Risk Management

RISK MANAGEMENT BASIC DEFINITIONS:-___________________.HAZARD. A condition or practice with the potential of accidental loss.RISK. Chance of loss.SAFETY- control of accidental loss.LOSS CONTROL MANAGEMENT. The application of professional management skills to the control of loss.

Hazards.The hazard presented by a substance is its potential to cause harm.Risk.The Risk from a substance is the likelihood that it will cause harm in the actual circumstance of use.

RISK MANAGEMENT TECHNIQUES INVOLVES.---------------------------------.IDENTIFICATION.ASSESSMENT.CONTROL.

RISK IDENTIFICATION.WORK PLACE INSPECTION.MANAGEMENT & WORKERS DISCUSSION.INDEPENDENT AUDITS.JOB SAFETY ANALYSIS.HAZARDS & OPRABILITY.ACCIDENTS STATISTICS

RISK ASSESSMENT.Risk Magnitude = Frequency X ConsequenceLow Fre. X Low Con. risk should retained.Low Fre. X High Con. Risk to be transferredHigh Fre. X Low Con. Risk to be reduced.High Fre. X High Con. Risk to be avoided.Risk Rating = FRe. X { MPL + Probability ]

MPL is Rated on 50 Point Scale.Multi fatality 50Single Fatality 45Total Disablement. 40Loss Of Eye 35Arm/ Leg Amputation 25Loss Of Hearing 20Broken/ Fracture Limb 15Deep Laceration 10Bruising 05Scratch 01

Probability{ P }is rated on 50 point scaleImminent 50Hourly 35Daily 25Once 15Once per month 10Once per year 05Once per five/more years 1

CORRECTIVE ACTIONSRisk Rating urgency of action.Over 100 immediately.80- 100 today60- 79 within two days40- 59 within four days20- 39 within one week10- 19 within one month0- 9 within 3 month.

Risk ControlRetentionTransferReductionAvoidance

Measures Can Be Measured Thus Long Term. 1- Eliminate/ Avoid Risk At Source. 2- Reduce Risk At Source. 3- Contain Risk By Enclosure. 4- Remove Employee From Risk. 5- Reduce Exposure To Risk. 6- Utilize Protective Equipment.Short Term.

J S ASelectRecordExamineDevelopInstallMaintain

How To select Job To be AnalyzedPast Accidents/ IncidentsMaximum potential LossLegal RequirementsProbability Of ReoccurrenceThe newness of the jobNumber of people at Risk.