Risk Terms & Definitions

Why Risk Management?

What is Risk management?

Four Risk Management Techniques

Property and Income

Putting it All Together...

Your Risk Management Program

The difference between a hazard and risk

What types of hazards are there?

What is a risk assessment?

Exposures to Risk                                           

Steps Taken to Minimize or Control the Risk.

Why do a Risk Assessment

Risk Analysis

This system was developed to be used at plant level to identify, quantify and prioritise all potential risks or hazards facing the operation.  The ultimate goal is to identify the most suitable solutions based on the optimum operating risk path for each operation.

The first objective of this system is to obtain an overview of the all risks and threats to the successful continuance of the operations, include threats to employees, plant and equipment.  The second step is to undertake a detailed or micro assessment of each potential threat based on the risk improvement priority measured during the macro assessments.

Task teams could be assigned to concentrate on high priority risks in each discipline.

HIRA

The secret to a successful assessment is to maintain objectivity and to use the same measurement criteria throughout the exercise.  The Risk Identification and Analysis System consists of several selection tables of pre-defined values or indexes to assist the Committee in developing an objective analysis. 

·        Uses a consistent, logical and objective measurement method.

·        Improved efficiency (doing the right things right first time.)

·        Improved Profitability by assisting and evaluating different corrective actions.

·        The system caters for all risks and exposures and puts all the potential threats in the overall context.

·        The principals are based on equipment design standards used by both the British and American Military.