Risk Management

he risks being a loser on the social ladder and losing all of his money and buisness

reduce risk of accidents

A person's. Mental attitude towards risk.

Communication

Strateggic

all the time

Operational

When there is lettle time or no time to plan. Often used during the execution phase of an operation where an unplanned change occurs and must be managed. It's easily applied to on- and off-duty situations.

In the communication step of risk management, the three key criteria typically include clarity, relevance, and timeliness. Clarity ensures that the information is easily understood by the intended audience, while relevance ensures that the information is pertinent to the stakeholders' needs and concerns. Timeliness is crucial, as it involves delivering the information promptly to facilitate informed decision-making and effective response to risks.

strategic

5m model, preliminary hazard analysis, and what-if tool

There are several manuals on risk management produced by different organisations. Not all agree on the precise procedures. In addition there are no accepted international standards for all procedures.

Some are about risks concerning the product during production others concerning procedures and personell.

In the Risk Management process, acceptable risk refers to the level of risk that an organization is willing to tolerate in pursuit of its objectives. This is often determined by weighing the potential benefits against the possible negative outcomes. Acceptable risks are typically those that fall within established thresholds or criteria, allowing the organization to operate effectively while managing its exposure to uncertainties. Ultimately, the definition of acceptable risk can vary based on the organization's risk appetite, regulatory environment, and strategic goals.

There are many types of Risk Management Information Systems (RMIS). One type is used by the insurance industry to identify hazards associated with a particular system or operation. The purpose is to determine the risk associated with underwriting insurance to protect against the risks to the system or operation. Most RMIS applications allow the user to observe trends, review individual claim details, compare policy options, and produce various reports.

To identify opportunities for disease intervention

a commitment between airman

Identify control options, determine control effects, prioritize risk controls, and select controls.

1) Identify the risk. 2) Evaluate the risk in terms of the probability of that risk occurring and the impact it will have if it does occur. 3) Evaluate the Pros and Cons of the control measures you identify to mitigate that risk, i.e. weigh up if the control is worth the cost in money, effort, time, and whatever it is you stand to lose, fail at, reduce. 4) Last thing, ensure your control procedures are current and work with current market trends and practices as your controls may be "out of date" to newer risks from the same source. This requires research in the relevant market to identify those new risks (if any), which brings us back to the first point above. One last point, never be complacent or over confident and prepare for issues that you did not identify, so have funds readily available to cover/reduce the loss, failure, reduction, and to invest in a new control measure/procedure once the risk/issue has been dealt with.

Before any reaon answer can be given it has to be remembered that within the development of the KRI (key risk indicators) each company with a specific business model with have differing risk issues to consider. There are no real generic KRI's. There are however, KRIs that can be seen as similar across many different companys but these will have a differnet structre to them.

Possible indicatiors you could yuse are:

1 Does the indicatior allow you to drill right down through the base cause of the problem.

2. Does your selected indicatior actually detect a risk?

3. Does the indictor you selct actually allow you to monitor the risk?

4. Is it a lead indictor (one the allows for sub indictors to be created thus allowing for wider vision of a threat appearing

5 If the indictor you choose to use show any shortfall in the controls you put in place

6 Does the control help you measure the extent of the rick. i.e. will it reporg back a green risk - low and controlled - yellow risk need more control and will have medium impact on your business or at worse red control - the business is in trouble if this happens and the controls - actions will not be enough to stop the issue

7. will the control help manage the exposure to the risk?

8 is the indicator a trending indicator - thus showing you a pattern to the issue occuring.

The 5-step Composite Risk Management (CRM) process involves identifying hazards, assessing risks, developing controls, implementing controls, and supervising and reviewing the effectiveness of those controls. First, hazards are identified and evaluated for potential impacts. Next, control measures are developed and implemented to mitigate identified risks. Finally, ongoing supervision ensures that controls remain effective and are adjusted as necessary based on new information or changing conditions.

National response framework

Identify the Hazard