Effective Risk Management

Running head: EFFECTIVE RISK MANAGEMENT
EFFECTIVE RISK MANAGEMENT
Name of the student
Name of the university
Author note

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EFFECTIVE RISK MANAGEMENT
Introduction
The idea of risk management is an associated with the forecasting and timely
evaluation of the risk factors for the purpose of mitigating the same (Kouabenan et al., 2015).
This is the process of successfully avoiding or minimising the threat associated with any
particular risk. The hazard identified here is the sudden breakout of fire in the chosen
workplace for the case study.
Discussion
This is based on the workplace in Sydney, a private company having 500 employees
and this specific industry is based on the administrative and support service providers. The
strategic location of this company is such that there is a restaurant adjacent to the workplace
which increases the threat and risk of any hazard to a great extent. The existing risk control
for the company seems too robust, for example, there are enough extinguishers in every floor
of the building with the additional evacuation tunnel for the employees. In addition to this,
there are additional risks mitigating tools and equipments like contacts with the fire control
crew who will have the necessary steps taken.
However what is more significant here is to note that there are number of steps in
proper risk management in every context. According to the author, identifying the risk is the
first step towards effectively mitigating it. This is essential to develop robust mechanism for
any threat or prior indication of fire breakout in case of workplace that can probably put
people’ life under threat (Bong et al., 2015). The second step in mitigating the risk is
analysing the level of risk. This is also significant to note that the restaurant adjacent to the
building where the company is operational is under higher threat. Analysing the risk
associated with the sudden fire breakout will help them to map and understand the future

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EFFECTIVE RISK MANAGEMENTthreats in case of such situation. The third step of risk mitigation is evaluating or raking the
risk associated with this hazards. After the effective evaluation of the risks, it is essential to
consider the treating it constitutes the most significant part of it (Safe Work Australia, 2019).
Hence it is to be argued that the mitigation of risk is a comprehensive process inclusive of
number of steps.
Another important aspect in the process of risk management is mapping the
population and subpopulation that will be directly impacted by the hazards (Reason, 2016).
In this case of the chosen workplace, it has been observed that the subpopulation that can get
equally impacted by the fire breakout is the youngsters and restaurant dwellers which are
residing next to the building. Hence it is crucial to highlight the two aspect of risk
management in any given context: the role of the agencies and recommendation for
effectively mitigating threat of the subpopulation (Crichton et al., 2016). The list below
provides the statistics in the average rate of fatality of employees in an industry specific
manner.
Agencies and legislation of work healthy safety assessment: