CSP Domain 3: Risk Management Flashcards Preview

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Flashcards in CSP Domain 3: Risk Management Deck (57)
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1

What is a limited scope audit

Examines only one program at a time, which allows for increased thoroughness and efficiency

Ex. Hearing conservation program

2

What method is the MOST effective at determining potential problems in a system?

Failure Mode and Effect Analysis

3

Poor countermeasures and a weak causation analysis are examples of

Safety Program Defects

4

Designation for risk management professionals from The National Alliance for Insurance Education and Research

Certified Risk Manager (CRM)

5

What are the 3 dimensions of measurement when discussing health and safety performance?

Capability, Compliance, and Deployment

6

What is an accurate definition or formula to measure loss ratio?

(Losses)/ ((Premium)*(Emod))

7

What is the difference between loss prevention and loss reduction

Prevention-reduces the likelihood a loss will occur -Training

Reduction-reduces severity of a loss- Installing firewalls, sprinklers, and equipping a fire brigade

8

What is the final step in the risk management?

Administering the process

9

List the major elements of an effective health and safety program:

-Management Comittment
-Employee Involvement
-Worksite Analysis
-Hazard Prevention and Control
-Health and Safety Training.

10

Designation for risk management professionals from Institutes for Risk and Insurance Knowledge Group

Associate in Risk Management (ARM)

11

What are the three levels of accident causation?

Direct causes
Indirect causes
Basic/Root causes

12

What is the William Fine method for?

To decide if there is a justification for the cost to correct a hazard and how quickly to react.

13

How does Fine’s risk method calculate a risk score?

Consequences * Exposure * Probability

14

What determines the overall risk assessment using a risk matrix

The highest level of risk

15

Risk analysis method for allocating funds to achieve the greatest risk reduction across several departments within a plant

Logical process risk analysis

16

What is true of enterprise risk management

-Prioritizes and manages exposures as a comprehensive group (not individual clusters)
-Designed to emphasize a wide array of risks
-Applies to a broad range of functions

17

Which calculation is used to evaluate when an investment will pay for itself based on savings

Time value of money

18

Hierarchy of controls from most effective to least preferred

Elimination
Substitution
Engineering
Administration
PPE

19

Partial injury

When an employee can still work after being injured but cannot perform normal tasks

20

What are the four major factors that should be investigated with each incident?

Human
Management Systems
Work Environment
Equipment/Tools

21

What needs to be identified during an incident investigation:

-Management system that failed
-Unsafe act or conditions that led to a release of energy
-Source of the energy that was release

*Should not focus on finding fault or fixing blame

22

What are risk perception factors that lead to overestimation?

-Unknown
-not understood
-uncommon
-dramatic
-Media coverage
-Controversial
-you in control
-non-voluntary
-work risks
-many injuries/events

23

What is a limit to cost-benefit analysis?

Not all cost and benefits can be easily converted to quantitative or financial terms

24

According to the Severity Rating Table, catastrophic severity is:

Ideath or permanent disability,

complete project failure or the loss of ability to complete the project, and

loss of major critical systems or equipment

25

According to the Hazard Probability rating table what is the ratio for an incident to be considered occurring SPORADICALLY?

Occur occasionally but less often than 1/1000 exposures

26

According to the Severity Rating Table, negligible severity includes:

First aid or minor medical treatment, little or no adverse impact on project capability, and slight equipment or system damage.

27

When dealing with worker compensation claims, if en employee has a pre-existing condition and it is not documented, how would workers comp handle the claim?

Would have to pay 100% for new injury

28

What are two key control measures for implementing controls?

The cost of the control and the degree of hazard reduction.

29

What are the 5 controls included in the control development and decision-making process?

-Support
-Standards
-Training
-Leadership
-Individual

30

Why is it important for the safety professional to know basic financial information?

To justify safety recommendations