Risk Management Flashcards
Describe Risk Management
The practice of identifying risks and hazards and the developing mitigation strategies or methods.
Define Hazard and Risk
A hazard is any source of potential damage, harm, to persons, the environment or property.
A risk is the chance or probability that a person will be harmed if exposed to a hazard/
The terms “harm” or “damage” are mainly concened with four particular aspects in engineering porjects. List them (4)
People
The environment
Assets
Production
List typical hazards found in the workplace:
▪ General safety – trip and fall hazards, stored energy
▪ Chemicals – toxic chemicals, acids
▪ Ergonomics – poor workstation
▪ Biological – viruses, bacteria
▪ Physical – noise, electricity, radiation
▪ Social – stress, violence
What two components primarily are used to define risk
Threat (Probability or likelihood of something happening)
Consequence (Potential impact or loss as a result)
List the risk mnanagement process and its stages
Risk Management Planning
Risk Identification
Risk analysis and evaluation
Risk Mitigation
Risk Monitoring
Describe risk planning
Risk planning focuses on developing and maintaining a risk
management strategy for the project
Describe Risk identification
At this phase, all possible risk to the project must be identified.
Describe Risk Analysis
Risk analysis is a systematically process of assessing and evaluating
the risk based on its probability or likelihood of occurrence frequency of occurrenceand the potential impact or consequences.
Describe Risk mitigation
To decrease the likelihood of a risk occuring or the impact of the risk.
Describe Risk monitoring
Reanalysis of the risk and the effectiveness of the critical controls. To also identify new risks
According to the ISO3100, describe the risk treatment process
Establish the context
Identify the risks
Analyse the risks
Evaluate the risks
Treat the risks
Describe Bowtie
Bowtie is a risk assessment technique that focuses on understanding hazardous
events by breaking them into sources of threats, consequences, and linked controls. (Car Crash Example)
Describe the swiss cheese model
It is a model used for risk analysis to understand the occurrence of failure in a system.
Describe the Domino effect
It is also a risk analysis theory that mentions that the current event, either being desirable or undesirable is a results series of a chain of events before the current event.
