Risk Management: Standards, Guidelines, and Procedures

Risk Management
Student details:

Answer 1
The risk management standards are designed for guiding people to develop a risk management plan.
These standards help in providing an international guide people while working and managing risks.
Here are some of the examples of risk management standards avoidance i.e. trying to stay away from
the threat. Reduction which refers to the process of optimizing or mitigating the threat. Sharing
which involves transfer of threat or insuring it. Retention, which states taking specific measures to
accept the cost, incurred over risk management (Hopkin, 2016).
Answer 2
ISO 31000:2009 provides generic guidelines and principles on risk management , these guidelines
can be used by public, private and community either groups or individuals. It does not belong to any
specific sector these guidelines can be applied to any sought of risk of any nature, whether having
negative or positive magnitudes (Glendon, 2015).
11 Principles and guidelines of risk management under AS/NZA ISO 31000:2009
1. Creates and protects value
2. Be an integral part of organizational processes
3. Be part of decision making
4. Explicitly address uncertainty
5. Be systematic, structured and timely
6. Based on the best available information
7. Be tailored
8. Take into account human and cultural factors
9. Be transparent and inclusive
10. Be dynamic, iterative and responsive to change
11. Facilitate the continual improvement of organizations

Answer 3
The WHS regulations are very important in relation to risk management as these are the safety
procedures, which must be followed at a workplace to reduce the illness, injuries and other
dangers like contamination and lack of hygiene. Therefore, it can be stated that there is a strong
relation in between WHS and risk management (Glendon, 2015).
Answer 4
These are factors which should be taken in account in determining the risk control measures for
hazardous manual tasks as stated in the Work Health and safety regulation 2011. Manual tasks
require people to lower, pull, push, carry or lift, lower, push, pull, carry or otherwise move, hold
or restrain any person, animal or thing (Tupa, 2017). Characteristics of hazardous manual tasks
include:
 monotonous force
 sudden force
 tedious movement
 sustained posture
 exposure to throb
Answer 5
The purpose of risk management is to remove or minimize the level of risk caused by hazards.
By following the principles and guidelines mentioned in the risk management it becomes easier
to find the solution, it helps in evaluating the level of dangers faced within an organization, helps
in evaluating the possible consequences of risk. In addition to this, the steps taken in regards to
manage the risk can be assessed with the help of risk management guidelines (Sadgrove,
2016).
Answer 6
These are some of the risks which can if not identified and actioned on time can be immensely
dangerous for the beauty skin care products manufacturing company.