Risk Assessment

Running head: RISK ASSESSMENT
Risk Assessment
Name of the Student
Name of the University
Author Note

1RISK ASSESSMENT
Introduction:
In current situation many organizations faces several of risks due to the different types
of scenarios. This type of risks can occur in the organization due to the organizational change
and changes in the market. In such scenarios risk assessment becomes very much important
to minimize occurrence of this risks (Li 2014). Also, the risk management is important as
without proper risk assessment organizations will not be able to define the future objectives.
The overall goal of the risk management is making sure that organization only considers the
risks that will help the organizations to reach its primary goal while the other risks must be
under control (Covello and Merkhoher 2013). Risk assessment can be considered as
combined effort of identifying the potential events of future that can have negative impacts
on organizations and making judgements on the tolerability of the identified risks based on
the risk analysis.
Many organization faces various types of risks and to mitigate these risks, risk
assessment is a very much important step. In this paper why the firms manages the risk and
the lessons learned from the risk assessment will be discussed. For the discussion regarding
risk assessment a literature review will be done on risk assessment cases of various
organizations.
Literature Review:
One of the important risk assessment examples is the risk assessment of drinking
water in Bergen, Norway which was performed by the SINTEF organization. Here the risks
related with the drinking water is measured. In this case the hazards were identified thorough
the risk assessment. Also, a risk matrix is used in this case for the identification of assigned
consequences and probabilities based on a discretised scale (Knutson and Huettel 2015). In
this risk matrix three dissimilar types of consequences were considered that are effects of

2RISK ASSESSMENT
water quality, effects of water quantity and consequences to reputation and water utility
economy. Also, in the risk analysis part all the elements of the supply chain were included.
This risk analysis was done by using the Coarse Risk Analysis (Aven 2015). For a detailed
type of risk analysis quantitative approach has been used in this Coarse Risk Analysis.
Different type of tools and methods has been used for the estimation of consequences and
probability that are available for the identified hazards. In this risk assessment probability of
hygienic barriers in the process of water treatment has been identified and also the
disinfection steps has been calculated that are based on detail analysis of the past data of
SCADA. In this case example analysis was done by a multidisciplinary team and this team
includes water utility personnel and some researchers. Depending on this analysis new type
of risk mitigating techniques has been discovered for all of the elements within the water
supply system and it will overall safety of the water supply system. From this risk assessment
lessons learned on how a project environment can be managed (Mir and Pinnington 2014).
Also, how various type of tools and techniques can be used during the risk assessment has
been learned.
Another considerable important example is the aseptic transfer risk assessment which
is related with the pharmaceutical industry (Pujol et al. 2013). In the context of the
pharmaceutical industry there are various types of risk assessment approaches are available.
In this case the respective risk assessment approaches has been done by some regulatory
authorities. In this case various type of risk assessment techniques can be used which
includes fault tree analysis, failure mode and effects analysis and the hazard analysis critical
control points (Ericson 2015). A pharmaceutical manufacturing facility can face various types
of risks as it always needs to be sterilised. Dust can be a big risk in this case as autoclave
machine is malfunctioned which is used for preparing stopper for sterile injectable product. In
this case stoppers will be sterilised using different type of autoclave and the sterilised