write an essay on risk assessment

Essay on Risk Assessment

Students are often asked to write an essay on Risk Assessment in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Risk Assessment

What is risk assessment.

Risk assessment is a process that helps us understand the dangers we might face in a certain situation. It’s like a safety check. For example, before going on a school trip, teachers might do a risk assessment to make sure the trip is safe.

Why is Risk Assessment Important?

Risk assessments are very important because they help us avoid problems. They help us stay safe and protect us from harm. They also help us plan and prepare for different situations. This can make things run smoothly and prevent accidents.

Steps in Risk Assessment

Carrying out a risk assessment involves a few steps. First, we identify the dangers. Then, we think about who might be harmed and how. Next, we decide on safety measures to reduce the risk. Lastly, we record our findings and implement the safety measures.

Reviewing a Risk Assessment

Risk assessments should be checked regularly. This is because things can change, and new risks can come up. For example, a school might do a new risk assessment when they get new equipment or if there is a change in the school building.

250 Words Essay on Risk Assessment

Imagine you are going on a school trip. Before you leave, your teachers will do a risk assessment. They will think about things like: could the bus break down? Could someone get lost? Could someone get hurt? By thinking about these risks before the trip, they can put plans in place to make sure everyone is safe.

How is Risk Assessment Done?

Risk assessment is done in three steps. First, we identify the risks. This means thinking about all the things that could go wrong. Second, we evaluate the risks. This means deciding how likely it is that each risk will happen, and how bad it would be if it did. Third, we decide on precautions. This means coming up with ways to stop the risks from happening, or to make them less bad if they do happen.

Where is Risk Assessment Used?

Risk assessment is used in many different places. It’s used in schools, like in the trip example. It’s also used in workplaces, to keep workers safe. It’s even used in homes, to prevent accidents like fires or falls.

In conclusion, risk assessment is a very important process. It helps us to think ahead, plan for the worst, and keep ourselves and others safe.

500 Words Essay on Risk Assessment

Understanding risk assessment.

Risk assessment is a process that helps us to understand the potential problems or dangers in a situation. It’s like looking into the future and guessing what could go wrong. This process is used in many areas such as business, health, and safety, to prevent harm or loss.

The Purpose of Risk Assessment

Risk assessment is not just a wild guess about what could happen. It’s a careful process that involves several steps.

First, we identify the hazards. A hazard is anything that could cause harm. In a factory, for example, a machine without a safety guard could be a hazard.

Then, we evaluate the risks and decide on precautions. This means figuring out how likely it is that the hazard will cause harm, and what we can do to prevent it.

After that, we record our findings and implement them. This could mean putting a safety guard on the machine and training the worker to use it safely.

Importance of Risk Assessment

Risk assessment is very important because it helps to prevent accidents and ill health. It keeps people safe and can also save money. If a company can prevent accidents, it won’t have to pay for damages or lost work time.

In conclusion, risk assessment is a valuable tool for predicting and preventing potential dangers. It’s like a safety net that catches us before we fall. By identifying hazards, evaluating risks, and taking precautions, we can create a safer world for everyone. Remember, it’s always better to be safe than sorry.

That’s it! I hope the essay helped you.

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106 Risk Assessment Essay Topic Ideas & Examples

Inside This Article

Risk assessment is an essential tool in the field of safety and health management. It helps organizations identify potential hazards, evaluate the likelihood and severity of risks, and implement control measures to prevent accidents and injuries. Whether you are a student studying occupational safety or a professional working in the field, writing an essay on risk assessment can help you deepen your understanding of the topic and develop critical thinking skills.

To help you get started, here are 106 risk assessment essay topic ideas and examples:

• An overview of risk assessment in the workplace
• The importance of risk assessment in preventing accidents and injuries
• The key steps in conducting a risk assessment
• The role of management in promoting a culture of risk assessment
• Common methods and tools used in risk assessment
• The difference between qualitative and quantitative risk assessment
• The challenges of conducting a risk assessment in a dynamic work environment
• The impact of technology on risk assessment practices
• The relationship between risk assessment and safety regulations
• Case study: Risk assessment in the construction industry
• Case study: Risk assessment in the healthcare sector
• Case study: Risk assessment in the oil and gas industry
• The role of risk assessment in emergency preparedness planning
• Risk assessment in the context of environmental sustainability
• The ethical considerations of risk assessment
• The psychological factors influencing risk perception
• The role of risk assessment in decision-making processes
• The limitations of risk assessment models
• The future trends in risk assessment practices
• The impact of COVID-19 on risk assessment in the workplace
• The relationship between risk assessment and hazard identification
• The integration of risk assessment with other safety management systems
• The role of risk assessment in incident investigation and analysis
• The cost-benefit analysis of risk assessment
• The importance of risk communication in risk assessment
• The role of risk assessment in managing occupational health risks
• The role of risk assessment in managing psychosocial hazards in the workplace
• The impact of organizational culture on risk assessment practices
• The role of risk assessment in managing ergonomic risks
• The relationship between risk assessment and industrial hygiene
• The role of risk assessment in managing chemical hazards
• The role of risk assessment in managing physical hazards
• The role of risk assessment in managing biological hazards
• The role of risk assessment in managing radiological hazards
• The role of risk assessment in managing noise hazards
• The role of risk assessment in managing heat stress hazards
• The role of risk assessment in managing vibration hazards
• The role of risk assessment in managing manual handling hazards
• The role of risk assessment in managing slips, trips, and falls hazards
• The role of risk assessment in managing electrical hazards
• The role of risk assessment in managing fire hazards
• The role of risk assessment in managing confined space hazards
• The role of risk assessment in managing working at heights hazards
• The role of risk assessment in managing machinery hazards
• The role of risk assessment in managing vehicle hazards
• The role of risk assessment in managing hazardous substances
• The role of risk assessment in managing hazardous waste
• The role of risk assessment in managing environmental hazards
• The role of risk assessment in managing radiation hazards
• The role of risk assessment in managing biological agents hazards
• The role of risk assessment in managing chemical agents hazards
• The role of risk assessment in managing physical agents hazards
• The role of risk assessment in managing ergonomic hazards
• The role of risk assessment in managing psychosocial hazards

These topics cover a wide range of industries, hazards, and risk assessment practices, giving you plenty of options to choose from for your essay. Whether you are interested in a specific industry or hazard, or you want to explore the broader concepts of risk assessment, there is a topic on this list that will spark your interest and inspire your writing. Happy researching!

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How to Write a Risk Assessment: Templates & Examples

Dec 15, 2021

Does your business have to carry out risk assessments?

Yes, is the short answer. The Health and Safety Executive (HSE) state that as an employer, you’re required by law to protect your employees, and others, from harm.

The Management of Health and Safety at Work Regulations 1999 sets a minimum requirement that businesses must

• identify what could cause injury or illness in your business (hazards)
• decide how likely it is that someone could be harmed and how seriously (the risk)
• take action to eliminate the hazard, or if this isn’t possible, control the risk

To meet your duty of care, you will need to carry out and document a risk assessment.

Find out if the rules apply to you if you are self-employed .

Whilst not necessarily required by law, it also makes sense to carry out risk assessments linked to the running of your business. Knowing the possible risks that could threaten your businesses survival puts you in the best possible position to deal with them should they arise.

How to write a risk assessment

If you’ve not written a risk assessment before, it can seem like a daunting task. But it doesn’t need to be. The HSE suggest taking a 5-step approach to writing a risk assessment.

• Identify hazards

Hazards can be thought of as things in the workplace which may cause harm. Take a walk around your workplace and identify things which have the potential cause harm – this could be things which could injure, or things which could pose a long-term threat to health– manual handling, loud noise, or workplace stress for example.

When it comes to hazards think about working practices, processes, substances, and activities which could cause harm. And when identifying the hazards, think about how they could cause harm to employees, contractors, visitors, or members of the public.

• Assess the risks

Once you have identified your risks, then think about the likelihood of them happening and how serious it would be if they did.

The HSE recommends thinking about:

• who might be harmed and how
• what you’re already doing to control the risks
• what further action you need to take to control the risks
• who needs to carry out the action
• when the action is needed by  
• Control the risks

Think about the steps you need to take to control the risks that you have identified.

The best possible outcome is that you can put controls in place which totally remove the identified risk. However, in many cases this just isn’t possible. So, you will need to think about the controls you can put in place to minimise the risks and the likelihood it will create harm.

Once you have identified the controls you need, put them into practice

• Record your findings

If you employ 5 or more people, then you must document the findings of your risk assessment.

You’ll need to include

• the hazards (things that may cause harm)
• what you are doing to control the risks

The HSE have created a risk assessment template to help you record your findings. And a quick Google search for ‘risk assessment template’ brings back multiple other template options which you may find useful and will mean you do not need to start from scratch.

• Review the controls

A risk assessment should not be thought of as a one time, box ticking exercise. It is important to that you review it on a regular basis. Make sure the controls you have identified remain appropriate and actually work in controlling the risks.

If anything changes in the way that you work (new staff, new processes, new premises etc) then make sure that you make a new assessment of the risks and work through the process listed above again.

COVID-19 is a good example of a new risk, requiring businesses to carry out COVID-19 specific risk assessments .

What type of risk assessment may your business need to carry out?

The obvious risk assessment that a business will need to carry out, and the one required by law referenced above, is linked to health and safety. Remember, you have a legal duty to protect your employees, and others, from harm

But there are also other risks which your business may face on a day-to-day basis, closely linked to your business success and survival.

So, you may need to carry out other risk assessments in areas such as:

• business continuity
• cyber security
• data security

You should be able to use the 5 principles above as a basis to writing any type of risk assessment.

Why your business should take risk seriously

Businesses face many risks in today’s environment. You just have to think of the shock which COVID-19 bought to the business world. And whilst it is one that we could not have foreseen, not giving enough time and effort to thinking about the risks your business faces and how you will respond if they should arise is a major risk to your business in itself.

At Anthony Jones we always say businesses should avoid falling into the trap of thinking ‘we would just….’ when it comes to risk management. The use of the word ‘just’ implies a level of simplicity in overcoming potential issues. But without prior thought, it is highly unlikely that you will have the answers to issues which may present themselves.

You also need to think about risk management when it comes to your insurance. Insurers are becoming increasingly selective, and we are seeing more requests for risk management information from insurers. They want to see how your business manages risk and how you are able to present this back can have a bearing on your ability to obtain the right insurance at the best possible price.

At Anthony Jones we focus on the areas of risk management with all of our clients. We work in partnership with Cardinus , a global risk and safety partner, to support our focus in this area. We can work with you to help you understand your business and attitude to risk and identify insurance covers which can offer protection. Get in touch with us on 020 8290 9080 or email us at [email protected] to discuss any of your business insurance requirements.

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Home / Resources / ISACA Journal / Issues / 2021 / Volume 2 / Risk Assessment and Analysis Methods

Risk assessment and analysis methods: qualitative and quantitative.

A risk assessment determines the likelihood, consequences and tolerances of possible incidents. “Risk assessment is an inherent part of a broader risk management strategy to introduce control measures to eliminate or reduce any potential risk- related consequences.” 1 The main purpose of risk assessment is to avoid negative consequences related to risk or to evaluate possible opportunities.

It is the combined effort of:

• “…[I]dentifying and analyzing possible future events that could adversely affect individuals, assets, processes and/or the environment (i.e.,risk analysis)”
• “…[M]aking judgments about managing and tolerating risk on the basis of a risk analysis while considering influencing factors (i.e., risk evaluation)” 2

Relationships between assets, processes, threats, vulnerabilities and other factors are analyzed in the risk assessment approach. There are many methods available, but quantitative and qualitative analysis are the most widely known and used classifications. In general, the methodology chosen at the beginning of the decision-making process should be able to produce a quantitative explanation about the impact of the risk and security issues along with the identification of risk and formation of a risk register. There should also be qualitative statements that explain the importance and suitability of controls and security measures to minimize these risk areas. 3

In general, the risk management life cycle includes seven main processes that support and complement each other ( figure 1 ):

• Determine the risk context and scope, then design the risk management strategy.
• Choose the responsible and related partners, identify the risk and prepare the risk registers.
• Perform qualitative risk analysis and select the risk that needs detailed analysis.
• Perform quantitative risk analysis on the selected risk.
• Plan the responses and determine controls for the risk that falls outside the risk appetite.
• Implement risk responses and chosen controls.
• Monitor risk improvements and residual risk.

Qualitative and Quantitative Risk Analysis Techniques

Different techniques can be used to evaluate and prioritize risk. Depending on how well the risk is known, and if it can be evaluated and prioritized in a timely manner, it may be possible to reduce the possible negative effects or increase the possible positive effects and take advantage of the opportunities. 4 “Quantitative risk analysis tries to assign objective numerical or measurable values” regardless of the components of the risk assessment and to the assessment of potential loss. Conversely, “a qualitative risk analysis is scenario-based.” 5

Qualitative Risk The purpose of qualitative risk analysis is to identify the risk that needs detail analysis and the necessary controls and actions based on the risk’s effect and impact on objectives. 6 In qualitative risk analysis, two simple methods are well known and easily applied to risk: 7

• Keep It Super Simple (KISS) —This method can be used on narrow-framed or small projects where unnecessary complexity should be avoided and the assessment can be made easily by teams that lack maturity in assessing risk. This one-dimensional technique involves rating risk on a basic scale, such as very high/high/medium/low/very.
• Probability/Impact —This method can be used on larger, more complex issues with multilateral teams that have experience with risk assessments. This two-dimensional technique is used to rate probability and impact. Probability is the likelihood that a risk will occur. The impact is the consequence or effect of the risk, normally associated with impact to schedule, cost, scope and quality. Rate probability and impact using a scale such as 1 to 10 or 1 to 5, where the risk score equals the probability multiplied by the impact.

Qualitative risk analysis can generally be performed on all business risk. The qualitative approach is used to quickly identify risk areas related to normal business functions. The evaluation can assess whether peoples’ concerns about their jobs are related to these risk areas. Then, the quantitative approach assists on relevant risk scenarios, to offer more detailed information for decision-making. 8 Before making critical decisions or completing complex tasks, quantitative risk analysis provides more objective information and accurate data than qualitative analysis. Although quantitative analysis is more objective, it should be noted that there is still an estimate or inference. Wise risk managers consider other factors in the decision-making process. 9

Although a qualitative risk analysis is the first choice in terms of ease of application, a quantitative risk analysis may be necessary. After qualitative analysis, quantitative analysis can also be applied. However, if qualitative analysis results are sufficient, there is no need to do a quantitative analysis of each risk.

Quantitative Risk A quantitative risk analysis is another analysis of high-priority and/or high-impact risk, where a numerical or quantitative rating is given to develop a probabilistic assessment of business-related issues. In addition, quantitative risk analysis for all projects or issues/processes operated with a project management approach has a more limited use, depending on the type of project, project risk and the availability of data to be used for quantitative analysis. 10

The purpose of a quantitative risk analysis is to translate the probability and impact of a risk into a measurable quantity. 11 A quantitative analysis: 12

• “Quantifies the possible outcomes for the business issues and assesses the probability of achieving specific business objectives”
• “Provides a quantitative approach to making decisions when there is uncertainty”
• “Creates realistic and achievable cost, schedule or scope targets”

Consider using quantitative risk analysis for: 13

• “Business situations that require schedule and budget control planning”
• “Large, complex issues/projects that require go/no go decisions”
• “Business processes or issues where upper management wants more detail about the probability of completing on schedule and within budget”

The advantages of using quantitative risk analysis include: 14

• Objectivity in the assessment
• Powerful selling tool to management
• Direct projection of cost/benefit
• Flexibility to meet the needs of specific situations
• Flexibility to fit the needs of specific industries
• Much less prone to arouse disagreements during management review
• Analysis is often derived from some irrefutable facts

THE MOST COMMON PROBLEM IN QUANTITATIVE ASSESSMENT IS THAT THERE IS NOT ENOUGH DATA TO BE ANALYZED.

To conduct a quantitative risk analysis on a business process or project, high-quality data, a definite business plan, a well-developed project model and a prioritized list of business/project risk are necessary. Quantitative risk assessment is based on realistic and measurable data to calculate the impact values that the risk will create with the probability of occurrence. This assessment focuses on mathematical and statistical bases and can “express the risk values in monetary terms, which makes its results useful outside the context of the assessment (loss of money is understandable for any business unit). 15  The most common problem in quantitative assessment is that there is not enough data to be analyzed. There also can be challenges in revealing the subject of the evaluation with numerical values or the number of relevant variables is too high. This makes risk analysis technically difficult.

There are several tools and techniques that can be used in quantitative risk analysis. Those tools and techniques include: 16

• Heuristic methods —Experience-based or expert- based techniques to estimate contingency
• Three-point estimate —A technique that uses the optimistic, most likely and pessimistic values to determine the best estimate
• Decision tree analysis —A diagram that shows the implications of choosing various alternatives
• Expected monetary value (EMV) —A method used to establish the contingency reserves for a project or business process budget and schedule
• Monte Carlo analysis —A technique that uses optimistic, most likely and pessimistic estimates to determine the business cost and project completion dates
• Sensitivity analysis —A technique used to determine the risk that has the greatest impact on a project or business process
• Fault tree analysis (FTA) and failure modes and effects analysis (FMEA) —The analysis of a structured diagram that identifies elements that can cause system failure

There are also some basic (target, estimated or calculated) values used in quantitative risk assessment. Single loss expectancy (SLE) represents the money or value expected to be lost if the incident occurs one time, and an annual rate of occurrence (ARO) is how many times in a one-year interval the incident is expected to occur. The annual loss expectancy (ALE) can be used to justify the cost of applying countermeasures to protect an asset or a process. That money/value is expected to be lost in one year considering SLE and ARO. This value can be calculated by multiplying the SLE with the ARO. 17 For quantitative risk assessment, this is the risk value. 18

USING BOTH APPROACHES CAN IMPROVE PROCESS EFFICIENCY AND HELP ACHIEVE DESIRED SECURITY LEVELS.

By relying on factual and measurable data, the main benefits of quantitative risk assessment are the presentation of very precise results about risk value and the maximum investment that would make risk treatment worthwhile and profitable for the organization. For quantitative cost-benefit analysis, ALE is a calculation that helps an organization to determine the expected monetary loss for an asset or investment due to the related risk over a single year.

For example, calculating the ALE for a virtualization system investment includes the following:

• Virtualization system hardware value: US$1 million (SLE for HW)
• Virtualization system management software value: US$250,000 (SLE for SW)
• Vendor statistics inform that a system catastrophic failure (due to software or hardware) occurs one time every 10 years (ARO = 1/10 = 0.1)
• ALE for HW = 1M * 1 = US$100,000
• ALE for SW = 250K * 0.1 = US$25,000

In this case, the organization has an annual risk of suffering a loss of US$100,000 for hardware or US$25,000 for software individually in the event of the loss of its virtualization system. Any implemented control (e.g., backup, disaster recovery, fault tolerance system) that costs less than these values would be profitable.

Some risk assessment requires complicated parameters. More examples can be derived according to the following “step-by-step breakdown of the quantitative risk analysis”: 19

• Conduct a risk assessment and vulnerability study to determine the risk factors.
• Determine the exposure factor (EF), which is the percentage of asset loss caused by the identified threat.
• Based on the risk factors determined in the value of tangible or intangible assets under risk, determine the SLE, which equals the asset value multiplied by the exposure factor.
• Evaluate the historical background and business culture of the institution in terms of reporting security incidents and losses (adjustment factor).
• Estimate the ARO for each risk factor.
• Determine the countermeasures required to overcome each risk factor.
• Add a ranking number from one to 10 for quantifying severity (with 10 being the most severe) as a size correction factor for the risk estimate obtained from company risk profile.
• Determine the ALE for each risk factor. Note that the ARO for the ALE after countermeasure implementation may not always be equal to zero. ALE (corrected) equals ALE (table) times adjustment factor times size correction.
• Calculate an appropriate cost/benefit analysis by finding the differences before and after the implementation of countermeasures for ALE.
• Determine the return on investment (ROI) based on the cost/benefit analysis using internal rate of return (IRR).
• Present a summary of the results to management for review.

Using both approaches can improve process efficiency and help achieve desired security levels. In the risk assessment process, it is relatively easy to determine whether to use a quantitative or a qualitative approach. Qualitative risk assessment is quick to implement due to the lack of mathematical dependence and measurements and can be performed easily. Organizations also benefit from the employees who are experienced in asset/processes; however, they may also bring biases in determining probability and impact. Overall, combining qualitative and quantitative approaches with good assessment planning and appropriate modeling may be the best alternative for a risk assessment process ( figure 2 ). 20

Qualitative risk analysis is quick but subjective. On the other hand, quantitative risk analysis is optional and objective and has more detail, contingency reserves and go/no-go decisions, but it takes more time and is more complex. Quantitative data are difficult to collect, and quality data are prohibitively expensive. Although the effect of mathematical operations on quantitative data are reliable, the accuracy of the data is not guaranteed as a result of being numerical only. Data that are difficult to collect or whose accuracy is suspect can lead to inaccurate results in terms of value. In that case, business units cannot provide successful protection or may make false-risk treatment decisions and waste resources without specifying actions to reduce or eliminate risk. In the qualitative approach, subjectivity is considered part of the process and can provide more flexibility in interpretation than an assessment based on quantitative data. 21 For a quick and easy risk assessment, qualitative assessment is what 99 percent of organizations use. However, for critical security issues, it makes sense to invest time and money into quantitative risk assessment. 22 By adopting a combined approach, considering the information and time response needed, with data and knowledge available, it is possible to enhance the effectiveness and efficiency of the risk assessment process and conform to the organization’s requirements.

1 ISACA ® , CRISC Review Manual, 6 th Edition , USA, 2015, https://store.isaca.org/s/store#/store/browse/detail/a2S4w000004Ko8ZEAS 2 Ibid. 3 Schmittling, R.; A. Munns; “Performing a Security Risk Assessment,” ISACA ® Journal , vol. 1, 2010, https://www.isaca.org/resources/isaca-journal/issues 4 Bansal,; "Differentiating Quantitative Risk and Qualitative Risk Analysis,” iZenBridge,12 February 2019, https://www.izenbridge.com/blog/differentiating-quantitative-risk-analysis-and-qualitative-risk-analysis/ 5 Tan, D.; Quantitative Risk Analysis Step-By-Step , SANS Institute Information Security Reading Room, December 2020, https://www.sans.org/reading-room/whitepapers/auditing/quantitative-risk-analysis-step-by-step-849 6 Op cit Bansal 7 Hall, H.; “Evaluating Risks Using Qualitative Risk Analysis,” Project Risk Coach, https://projectriskcoach.com/evaluating-risks-using-qualitative-risk-analysis/ 8 Leal, R.; “Qualitative vs. Quantitative Risk Assessments in Information Security: Differences and Similarities,” 27001 Academy, 6 March 2017, https://advisera.com/27001academy/blog/2017/03/06/qualitative-vs-quantitative-risk-assessments-in-information-security/ 9 Op cit Hall 10 Goodrich, B.; “Qualitative Risk Analysis vs. Quantitative Risk Analysis,” PM Learning Solutions, https://www.pmlearningsolutions.com/blog/qualitative-risk-analysis-vs-quantitative-risk-analysis-pmp-concept-1 11 Meyer, W. ; “Quantifying Risk: Measuring the Invisible,” PMI Global Congress 2015—EMEA, London, England, 10 October 2015, https://www.pmi.org/learning/library/quantitative-risk-assessment-methods-9929 12 Op cit Goodrich 13 Op cit Hall 14 Op cit Tan 15 Op cit Leal 16 Op cit Hall 17 Tierney, M.; “Quantitative Risk Analysis: Annual Loss Expectancy," Netwrix Blog, 24 July 2020, https://blog.netwrix.com/2020/07/24/annual-loss-expectancy-and-quantitative-risk-analysis 18 Op cit Leal 19 Op cit Tan 20 Op cit Leal 21 ISACA ® , Conductin g a n IT Security Risk Assessment, USA, 2020, https://store.isaca.org/s/store#/store/browse/detail/a2S4w000004KoZeEAK 22 Op cit Leal

Volkan Evrin, CISA, CRISC, COBIT 2019 Foundation, CDPSE, CEHv9, ISO 27001-22301-20000 LA

Has more than 20 years of professional experience in information and technology (I&T) focus areas including information systems and security, governance, risk, privacy, compliance, and audit. He has held executive roles on the management of teams and the implementation of projects such as information systems, enterprise applications, free software, in-house software development, network architectures, vulnerability analysis and penetration testing, informatics law, Internet services, and web technologies. He is also a part-time instructor at Bilkent University in Turkey; an APMG Accredited Trainer for CISA, CRISC and COBIT 2019 Foundation; and a trainer for other I&T-related subjects. He can be reached at [email protected] .

• Call to +1 844 889-9952

Risk Analysis - Free Guide for Students + Essay Examples

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All businesses are exposed to risks that impact their internal and external environment. Hence, risk analysis is vital in developing and strengthening organizations and creating strategies to avoid potential dangers. Today, we will review the risk analysis definition, methods, categories, and steps necessary to apply it. Don’t miss the compilation of risk analysis research topics & essay examples below!

• Foster’s Group and Chinese Business Environment
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Companies face many threats in their everyday operations. These risks can be related to investments , succession planning, outsourcing, mergers and acquisitions, and other business situations. In order to survive and thrive, organizations should develop actionable risk management strategies. This is where risk analysis comes into play: it helps companies identify potential risks and classify them according to their severity levels.

What Is Risk Analysis?

Risk analysis is an assessment process that identifies the possibility of any harmful events that could damage the business or the environment. This approach is vital in risk management since it determines the relevance of detected risk factors. Also, risk analysis enables companies to rank dangers and develop a plan for their mitigation. Firms and governments often apply this method to decide whether to start a project, approve a financial offer, or prevent unfavorable future impacts.

Risk Analysis Benefits

Risk analysis has many benefits for companies:

• Workplace consciousness. Risk assessment increases awareness of potential workplace hazards . As a result, the company can take the required safety measures to prevent them.
• Legal compliance. Risk analysis can ensure that the business follows all the legal regulations applicable to its industry.
• Company’s reputation. Since risk evaluation promotes workplace safety and legal compliance, it protects the company against events that can hurt its reputation.
• Proactive response. Using the findings from the risk analysis, the organization can develop risk management plans for each department before a threat emerges.
• Money saving. Risk analysis is an effective tool for saving money since it allows companies to spend fewer resources on solving issues.

Risk Analysis Limitations

The limitation of the risk assessment stems from the ambiguity and lack of accurate data. There are no standard methods to calculate threats. Therefore, nobody can determine the exact level of risk exposure at any particular time. As a result, underestimating the likelihood of the risk occurrence might result in significant financial losses.

Since risks are an inherent component of all businesses, companies have to evaluate risks to prevent or mitigate potential damages. There are 2 main categories of risk analysis: quantitative and qualitative.

Quantitative Approach

Quantitative risk analysis involves creating a risk model with the help of simulation or deterministic statistics to quantify risks. The model produces various outcomes that are analyzed with graphs, scenarios, or sensitivity analysis . These results aid in making decisions or creating a strategic plan to avoid potential risks.

Qualitative Approach

In contrast, qualitative risk analysis does not evaluate risk with numbers. Instead, it provides a written characterization of the risks, an assessment of the intensity of their impact, and solutions to potential problems. Qualitative risk analysis can be conducted using the SWOT framework , cause and effect diagrams, or a decision matrix. Its outcomes can prevent the company from potential income loss and other adverse impacts.

Selecting the appropriate risk analysis method is crucial since it affects the organization’s success. You can choose from 5 common approaches:

• Decision tree. Companies using this method look at a particular decision’s potential consequences and likelihood. The decision tree effectively determines the best way for the company to avoid dangerous situations.
• Bow tie. In this method, one divides a particular risk into two categories: causes and consequences . Then, develops a plan to address the risk factors and a strategy for mitigating its impact.
• SWIFT analysis. SWIFT, or Structured What If Technique , is a team-based approach to risk analysis. It uses brainstorming to identify the safety of a particular method or the potential consequences of changes to existing organizational processes. It is usually used in safety-critical industries , such as healthcare or offshore construction.
• Delphi method. This technique involves a brainstorming session with professional risk analysts and experts. Potential threats discovered during this analysis are later used to create a risk management strategy.
• Probability and consequence matrix. The method requires organizational teams to rank the identified threats and vulnerabilities depending on the severity of their potential impact. This approach helps companies determine the primary contributing factors to all risks and develop an effective mitigation strategy .

The process of risk analysis includes 5 practical steps that you have to take to achieve an excellent result:

• Identify and document potential threats and vulnerabilities. First, determine the risks faced by employees and the organization. You should examine the workplace to identify what processes or actions could be harmful. Examples include workplace accidents , natural disasters, disruptions in the supply chain, or chemical hazards.
• Assess current security measures. Determining what safety procedures are already in place is the next step. This information will help identify vulnerabilities and weaknesses of the existing safety plans. Check each element of the security system and notice areas for improvement.
• Evaluate the risks and decide on the precautions. Further, you should assess the likelihood of the hazard and the severity of its potential effects. This assessment will help you prioritize risks. In addition, you should develop a strategy that includes the issues you’ve discovered, the individuals that might be affected, and the intended measures to mitigate the risks.
• Record your findings and implement them. To see the big picture, you have to record the outcomes of your risk analysis and use them in practice. After implementing the results, evaluate whether the chosen risk management strategy works.
• Review and update your assessment if necessary. The threats to the business are constantly changing. New risks can stem from innovations, new procedures, or personnel. Review and update your risk assessment procedure regularly to address emerging risks beforehand.
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How to write a risk assessment

In this guide we discuss how to write a risk assessment , step-by-step. We also talk about what a risk assessment is, how risk assessments promote safer working environments, and who is qualified to carry out risk assessments.

Listen to our episode of ‘Safety Made Simple’ relating to risk assessments:

Why are risk assessments carried out.

As an employer, you must control the risks in your workplace to prevent employees and others who might be affected by your activities (such as contractors, visitors, and passers-by) from suffering injury or illness.

Risk assessments are a requirement under the Management of Health and Safety at Work Regulations 1999 as part of an employer’s duty of care. Completing risk assessments supports compliance with the law which protects your organisation’s hard-earned reputation and prevents harm.

What is a risk assessment at work?

A risk assessment at work is a systematic and proactive method of identifying potential hazards and evaluating the associated risks.

By meticulously scrutinising the workplace, the risk assessment process pinpoints areas of concern and helps employers assess the likelihood and severity of potential harm that employees, visitors, or anyone interacting with the workplace or where its operations take place.

Our consultants at Praxis42 are often asked, ‘How do I write a risk assessment?’ These are the main steps:

1. Identify hazards

The first step is to identify what could cause harm. Anything that has the potential to cause harm is defined as a hazard and there could be many of them in the workplace or in the activities that performed on behalf of the organisation.

Hazards can be categorised as follows:

• Physical hazards. These include machinery, objects, and tools.
• Biological hazards, such as viruses.
• Chemical hazards. Liquids, fumes, and dust fall under this category.
• Ergonomic hazards. This is about how people use their workstations and equipment.
• Psychosocial hazards. These are factors at work that may cause stress or other difficulties for people.

To be able to identify all the hazards in your workplace, you need to have a good understanding of what is happening. This involves looking at all aspects of work activities and the work environment, for example:

• The people carrying out the work, their abilities, skills and knowledge.
• The work environments. Consider temperature, lighting, ventilation, or noise.
• The equipment and products being used, such as chemicals.
• The work process as a whole.  
• Previous accidents, incidents and near misses.
• Findings from audits, inspection or surveys.

Once you have a general understanding of what hazards there may be in your workplace, activities and operations you need to meticulously identify each one. There is no right or wrong way to do this. You can employ whatever method you feel is most appropriate, as long as you gather the required information.

Under health and safety law, employers must identify ‘reasonably foreseeable’ hazards. These are hazards that any ‘reasonable’ person could be expected to identify. For example, if there is a spillage of liquid on the floor, it is reasonable to think that if someone walks in it they could slip.

You might identify hazards by:

• Drawing on your own knowledge of a task or piece of equipment. If you have carried out a role for a number of years, you will have gained a wealth of knowledge and experience that enables you to spot hazards. You might identify trends where accidents commonly occur during a work process or in a particular environment.
• Walking around the workplace and watching jobs being undertaken firsthand. This will enable you to see where harm could potentially occur. Talking to people who are completing work and getting their perspectives on hazards is essential as is having a well-established consultation process
• Following advice issued by the manufacturers of the equipment and products you use. Manufacturers will tell you where harm could occur.
• Following approved codes of practice, guidance, best practice and industry guidance. There may be recommended safe ways to complete particular tasks or use certain products and equipment.

2. Identify who could be harmed and how

Anyone who is affected by the activities being carried out by your organisation must be taken into consideration in the risk assessment (employees, contractors, members of the public or visitors who may be in close proximity to work).

For example, a maintenance company working on a scaffold may have identified falling objects as a hazard. If their work is completed in an isolated location, then only their employees working at ground level may be affected. However, if work is taking place in a city centre, a member of the public that could be passing underneath must also be considered as they could also be at risk.  

3. Calculate risk

Once hazards have been identified, the next stage is to calculate the risk. This calculation is risk = likelihood x severity

‘Likelihood’ is how likely it is that a particular hazardous event could occur. This is determined on a scale that quantifies the chance of it happening: the hazardous event is extremely unlikely, there is a remote chance the hazardous event may happen, the hazardous event may occur occasionally, the hazardous event is probable, the hazardous event is extremely likely . Each of these can be given a rating of one to five (one being extremely unlikely, and five being extremely likely).

Scoring is a subjective judgement based on prior knowledge and experience of accidents and incidents and gathered information, so it is advisable to ask relevant colleagues, employees, or experts for their opinions.

Here is a basic example:

A pothole in the pavement has the potential to cause harm because someone could trip and fall. If the pothole is on a busy pavement in a city centre where the footfall is high, the likelihood of a hazardous event may be five. If the pothole is on a back street not used by members of the public, the likelihood of a hazardous event is considerably lower.

‘Severity’ is the likely outcome of a hazardous event and calculated in the same way. The scale might be: negligible injury, minor injury, moderate injury, significant injury and severe injury . Again, these may be rated from one to five. In the worst-case scenario, someone could trip and break their wrist, which is a significant injury, giving a severity rating of four.

Now we can calculate the risk that the pothole poses. We have got 5 for likelihood x 4 for severity, giving us a risk rating of 20.

This process needs to be followed for each hazard you have identified. Once you have numerical values assigned to hazards, you can identify the most significant risks in your workplace or within the work process.

4. Control and reduce risks

Once you have established what the hazards are, who could be harmed, and the level of risk posed to those people, you can consider how to control risks ‘so far as is reasonably practicable’.

In health and safety law, ‘ so far as is reasonably practicable ’ is about weighing up the level of risk against the financial cost of controlling the risk and the time and resources involved.

It is not worth investing a lot of money, time, effort, and resources to control a low-risk hazard or calculated risk. If, for example, you are using a highly toxic cleaning product, you may just need to swap it for a less hazardous product.

On the other hand, a high-risk hazard will warrant more investment. This might involve buying new equipment, investing in employee training, or making physical changes to the workplace.

To reduce risk, you need to introduce control measures, which could achieve one of the following:

• Eliminate the hazard. For example, a window cleaner may use an extendable pole rather than a ladder to eliminate the risk of serious injury from a potential fall from height. Eliminating a hazard is the ideal solution, but it is not always possible.
• Reduce the likelihood of harm occurring. This may involve reducing the amount of time someone spends on a task or exposed to the hazard. The less time they are doing something or exposed to something, the less likely they are to be harmed.
• Isolate the hazard. A worker can be protected from a dangerous moving part of a machine by a guard or enclosure.
• Control the hazard by creating a safe system of work, such as how to use display screen equipment safely .  

It may take time to find the best control measures. Once measures are in place, you need to recalculate the risk and if it isn’t low enough you may need to introduce further control measures. This stage can take some time and thought to get right.

5. Record findings

Once you have gathered all the information for the risk assessment, the next stage is to record your findings. There is no single way to do this, but some important points need to be considered.

Whatever format you decide to use, key information from each stage of the risk assessment process should be recorded with a focus on what the control measures are and how they are maintained.

If you have five or more employees, there is a legal requirement to document your risk assessment. However, if a risk assessment is not recorded it is very difficult for employees to follow it and to establish safe systems of work or provide related training.

A risk assessment is a tool that helps everybody in the workplace to reduce risks and stay safe. It can only do this if it is accessible and clearly communicated.

In addition, it is difficult to prove you are managing risks in accordance with the law without documentation.

When should a risk assessment be carried out?

A risk assessment is a dynamic document, and it should not just sit in a drawer. It is important to improve it over time. As your organisation or work activities change then so should your risk assessments.

In general, risk assessment reviews should ensure the following:

• All hazards have been identified.
• All control measures are suitable.
• Risk ratings are acceptable.
• Controls are being appled and used

Risk assessments should be reviewed at a set interval. For a low-risk task or work environment, this could be annually. For higher risk work, reviews will need to take place regularly or even after every time the task is completed.

Risk assessments should always be reviewed in the following circumstances:

Accidents and incidents

If there is an accident or incident the risk assessment will need to be reviewed. A risk assessment document demonstrates how you manage risk, so if there is an accident, you can check that the hazard that caused the accident was included in the risk assessment. You can also check whether the measures in place to control the hazard were sufficient.

If an accident happened as a result of a hazard that wasn’t documented in the risk assessment this could indicate that there need to be changes to the risk assessment process as a whole.

Significant changes

The other occasion when a risk assessment needs to be reviewed is when there has been a significant change. This could be a change to your work process, new equipment being used, different employees completing work, or changes to the workplace itself.

All these factors have the potential to introduce new hazards, requiring new risk ratings to be calculated and new controls to be introduced.

What is a ‘suitable and sufficient’ risk assessment?

The Management of Health and Safety at Work Regulations 1999 states that a risk assessment must be ‘suitable and sufficient’.

For your risk assessment to be deemed suitable and sufficient it must show that:

• All persons who could be affected by hazards have been considered (employees, visitors, contractors, and members of the public).
• All significant hazards have been identified. These are the foreseeable hazards.
• Control measures are suitable. This means that the measures introduced lower the risk rating to an acceptable level.
• Workers and their representatives have been consulted during the risk assessment process. Those who work with the hazards day-to-day are the most valuable source of information.
• The risk assessment has been completed by a ‘competent person’ (see below).

Who carries out a risk assessment?

Under health and safety law, a risk assessment must be completed by a ‘competent’ person.

The Health and Safety Executive (HSE) define a competent person as someone who has ‘the skills, knowledge and experience to be able to recognise hazards in your organisation and help you put sensible controls in place to protect workers and others from harm.’

The competent person could be you or someone else in your workplace. However, if you do not have the level of competency required, it is advisable to outsource your risk assessment to a health and safety consultant . It is important to choose a professional who knows how to write a risk assessment for your industry and can tailor their recommendations to your unique organisation.

Risk assessments must be comprehensive and robust to protect people’s safety and comply with the law. They are the foundation of a health and safety management system and vital for managing risks effectively.

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Risk Management and Assessment, Essay Example

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The five steps in risk management are risk identification, risk analysis, eliminating or reducing risks, financing risks, and administering the risk management process. Risk identification refers to recognizing unsafe conditions or predicting potentially unsafe acts. Identifying risks is often a systematic process that involves gathering facts and data, analyzing them to discover potential risk factors, and identifying situations in which the identified risk factors may emerge. It is also important to note that risk factors may evolve over time, thus, risk identification is an ongoing process. There are several techniques that could be utilized to identify risks such as hazard recognition, past knowledge, historical trends, and systematic techniques such as system safety. Risk analysis refers to applying qualitative or quantitative techniques to potential risks in order to reduce the uncertainties in measuring risks. Risk analysis often involves frequency which is the likelihood of an event occurring as well as severity which is the degree of the impact of an event.

Eliminating or reducing risks refers to taking practical steps to eliminate or at least reduce the risk. This step also involves deciding upon the sequence in which the identified risks may be tackled. The priority level could be set using qualitative or quantitative methods including cost-benefit analysis. The fourth step is financing risks which refers to allocating resources to tackling the risks. The organization can either allocate internal resources or buy risk insurance to protect itself. The organization may also choose not to take any action at all if it believes that the risk is either quite unlikely to occur or will only impose negligible costs. The firm may carry out cost-benefit analysis to determine whether it should finance measures to tackle the risk and if yes, then what amount of resources should be reserved for the purpose.

The fifth and the final step is administering the risk management process which refers to deciding upon acceptable levels of risk. Administering may also involve assigning resources to the process. At this stage, risks are continuously monitored and the measures taken to tackle risks may also be evaluated for their effectiveness in eliminating or reducing the risks. Administering also involves selecting methods that keep a record of the whole risk management process such as risks identified, analysis applied, and decisions made.

Risk assessment includes four steps according to the National Academy of Sciences which are hazard identification, dose-response assessment, exposure assessment, and risk characterization. Hazard identification involves methods that are using to identify risks and may include engineering failure assessment. Engineering failure assessment is the examination of different segments of a plant operation in order to determine the probability of a risk occurring. One commonly  used tool in risk assessment is Fault-tree analysis.

Dose-response assessment is done when chemicals are involved. Dose-response assessment attempts to determine the quantitative relationship between a particular amount of exposure and the resulting extent of toxic injury or disease. Regression analysis is a commonly used tool to carry out dose-response assessment. Exposure assessment involves describing the nature and size of a population exposed to a chemical agent and the magnitude and duration of the exposure. Exposures may include past, present, and future incidents. Exposure assessment covers presence of toxins in all kinds of environment including air, water, and food. The last step in risk assessment is risk characterization which integrates data and analysis to determine whether people will experience effects of exposure. Risk characterization also includes calculating the likelihood of outcomes at different stages of the entire risk assessment process.

There are different approaches to risk assessment one of which is Fine’s method. Fine’s method is used to determine the financial feasibility of a proposed course of action to tackle a risk factor. In order to determine whether a risk factor should be dealt with, we compute Risk Score and Cost Justification Value . Risk Score helps us determine the priority with which the risk should be tackled and Cost Justification Value helps us determine whether the cost justifies the benefits.

Logical Process Risk Analysis helps us efficiently allocate resources to achieve the optimum level of risk reduction across several departments in a plant. This method is a realization of the fact that resources are often limited, thus, the objective should be to allocate them where they will achieve the greatest benefits. The method could also be used to allocate funds among different plants.

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Risk - List of Essay Samples And Topic Ideas

Risk, a fundamental concept in finance, economics, and decision theory, represents the potential for adverse outcomes associated with a particular action or event. Essays could explore the quantitative and qualitative assessment of risk, discussing the methodologies, tools, and theoretical frameworks employed in risk analysis. The discourse might extend to the examination of risk management strategies, exploring how individuals, corporations, and nations mitigate or transfer risks to safeguard interests and achieve objectives. Discussions could also focus on the psychological and behavioral aspects of risk-taking, delving into the factors that influence risk perception and tolerance. Moreover, a comprehensive analysis could include a discussion on the ethical considerations in risk assessment and management, exploring the balance between risk, reward, and responsibility in various domains such as financial markets, public policy, and technological innovation. We’ve gathered an extensive assortment of free essay samples on the topic of Risk you can find in Papersowl database. You can use our samples for inspiration to write your own essay, research paper, or just to explore a new topic for yourself.

Risk Factors from Alzheimer’s Disease

About 40 million people are affected by dementia, with the majority of these individuals being over the age of 60. This number is expected to double in the next 20 years, reaching around 80 million by 2050. Approximately 60-70% of all dementia cases are caused by Alzheimer's disease, affecting between 2.17 and 4.78 million people. Out of those, 46% have a moderate or severe form of the disease. It is estimated that by 2050, between 7.98 and 12.95 million people […]

Children as Agents of Change for Disaster Risk Reduction

Lessons from El Salvador and the Philippines. This work challenges the traditional belief that children are just passive victims of calamities yet in real sense children suffer the most during this calamities. Some suffer traumas as a result of the events that carry on. Backed up by research carried out in the Philippines and El Salvador it elaborates on ways children can actively participate in disaster management in areas that are prone or have suffered natural calamities and pandemics in […]

Homelessness in the United States

Homelessness is a social problem that has long plagued the United States and surrounding Countries for centuries. It is an economic and social problem that has affected people from all walks of life, including children, families, veterans, and the elderly. Kilgore (2018). States homelessness is believed to have affected an estimated amount of 2.5-3.5 million people each year in the United States alone. Recent evidence suggests economic conditions have increased the number of people affected by homelessness in the United […]

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The Effect of Coffee Consumption on the Risk of Hypertension

ABSTRACT BACKGROUND: hypertension can be defined as a disorder that makes the blood to exert some forces against the walls of the blood vessels. This force depends on the rate of heart beats as well as the resistance from the blood vessels. The medical guidelines define this disorder as pressure higher than 140 over 90 millimeters of mercury (mmHg). AIM: Caffeine compounds are present in coffee and tea. We aimed to evaluate the impact of chronic coffee or tea consumption […]

Children at Risk ADHD

According to the American Psychiatric Association, Attention-deficit/Hyperactivity Disorder (or ADHD) is one of the most common mental disorders affecting children (1). However, that was not always the case. This paper will demonstrate how ADHD diagnosis is climbing at a steady rate without concrete evidence that the disorder is actually any more prevalent today than it was just a few decades ago. Furthermore, this paper will attempt to show why the disorder is being diagnosed now more than in the past, […]

Adolescents with ADHD

ABSTRACT Adolescents with ADHD engage in more risk-taking behaviour than adolescents without ADHD. Mind-wandering is an underlying process of ADHD and a potential underlying process of risk-taking behaviour in ADHD. The aim of this study was to test if mind-wandering predicted risk-taking behaviour above and beyond ADHD symptoms. 315 adolescents (age: M = 17.2, range = 16 – 22) participated in this study, and filled in a questionnaire about mind-wandering, ADHD symptoms, and risk-taking behaviour. The results show that ADHD […]

Anorexia: Symptoms, Causes and Risk Factors

The deadliest psychological disorder that has been studied is Anorexia Nervosa. This illness dates back to St. Catherine of Sienna in the 13th century and was originally considered a "wasting" disease. Mid-20th-century research by Hilde Bruch brought awareness to eating disorders, especially Anorexia Nervosa. Anorexia is rare but has the highest mortality rate of all psychological disorders and has high comorbidity with several other disorders like depression and anxiety. This disorder distorts how patients view their appearance, leading them to […]

Risk Management and Insurance

As people, we are faced with the possibility of loss in our everyday lives. Be it a car accident, illness, Property loss, or even death. As early as the millennia B.C, modern profit insurance was demonstrated in a contract of a loan of trading capital to traveling merchants. The first insurance company formed in the United States was in Charleston, South Carolina during 1732. Later in 1752, Benjamin Franklin helped spread insurance by creating the Philadelphia Contributionship which ensured that […]

Alcohol Age Drinking

One topic that has a lot of notoriety all throughout the United States is the legal drinking age. Some argue that it should remain at twenty-one years old while others push for reducing it to eighteen and this has even caused some controversy. Many countries have the age at eighteen and this is influencing others vouch for lowering it by three years; however, this idea is not beneficial for the young individuals of society. Lowering the legal age of alcohol […]

Pesticides Exposure and the Risk of Alzheimer’s Disease

Abstract This literature review discusses the possible connection between pesticide exposure and the risk of developing Alzheimer's disease (AD). After a thorough examination of peer-reviewed articles and a recent literature review, it was revealed that there is an association between the risk of Alzheimer's disease and pesticide exposure, primarily limited to those with a history of occupational pesticide exposure. Only brief evidence of environmental pesticide exposure and risk of Alzheimer's disease was found. While each article touched on the aforementioned […]

An Overview of the Biomechanics and Risk Factors with UCL Injury in Baseball Pitchers

In 1974, orthopedic surgeon Frank Jobe marked a pivotal movement in sports medicine history by performing the world's first reconstruction of the ulnar collateral ligament of the elbow (UCL) on Los Angeles Dodgers pitcher Tommy John. This revolutionary surgery, now coined ""Tommy John's surgery"", has become now commonplace amongst individuals pitching at all levels of baseball since. The prevalence of successful reconstruction of the UCL has grown tremendously since Jobe's pioneering surgery. However, the incidence of injury to the UCL […]

Chronic and Complex Infections

The aim of this paper is to assess the management of chronic diseases and measures taken to curb, prevent, and educate society concerning issues of various chronic diseases. The paper attempts to highlight key factors affecting healthcare systems in the task of tackling some of the diverse and adverse chronic illnesses, as well as corrective measures that should be taken to fully develop a functional unit system. It also outlines some of the risk-associated factors in relation to public health […]

Sexual Risk-Taking Behaviors in Adolescence and Parental Involvement in Prevention

One of the key areas of concern in risk-taking behaviors that are common in adolescence is sexual health. Juntunen and Schwartz (2016) suggest that “there are four aspects of family life that influence an adolescent’s sexual heath: family structure, family connectedness, parental monitoring, and parent’s attitudes about sex (Wight and Fullerton, 2013).” For example, positive parental involvement may help an adolescent decide to abstain from sexual activity until a more mature age. By doing so, it also fosters the belief […]

Business Disputes and Political Risks

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Risk Management in Nursing Practice

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Futuram’s Risk Management Strategy

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IT Risk Management Techniques

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Home / Essay Samples / Business / Management / Risk Assessment

Risk Assessment Essay Examples

Risk assessment and mitigation in e-business.

E-business such as renting online clothes provides a variety of advantages such as exposure to a wide range of customers for collection of advanced apparels. Further, starting an online rental clothing boutique exposes the owner to several industry-wide risks. In case these risks are not...

Analysis of Nissan's Hazard Management Philosophy

On March 11, 2011, a magnitude-9 earthquake shook northeastern Japan, unleashing a savage tsunami one of the largest faults slips ever recorded. Residents are still recovering from the disaster. Radioactive water was as of late found overflowing from the Fukushima Daiichi Nuclear Power Plant, which...

Coping Strategies to Reduce the Impact of Climate Change on Farmers’ Livelihood

The insufficient institutional and infrastructural supports from local level to the national level are responsible for greater damage in farmers’ livelihood. Farmers are forced to take a wide variety of adaptive and coping mechanism to diminish the magnitude of adverse impact of climate change and...

Job Performance and Evaluations

My thoughts about the performance evaluation process in general? A great tool & practice to help assist employees in receiving feedback. When needed this process would enable workers to find their weaknesses & strengths. From there one can take the proper steps in bettering performance....

The Rise and Fall if Enron Corporation

The film started as it introduced Enron, which had taken 16 years to grow 10 billion of assets to 65 billion of assets, and only took 24 days to go bankrupt. The company collapsed so swiftly and so completely, with nothing left. At first glance,...

The Principles of Efficient Market Hypothesis

The efficient market hypothesis (EMH) is the idea that stock prices in a market instantaneously reflect all available information in an unbiased fashion, suggesting that it is impossible to consistently generate abnormal returns (Fama, 1970). Challenging the EMH, behavioural finance studies financial markets through the...

Risk Mitigation Techniques in Information Security

Information Security is a subset of Information assurance. It is based on the confidentiality, integrity and availability triad. The purpose of this paper is to investigate how managers perceive risks associated with sharing information with trading partners and how they attempt to mitigate them. The...

Analysis of the Market Surveillance Panel Reports in Terms of Communication Techniques Applied

Background: The Market Surveillance Panel releases the reports on the activities related to- and behavior in- the wholesale electricity markets administered by Independent Electricity System Operator (IESO). The reports prepared by Market Assessment Unit are published on the OEB (Ontario Energy Board) website (oeb. ca)....

Major Risks Concerning Big Data

The concern over whether governments are illegally collecting big data about their citizens reminds both organisations and individuals to consider the delicate balance between the benefits that big data analytics bring, and the ethical and privacy risks they pose. Individuals are not without responsibility by...

The Risk of Occupational Fraud in an Organization

In order to infer whether a company is well managed, we must understand the company’s business activities. It goes without saying that it’s through the scrutiny of Financial statements that we understand these business activities. These statements report on a company’s performance, financial condition and...

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