levels of actions to reduce or remove
hazards.

The preferred order of action based on general effectiveness is:

 Elimination.
 Substitution.
 Engineering controls.
 Administrative controls.
 Personal protective equipment (PPE)