Risk Management Question Answer 2022

Running head: RISK MANAGEMENT
Risk Management
Name of the Student
Name of the University
Author notes:

RISK MANAGEMENT1
Table of Contents
1. Define the term RISK, using a suitable example..................................................................3
2. Define the term RISK MANAGEMENT.............................................................................3
3. What are the 10 principles of risk management (the 10 P’s)?..............................................4
4. Outline 3 different ways you can alert people to potential hazards and risks in the
workplace.....................................................................................................................................6
5. When determining the level of risk within an organization, where would you gather your
information from?........................................................................................................................7
6. Outline a strategy that you could implement to interest people / employees the companies
risk management process. Be sure to detail how you would maintain the currency of
information provided...................................................................................................................7
7. Outline a strategy that could be used to ensure participatory arrangements are established
and maintained with employees and their representatives within a small business. Be sure to
include how you would document this process and make the information available to all
employees to ensure you meet legislative requirements..............................................................8
8. Outline the process you would use to ensure that any issues raised through participative
arrangements and consultations are dealt with and resolved promptly and effectively?.............9
9. You are to detail how you would identify an intervention point for expert risk
management advice. Be sure to provide examples of when you would seek expert advice, and
who you would contact to receive such advice...........................................................................9
10. Outline the Hierarchy of Control, explaining how it affects your suggested control
measures....................................................................................................................................10

RISK MANAGEMENT2
11. Describe AS/NZS ISO 31000:2009 Risk Management - Principles and Guidelines.....11
12. Describe the documentation retention policy that applies to risk management
paperwork..................................................................................................................................12
13. What information should you include in your risk management action plan?...............13
14. Describe the steps you would take when implementing a risk management action plan.
14
15. Describe the steps you would take when monitoring your risk management action plan.
14
16. Describe the steps you would take when evaluating your risk management action plan.
15
17. What are the 5 main risk types that face businesses?.....................................................15
18. Following from the previous question, you are to provide an example of a risk and a
risk management strategy for each risk type.............................................................................16
REFERENCES..............................................................................................................................17

RISK MANAGEMENT3
1. Define the term RISK, using a suitable example.
Ans. The word risk refers to the possibility of an incidence that might lead to the development of
an incidence that is characterized by potential loss of any aspects associated with factors such as
physical, social or financial capital or property1. The property or assets that can be potentially
lost through the incidence of the risk can be intangible or tangible in nature. Hence, it must be
noted that risks are not limited to loss of tangible capital, property or assets.
It can be said that an event is said to be risky or associated with a certain risk according to the
perception of individuals depending on how they interpret the situation. The scope of risk depend
on the viability of the incidents that the risk is concerned with.
Following are examples of risk. Leakage of Liquid Petroleum Gas in a kitchen is deemed to be
risky. There arises risk of fire outbreaks as the kitchen deals with extensive use of fire and
flammable items.
People are given life jackets when they board boats or Rafts. This is done to ensure that the latter
are can be protected from the risk of drowning.
2. Define the term RISK MANAGEMENT
Ans. It is evident that regardless of the nature of activities that an individual, a group of
individuals or an organization is associated to, there might be uncertainty regarding the incidence
of risk that might arise at any moment. Hence, there is a need for controlling or avoiding the
risks that might lead to potential loss of tangible or intangible resources or property. The process
of identifying the risks and investing effort into the same in order to avoid the consequences of
1 Connor, M.J., Springford, L.R., Kapetanakis, V.V. and Giuliani, S., 2015. Esophageal atresia and transitional care
—step 1: a systematic review and meta-analysis of the literature to define the prevalence of chronic long-term
problems. The American Journal of Surgery, 209(4), pp.747-759.