Risk Assessment
Risk is the likelihood that something undesirable could happen to someone or something. Management of risk is fundamental to in a working environment because it gives employers a chance to protect a working environment and the people that work or participate in activities surrounding the environment. The environment that people live and work in is often plagued by possibilities of injuries and hazards, and it is crucial that people protect themselves in the event that any harm should come to them in such an environment. It is the responsibility of authorities in charge to recognize the possibility of looming risks in the work place. It is pertinent to note, however, that the possibility of avoiding all risks is null, but the fact a person or organization has noted the risks goes a long way in providing for frameworks to prevent the adversities of the risks (Hurst, 1998). For a firm to manage possible risks, they have to consider possibilities of the risks taking place, the degree in which the risk could take part, the potential for damages or loss if the risks take place. There would be a few steps laid out for employees or volunteers in an organization that they would have to follow to the tee in the endeavor for management of risks. Risks are inevitable, and planning for them often reduces the magnitude of damages (Hurst, 1998).
Businesses like hospitals or law firms, risks management is inevitable and compulsory. Non-profit organizations also tend to factor in a budget allocated to management of possible risks. Risk management would involve insurance for the business and the people participating in the said business (Cox, 2002). The process of risks supervision involves certain steps. For example, in a hospital, the first step would identification of possible hazards. Doctors often encounter maladies of patients, knowingly and unknowingly. The vice versa also applies to patients and doctors. Hospital policy has to be prepared of the off chance that an infection from the patients could pass on to the doctors. In this, the hospital will already have identified the victims of the risks. The next step would involve estimating the threat and then deciding on precautions for the threat. In this case, the hospital might decide to quarantine if the levels of risks are high, until management of risk. On the other hand, if the risk is of a smaller scale, the hospital could provide extra supervision for doctors and patients concerned, and the doctors will already have insurance, assuming the same is of the patient. It is pertinent to verify and document the management for future use. They are constantly on the amendment to suit the well-being of the staff.
Duly noted, risks are unavoidable. In some states, it is even a requirement for most businesses to have a risk management strategy in their by- laws. In realizing the possibility of a threat to a working environment, it allows authorities to react adequately and swiftly if the planning for the risk has taken place (Cox, 2002). However, this could provide a negative aspect because the risks prepared for may never take place. To some people, this may appear as a waste of time and money. However, it is better to be safe than sorry in most instances. It is, therefore, necessary to have a risk management strategy, often provided by professional risk planers. On the down side, it could be expensive for most small organizations, but if carried out successfully, it could provide for an organization to acquire more opportunity in terms of business. For instance, if a company invests in risk management, it could be a peddle stone in as far as credibility and concern for employees is concerned. This could influence people to do extra business with such a company. Overall, prevention is crucial in any case and most especially business.
References
Cox, L. A. (2002). Risk analysis: Foundations, models, and methods. Boston:
Kluwer Academic Publishers.
Hurst, N. W. (1998). Risk assessment: The human dimension. Cambridge: Royal
Society of Chemistry.
