HLTWHS001 - Steps To Risk Management

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Lissa Candy
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HLTWHS001 - Steps To Risk Management

Post by Lissa Candy » Mon Oct 24, 2016 2:00 pm

With reference to "6 Steps to Risk Management" suggest control measures that you would use in relation to:
-the fridge are standing in water_____My answer is isolate children from this area,identify level of risk,put hazard ,get some one to fix it.
-the cracked front path____identify risk level,put hazard,get some one to fix it.
Could some one help.
Thank you


Trax
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Re: HLTWHS001

Post by Trax » Wed Oct 26, 2016 9:15 pm

Isolate the fridge by placing no entry signs or obstacles with sighs attached. Find away to turn of the fridge safely for it may become an electrocution hazard. Then clean up water find out where the water is coming from. Place wet floor sign in place. if the water is due to defrosting turn fridge back on and place hazard report. If it is due to a leak leave fridge off and find some other fridge to store stock if possible. Report to maintenance and director and place hazard report.

bellathomas
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Re: HLTWHS001 - Steps To Risk Management

Post by bellathomas » Wed Jan 09, 2019 2:35 am

Step 1: Identify the Risk
The first step is to identify the risks that the business is exposed to in its operating environment. There are many different types of risks – legal risks, environmental risks, market risks, regulatory risks, and much more. It is important to identify as many of these risk factors as possible. In a manual environment these risks are noted down manually.

If the organization has a risk management solution employed all this information is inserted directly into the system. The advantage of this approach is that these risks are now visible to every stakeholder in the organization with access to the system. Instead of this vital information being locked away in a report which has to be requested via email, anyone who wants to see which risks have been identified can access the information in the risk management system.

Step 2: Analyze the risk
Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. It is also important to understand the link between the risk and different factors within the organization. To determine the severity and seriousness of the risk it is necessary to see how many business functions the risk affects. There are risks which can bring the whole business to a standstill if actualized, while there are risks which will only be minor inconveniences in analyzed. In a manual risk management environment this analysis must be done manually.

When a risk management solution is implemented one of the most important basic steps is to map risks to different documents, policies, procedures, and business processes. This means that the system will already have a mapped risk framework which will evaluate risks and let you know the far reaching effects of each risk.

Step 3: Evaluate or Rank the Risk
Risks need to be ranks and prioritized. Most Risk management solutions have different categories of risks, depending on the severity of the risk. A risk that may cause some inconvenience is rated lowly, risks that can result in catastrophic loss are rated the highest. It is important to rank risks because it allows the organization to gain a holistic view of the risk exposure of the whole organization. The business may be vulnerable to several low level risks but it may not require upper management intervention. On the other hand, just one of the highest rated risks is enough to require immediate intervention.

Step 4: Treat the Risk
Every risk needs to be eliminated or contained as much as possible. This is done by connecting with the experts of the field to which the risk belongs to. In a manual environment this entails contacting each and every stakeholder and then setting up meetings so everyone can talk and discuss the issues. The problem is that the discussion is broken into many different email threads, across different documents and spreadsheets, and many different phone calls.

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