When identifying the risks, why should you do the following?

• Identify the context for risk management

In the organization, risk management plays crucial and allow the corporation to create a strategy through which it can mitigate different kind of risk. The organizations can face different types of risk such as health & safety risks, financial risks, and operation-related risks. In order to control or mitigate risk it is important to identify the framework for risk management. The management should create a framework regarding how the risk should be assessed and managed. The first thing the management should do is to define the scope of risk management and develop the criteria for evaluating the risk.

• Identify risks using tools, ensuring all reasonable steps have been taken to identify all     risks.

The corporations use different types of tools for identifying the risks within the corporations. The tools which the corporations used include brainstorming, root cause analysis, SWOT analysis, etc. Such tools are utilized because it helps the corporations to get deep insights about the issues which the corporation is facing or can face in the upcoming future. The risk is identified when the top management gets a deeper look into the operations of the company. Through brainstorming and root cause analysis the management gets a brief overview of the potential risks and then can create a strategy for mitigating those risks.

• The document identified risks in accordance with relevant policies, procedures, legislation, and standards?

When the risks are identified in the corporation using the specific tools the next step is to document the identified risks. The documentation of risks is essential because it will help the corporation to understand up to what extent the risk has impacted the operations of the company and how often such risks have occurred in the corporation. Through documentation the corporation will have a record of the risks and with this record the organization can create better risk mitigation strategies for the future.

2. When analyzing and evaluating the risks, why should you do the following?

• Analyze and document risks in consultation with relevant stakeholders

All the stakeholders of the corporations are important for the company because each stakeholder is related to the performance and efficiency of the company. The corporations make different decisions by keeping the interests of its stakeholders in mind. Therefore the corporation document risks after consulting with its stakeholders. Another important reason for consulting with stakeholders is that each risk has different impact on different stakeholder. Therefore, consulting with stakeholders will allow the corporation to analyze the impact of risk critically, and a more robust mitigation strategy can be created if stakeholders become part of the risk mitigation strategy.

• Undertake risk categorisation and determine level of risk

Risk categorization is essential for analyzing and evaluating different types of risk. Through risk categorization the corporation will know the types of risk which occur most often in the organization and up to what level each risk has affected the corporation. Through categorization of risks the risks can be mitigated more efficiently, and assessment of each risk becomes more easily. The risk matrix is usually utilized for the classification of different types of risks within the corporations.

• Document analysis processes and outcomes?

The document analysis is highly essential in the corporation because, through proper analysis, the corporation will generate the outcomes through which risk will be controlled. In the organization where I work the management document the risks and then those documents are analyzed to assess the impact of risk on the organization. The management uses various techniques for evaluating the risk and then come up with the solution through which the risk can be controlled or mitigated.

Part B – Written Assessment

Take an example of a situation of risk that you have previously managed in the workplace, or have been involved with, and explain your risk management processes and treatment plan for the risk.

You should also include the following in your answer:

1.      Details of the risk situation

In my organization, the maintenance work keeps on going after a period of 6 months. Many employees who are responsible for the repair and maintenance of the organization face safety issues. One example is replacing the lights on the ceiling of the office. Our working space in the office is huge, and we have high ceiling. The employees face many safety risks such as electric shock, usage of ladder, holding weight and disposal of old lights. The employees who replace the lights are vulnerable to electric shocks if preventive measures are not taken. If the workers are not attentive than there is a chance that they can fall from the ladder and can get injured. Sometimes the works have to carry heavy loads for the installation of lights, and this can have impact on the health & safety of the employees. Materials like glass are used in production of lights, and if the lights fall on the floor during repair, then broken pieces of glass can hurt someone.

2. Who you needed to communicate with during the work undertaken, including relevant stakeholders, colleagues, and management.

In my organization, the top management and the department heads take responsibility for the safety of employees. The top management including managers & CEO has created policies for the safety of the employees. When the repair work is going on, the department head communicates the safety rules to all the employees who are working in the corporation.

2.      The research and analysis made and how you presented your findings

I have conducted the analysis in the corporation to identify the risks which the repair &maintenance department workers faced. The risks which the employees face include chances of electric shock, usage of the ladder, disposal of light equipment and carrying heavy weight during work. The analysis of the risks is presented in the form of document so that the top management can understand the risks which are related to maintenance work.

4. List the all identified risks in work areas by using Risk Register Form

 5. Did you need to refer areas of risk to others, due to the risk being under another work area?

There is no need to refer to areas of risk to others

6. What legislative and organizational policies/procedures that you needed to consider for your risk management

For risk management, the corporation would have to change its current policies & procedures regarding the health & safety of the employees. The Top management would have to consider the risks which are identified in the document and related policies will have to be created which will address the above-mentioned risks.