How Useful Is Quantitative Risk Assessment? Essay Example

Management of the safety and health status of a business requires that, the relevant steps in analysis and control of risk are taken in to consideration. Risk analysis has the implication of techniques that are applicable in a business in the identification as well as evaluation of the factors that are likely to result to jeopardy of anticipated success of the business and realization of goals. An effective risk analysis in the business facilitates in the definition of preventive measures that minimize the chances of occurrence of such factors coupled with identification of appropriate measures that aid in dealing with any constraints that may occur with negative implications to the business competitive advantage.  This entails identification of potential causes of harm to the people in the business and a careful consideration of reasonable steps for harm prevention (Apostolakis, 2004).

Analysis of risk in business is a requirement of law and it must be considered as an indispensable business undertaking. Analysis of risk entails a careful consideration of sensible control measures to determine the possibility of an occurrence of risk in the business. It is imperative to consider the possibility of an occurrence of an accident as well as ill health in the work place and thence put more emphasis on a potential risk. This involves an analysis of the highest possibility of risk occurrence and the potential harm that is associated with such a risk. Some of the risks in the work place require implementation of regulations with distinctive control measures. The process of risk analysis must be able to facilitate sufficient knowledge on areas that require particular attention and the most appropriate measures of control. The measures of control are commonly considered as an extension of the entire risk analysis process.

The first step in risk analysis usually involves identification of a hazard in the work place. This is a crucial aspect in successful analysis of risk as it forms the starting point of identification of activities, substances as well as processes that may cause harm to workers and their health.

Conducting a security survey is an equally crucial aspect of consideration in risk analysis in the work place. The security survey must comprise of meticulous physical evaluation of the entire facility in addition to the operations inside the facility in consideration of the assets of the organization as well as the personnel. The management must therefore be able to evaluate the potential risks that are associated with such assets followed by a careful review of measures that shall enhance protection as well as mitigation of potential liability. Identification of vulnerabilities followed by making appropriate recommendations concerning the improvement of the entire facility is a very important consideration in the process of security survey. This is usually critical consideration for existing facilities as well as newly installed ones especially when the organization has encountered an incident of a hazard. The premise behind security survey is creation of a blueprint that supports the security procedures as well as plans to avert any possible failures (Sarewitz, Pielke & Keykhah, 2003).

Effective security survey in any business facilitates in the development of security measures that are highly accurate as well as cost effective with capabilities of countering any potential risk that may befall a business. During the process of security survey, a number of considerations are made, these include the position of the critical assets, the level of vulnerability, the possible threats facing the assets.

References

Apostolakis, G. E. (2004). How Useful is Quantitative Risk Assessment? Risk Analysis, Vol. 24, No. 3. McLean, VA: Society for Risk Analysis.

Sarewitz, D., Pielke, R. & Keykhah, M. (2003). Vulnerability and Risk: Some Thoughts from a Political and Policy Perspective. Risk Analysis, Vol. 23, No. 4. McLean, VA: Society for Risk Analysis