Risk assessment

INFORMATION SHEET 1.1-2
Risk Assessment

Learning Objectives:
After reading this INFORMATION SHEET, YOU MUST be able to :
1. Apply risk Assessment; and
2. Identify the risks in the organization

Introduction:

Risk Assessment is a term used to describe the overall process or method where
you Identify hazards and risk factors that have the potential to cause harm
(hazard identification), Analyze and evaluate the risk associated with that hazard
(risk analysis, and risk evaluation).

Steps of a Risk Assessment:

Step 1. Identify the hazards.

Step 2. Decide who might be harmed and how.
Step 3. Evaluate the risks and decide on precautions.

Step 4. Record your findings and implement them
.
Step 5. Review your assessment and update if necessary.

8 Ways to Identify Risks in your organization.

1. Break down the big picture when beginning the risk management process,
identifying risks can be overwhelming.
2. Be pessimistic
3. Consult an expert.
4. Conduct internal research
5. Conduct external research
6. Seek employee feedback regularly
7. Analyze customer complaints.
8. Use models or software.

Risk Management is the process and strategy that investors and companies
alike, employ to minimize risks in a variety of contexts.