Risk analysis is a technique used to identify and evaluate factors that may jeopardize the success of a project or the achievement of goals.
In other words, risk analysis is the process of identifying and analyzing potential issues that could negatively impact important business initiatives or critical projects, in order to help organizations, avoid or mitigate those risks.
What is the process of risk analysis?
The process of risk analysis involves identifying and quantifying the uncertainties in the outcomes we care about. By estimating their impact on them, prepare a risk analysis model that expresses these elements in quantitative terms.
Explores the model through “simulation and sensitivity analysis”. And can take risk management decisions. Help us avoid, reduce, or otherwise address risk. You can identify hazards by the following written symbols.
- Identify and measure uncertainty.
- Calculate the impact of uncertainty.
- complete the risk analysis model.
- Explore models with simulation.
- Analyze Model Results
- Decide how to manage risk better.
Why is risk analysis important?
Risk assessment is a very important aspect for the entire workplace, much better if they form an integral part of any system. Usually, it will be an integral part of an occupational health and safety management system.
They help:
- Creating awareness about hazards and risks.
- Identify who may be at risk? For example, employees, cleaners, visitors, contractors, people, etc.
- Determine whether a control program is needed for any particular hazard.
- Determine whether existing control measures are sufficient or if more should be done.
- Prevent injuries or illnesses, especially when done at the product design or product stage.
- Prioritize threats and prioritize control measures.
- Meet legal requirements when applicable.
What is the goal of risk assessment?
The purpose of the risk assessment process is to evaluate the risk, control the risk necessary, by eliminating the risk, removing that risk, or reducing its level of risk. By doing so, you have created a safe and healthy workplace.
Herein try to straight answer the following questions that may helpful to you:
- What can happen and under what circumstances?
- What are the possible results?
- How likely are the possible outcomes?
- Is the risk effectively controlled, or is further action required?
When should a risk assessment be done?
There can be many reasons for a risk assessment, including the following:
- Before introducing new processes or activities,
- When new information becomes available relating to the change or impairment of the product, machinery, equipment, equipment before the change to existing processes or activities is introduced, or
- When hazards are identified.
How do you plan for risk?
In general, determine:
Be specific about the scope of your risk assessment (for example, whether you assess the lifetime of the product, the physical area where the activity is located, or the types of hazards).
Resources needed (for example, to train a team of individuals to conduct the assessment, types of information sources, etc.)
What kind of risk analysis measures will be used (for example, how accurate should the scale or parameter be to provide the most relevant assessment)
Who are the stakeholders involved (for example, managers, supervisors, workers, worker representatives, suppliers, etc.)
There is important, Relevant rules & regulations from local bodies, laws, codes / standards may apply in jurisdiction, as well as organizational policies and procedures as well.