Managing Risk

This report discusses the importance of risk management in business and provides insights into the process of risk identification, analysis, prioritization, treatment, and evaluation. It includes a case study on a company and analyzes various aspects such as background information, risk identification, risk analysis, risk treatment, and evaluation of risk assessment. The report also explores the role of leadership, safety cultures, policies and regulatory guidelines, staff training and development, and monitoring and accountability in managing risk.

Managing Risk

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
TASK 1............................................................................................................................................1
Background information of Case study..................................................................................1
Risk Identification..................................................................................................................2
Risk Analysis..........................................................................................................................2
Risk prioritisation and treatment............................................................................................3
Evaluation of Risk assessment...............................................................................................3
TASK 2............................................................................................................................................4
Background information of Case Study and analyse some points.........................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Risk management defines to procedure of analysing, assessing or controlling threats to an
company's earnings and capital. These risks or threats could base from a huge variety of sources,
considering uncertainty in financial, legal liabilities, accidents, strategic management issues or
errors and natural disasters. Risk assessment is combined efforts of potential events identifying
and analysing that may impact in negative manner on assets, individuals, environment and
judgements making on tolerability of errors or risk based on risk analysis while including
influencing factors (Amalberti and Vincent, 2020). Below report is based on Genera organisation
with 100 years plus tradition and its start sates back to foundation of Royal Croation Slavonian
Bacteriological institute in 1901. below report includes Background information of case study,
Risk identification, Risk analysis, Risk treatment and prioritisation, risk assessment and some
other points analysing which includes Leadership roles, safety cultures, process, policies and
regulatory guidelines, staff development and training, monitoring or reviewing and
accountability.
MAIN BODY
TASK 1
Background information of Case study
Report is based on Genera company with more than hundred years of traditions or its
origin date back to foundation of Royal Croatain Slavonian Bacteriological Institute in 1901. in
second half of 2015. this company became part of Dechra Pharmaceuticals PLC group. They
engaged in development and research, sales, marketing of veterinary medicines, production,
range of care goods for animals and feed additives (Aunyawong, 2020). Company work with
more than 220 employees and 75% are women working in their production, R&D laboratories
and quality Control. They use higher amounts of chemicals in regular production activities. Co-
formulates and active substances to around 87000 kg in 2017. Their major aim is at beginning of
2017, organisation executed a new system of hazard reducing whose major objectives was
future reduce or avoid risks in organisation and reduce affects of exposure to bad substances in
quality control, production and Research and development laboratories.
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Risk Identification
It is a procedure of risks determine that could possibly prevent enterprise, program and
investment from accomplishing business objectives. It includes communicating and documenting
concern. Basic safety and health measures were supplemented, that are risk assessment were did
for every procedure considering chemicals (Hasyim, 2019). Toxicology assessment were
introduce new and most hazardous chemicals by collecting and examining information and data
on toxicological endpoints and characteristics. Ethidium Bromide is hzardous compound at
higher level and it is common building molecule within electrophoresis, utilize for visualisation
or identification of nucleic acid bands. The reason is it can bind to DNA, it is categorized as a 2
mutagen as per EU'S CLP regulation. Ethidium bromide have teratogenic and carcinogenic
impacts, although it has not confirmed with the evidence of scientific. Exposure to the ethidium
bromide is accomplish-able by ingestion, absorption and inhalation via skin. Acute Ethidium
Bromide revelation may reason irritation of exposed surfaces. Top respiratory tract, mouth, skin
and eyes. Technical preventions measures consider to utilize of fume hoods. Moreover entire
protective clothing such as considering googles, gloves, closed toe shoes and etc. it is suggested
when managing pure ethidium bromide.
Risk Analysis
It is procedure of analysing and identifying possible problems that could states negative
impact the key business projects and initiatives. It is performed in order to assist company avoid
and mitigate risks. Risk analysis and identification some how perform similar, occupational
influence to Levothyroxine may happen via dermal contract or inhalation. Levothyroxine is not
clearly categorized as a hazardous chemical as per EU legislation or no particular organisation
revealing limits have been observed, although recommendation by Manufacturer that sir density
is minimum to 0.1 μg/m3. It also defines if occupational revelation based on long term that can
reason hyperthyroidism, as explained with clinical utilization or foetal toxicity as found in
studies of animals (Logan and Lloyd, 2019). So each efforts are made to minimum contact with
levothyroxine in process of manufacturing or utilization. It should be notable, revelation to
pharmaceuticals during falls in production process under organisational health and safety
legislation, products of pharmaceutical such as veterinary and medicinal drugs are outside scope
of EU chemical legislation.
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Risk prioritisation and treatment
Risk prioritisation stage states the overall set of analysed risk events, it's affect
assessment and probabilities of happening are processes to conclude a most to less critical grades
order of analysed risks. A huge purpose of prioritizing risks is to form a allocating resources
based. Risk treatment defines to choices and options available to manage a particular risk. Risk
can be effectively controlled internally via risk preventions or avoidance and minimization or
reduction (Mamun, Hansen and Roni, 2020). It can be also controlled by financially with the
helps of risk retention, acceptance and transfer. Company use some prevention measures and
work process were reviewed as per results of risk assessment, which estimate risk in organisation
due to revelation after adopting some control measures to avoid and reduces risk. Company use
substitution of dangerous substances with minimum dangerous substance, in this currently
Ethidium Bromide was replaced with GelRed acid gel stain. It is commercial DNA stain which is
marketed as being most sensitive, safe or robust nucleic acid gel stain or minimum hazardous
rather than ethidium Bromide. Secondly company improved technical measures in safety that
have aim to reduce some amount of exposure, in this organisation decided to modify changes
procedures which use substances on harmful basis. It is resulted in innovated central weighing
room accoutred with the state of art system of ventilation, flow of Laminar cabinets with higher
efficiency specified air filters for weighing solid chemicals in less or intermediate categories in
toxicity. Chemicals are transferred in sealed packages from room to its place of utilization or
sucked in a system of closed for formulation of products. Care for pregnant or breastfeeding
workers, In this as a precaution, employees how are pregnant are not allowed to do work in
organisation in which there are risks of reliving to hazardous chemicals. Such workforce are
transfer to more appropriate company immediately after pregnancy news announcing. Education
or raising of awareness of harmful substances, In this company organize courses for workforce
who do work with substances of hazardous (Mohanna and Chambers, 2018). Employees are
trained in chemicals fields, they manage, considering identification of hazard, information or
data on health risks, process in emergency cases, responsible behaviours when do work with
chemicals or labelling of chemicals.
Evaluation of Risk assessment
Risk evaluation attempts to refers what estimated risk really defines to person afraid with
or impacted by risk. There are different steps involve in evaluate a risk assessment that are;
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identifying hazards, decide who might be harmed and how, measure risks or decide on control
measures, record findings or execute them and review assessment update if essential (Pradana
and Ichsan, 2018). There are different risk treatment which are explained above, for care for
pregnant or breastfeeding employees the risk assessment for both workers carried out jointly
with organisational medicine specialist after evaluation, in majorly cases, employees remains in
job or work without other risk of hazardous reviling.
TASK 2
Background information of Case Study and analyse some points
Safety cultures in organisation
In organisation they meeting with staff to describe various steps of hazard reducing
system with carry major objective was to future reduce risks in company and reduce the affects
of reliving substance which are harmful in quality, control, R&D and production. They provide
different safety in workplace such as replace dangerous substance with less dangerous, improve
safety measures in technical basis that have motive to minimise reliving, Care for breastfeeding
workers and pregnant employees and providing education or increasing of awareness of harmful
substances.
Role of leadership
Leaders are those who provide right path and guidance to employees to achieve business
objectives and full fill customers and employees needs and wants (Rugg-Gunn, 2020). They have
different role at workplace such as lead team towards common goals and support them to
perform in better way. Encourage them so they can focus on their performance and many more.
In this company leaders are provide training and take care of employees who are pregnant and
who have small kids. Leaders are take some measures to prevent from harmful chemicals to
employees and try to replace dangerous chemical into normal chemicals.
Policies and process and regulatory guidelines
Company use health and safety legislation to perform business activities and tasks in
better manner. For chemical process taking licence is challenging task because it is very harmful
for society, workers and environment.
Staff training and development
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Company trained to employees as per work profile without training they don't allow to
perform business task and activities. They motivate to each workforce for better development for
their personal and professional. For chemical process and task company needs skilled workers
and who have degree in this particular field.
Review and monitoring
Company always track performance or employees and business activities or task's
outcomes. They take lots or safety and health measures for employee's and environment safety
because harmful chemicals are very dangerous for human health and for environment (Westers
and Plener, 2020). If they replace some chemical and substances then they regularly track
performance and monitoring so they get actual results and review on them as performance
outcomes are favourable are not.
Accountability
company effectively full fill employee's needs and follow all responsibility such as they
take step to replace dangerous substances, provide extra facilities to pregnant ladies and
breastfeeding employees sop there are no hectic situation for them and do their work related to
job profile with free mindset. This is also a better motivation factor for ladies and company give
training as per requirements so there is no confusion among employees related to job profile.
CONCLUSION
It is concluded the above report, company face challenges in risk related to dangerous
chemical substance and they try to replace them for employee's and environment's safety because
harmful substances are negatively affect people's health. There are many measures that are taken
by them to prevent lost of issues and company also effectively follow all rules and regulations
related to safety and health legislation which is framed by government. All measures are
regularly tracking and monitoring by company so they get appropriate results and enhance brand
values and spread awareness in organisation and among society.
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REFERENCES
Books and Journals
Amalberti, R. and Vincent, C., 2020. Managing risk in hazardous conditions: improvisation is
not enough. BMJ quality & safety, 29(1), pp.60-63.
Aunyawong, W., 2020. Factors Affecting Attitudes to Purchase Garena ROV products of
Customers in Thailand. Journal of Logistics and Supply Chain College, 6(1), pp.136-
146.
Hasyim, M., 2019. Online advertising: how the consumer goods speaks to
women. Opcion, 35(89).
Logan, C. and Lloyd, M., 2019. Violent extremism: A comparison of approaches to assessing
and managing risk. Legal and criminological psychology, 24(1), pp.141-161.
Mamun, S., Hansen, J.K. and Roni, M.S., 2020. Supply, operational, and market risk reduction
opportunities: Managing risk at a cellulosic biorefinery. Renewable and Sustainable
Energy Reviews, 121, p.109677.
Mohanna, K. and Chambers, R., 2018. Risk matters in healthcare: communicating, explaining
and managing risk. CRC Press.
Pradana, M. and Ichsan, M., 2018. Analysis of an indonesian e-commerce website: Gap between
actual performance and users' expectation. Jurnal Manajemen dan Bisnis
Indonesia, 6(1), pp.65-75.
Rugg-Gunn, F., 2020. The role of devices in managing risk. Epilepsy & Behavior, 103,
p.106456.
Westers, N.J. and Plener, P.L., 2020. Managing risk and self-harm: Keeping young people
safe. Clinical child psychology and psychiatry, 25(3), pp.610-624.
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