FIN4232 - Risk Management - Research Paper
Added on 2020-03-07
12 Pages2916 Words34 Views
Running head: RISK MANAGEMENTRisk ManagementName of the Student:Name of the University:Author’s Note:
1RISK MANAGEMENTExecutive SummaryThis paper will highlight the risk management and the safety case regime. There are differentways of managing the risk. The key features of the safety case regime are also discussed in thispaper. Safety case regulatory regime helps in various processes and this has been discussed indetails. The application of the safety case regime in the Piper Alpha case has also been discussed.The safety measures which were taken before and after the regime are also highlighted in thispaper.
2RISK MANAGEMENTContentsRisk Management............................................................................................................................3Safety case regime...........................................................................................................................3Key risk management features of the safety case regime in reducing the risk of major accidents.4The duty holders safety responsibility involves a written case for the safety............................5Continuous Risk Reduction associated with ALARP.................................................................6Adaptability and Improvement....................................................................................................6Active Participation of the workforce..........................................................................................6Regulatory assessment, Intervention and Verification................................................................7Application of Safety Regime preventing the Piper Alpha Oil & Gas Platform Explosion in 1988.........................................................................................................................................................7Reference List..................................................................................................................................9
3RISK MANAGEMENTRisk Management Risk management is the process of identification, acceptance, analysis and mitigation ofthe various kinds of uncertainties which is related with the decision making processes. An entityhas to get exposed to various kinds of financial risks when he makes an investment. Thequantum and the type of risk are associated with the type of instrument involved in the process.In order to control and minimize suck risks, the investors and the mangers practices riskmanagement (Hopkins 2013). It is vital to give importance to risk management when making anykind of investments because there might be sudden financial turmoil in any economy. Theorganizations and the companies must also understand the various risks that might arise and theymust readily accept them. The internal auditors, external auditors, board of directors and themanagement authority of the company plays various roles in managing the risk. There arevarious ways of managing risks such as sharing the risks with others, using derivatives andhedges, buying insurance and trying to avoid risky situations (Hayes 2014). Safety case regimeThere are certain facilities which are associated in handling the large quantities ofdangerous goods and which have the risk for creating major incidents, the consequences of thoseaccidents may lead to death, damage of property or injury. Such a facility in the generation ofthose incidents referred to as MHF. Only some rare accidents which may lead to suchcatastrophic situations and it gets very less attention in comparison with the operational issues.The aim of MHF is almost similar to the onshore and offshore facilities that exist in Europe andthe offshore gas and oil operation of Australia. Safety case regime is an important regulatoryinitiative which aims to address these issues. The safety case issue must also try to lower OHS
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