As said in University of Vermont (2004), Risk Management is the process of identifying and evaluating the risks associated with activities and operations of an organization; developing a means to control, reduce or eliminate those risks, as well as finance them.
U.S. Department of Transportation (2009), defines Risk as the future impact of a hazard that is not controlled or eliminated. It can be viewed as future uncertainty created by the hazard. If it involves skill sets, the same situation may yield different risk
When considering Risks, there are 3 actions to be performed.
- Identification of Risks
- Measurement of Risks
- Actions
- Before implementing the project we have to consider all the elements which effect you positively as well as negatively.
- Identify the risks and find alternative ways of mitigating the damages caused by the risks (Action Plan)
- Measurement of Risks= Probability*Impact
Accident Prevention
University of Vermont (2004), speaks of the accident prevention methods.
Risk Management has an active accident prevention program that includes trainings, inspections,
and surveys. A few examples of this program include:
• safety education and training
• regular inspections of laboratories
• regular Fire Department inspections of facilities
• surveys conducted by outside firms to assess risks
(University of Vermont, 2004)
Risk Management Steps
- Identification of risks(for every phase in development)
- Analysis
- Assessment
- Ownership
- Actions (proactive & reactive)
- Plan
Types of Risks
- Strategic Risks (Out of control)
- Operational Risks (Can control)
References
U.S. Department of Transportation (2009) Risk Management Handbook. [online] Available at: http://www.faa.gov/library/manuals/aviation/media/FAA-H-8083-2.pdf [Accessed: 20 Jan 2013].
University of Vermont (2004) RISK MANAGEMENT HANDBOOK. [online] Available at: http://www.uvm.edu/~riskmgmt/RiskMgmtHndbk.PDF [Accessed: 20 Jan 2013].
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