Organization Risk Management for Smith Brown Chemicals
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Added on 2023/06/13
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This presentation discusses the hazards and risks at Smith Brown Chemicals and provides a risk management analysis. It also suggests operative risk control procedures and an action plan for implementing them. The limitations of the study are also mentioned.
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Organization Risk Management Smith Brown Chemicals Presented by (Name of Student)
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Backgrounds •Workplace hazard primarily impliesa situation within an organization that has caused serious injury and health effect. •Duetotheemergenceofsubstancematerial,chemicals, liquids, solvents in the workplace people may have to face health issue if these materials are not dealt with scientific technique (McNeilFrey and Embrechts 2015). •After facing extreme workplace hazards, organizations have to face immense uncertainties and risk factors. Business experts havetofacechallengesinmaintainingtheirimageand reputation.
Identify and describe hazards and risks at SBC •Workersarenotprofessionallytrainedtodealwiththechemical materials such as solvents, acids and other corrosives and detergents •Workplaceisnotconstitutedwithanyemergencyplanandno established process is displayed for handling injuries •Thecomputershandledbytheorganizationalmanagersarenot password protected. As a result, entire employee details can be easily displayed. In addition, anyone can change the financial record as per their wish. •The wage and superannuation record ofSmith Brown Chemicalsis not well updated. •Smith Brown Chemicalsis using 30,000 liters of water every week. Due to this wastage of water the company has faced issues for water breaches by paying a fine of $50,000
Risk assessment and risk management analysis •Identify the risk factors •Analyze the risk factors by highlighting its pros and cons •Rank the risks as per priority basis •Choose effective measure for reducing the risk factors
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Risk MatrixLikelihood RareUnlikelyPossibleLikelyAlmost certain Severe: Workplace is not constituted with any emergency plan MediumMediumHighExtremeExtreme Major: Workers are not professionally trained to deal with the chemical materials LowMediumMediumHighExtreme Moderate: The computers handled by the organizational managers are not password protected LowLowMediumMediumHigh Minor: The wage and superannuation record of Smith Brown Chemicalsis not well updated LowLowLowMediumMedium Minimal:Smith Brown Chemicalsis wasting 30,000 liters of water every week LowLowLowLowLow
Develop operative risk control procedures •Lackofprofessionaltrainingofthe employeesindecantingchemical materials •Lack of proper emergency plan •Lack of well protected password •Wageandsuperannuationrecordisnot updated •Wastageofwater,themostessential natural resource
How to implement risk control procedure In order to implement a training session within the organization for enhancing professional skills and competency level of the employees the business managers have to arrange a proper training hall with necessary training equipments. Training equipments include technological devices, hall room, electronic utilities, and physical equipments and so on. Inaddition,thehumanresourcemanagerhastorecruita professionaltrainerwhowouldprovidethistrainingfor enhancing professional competency of the employees
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Action plan regarding the resources, budget and timeline Resources requiredBudgetTimeline (How much time the organization should take for collecting the resources) Training equipments50,0006months Technological devices70,0008months Disposable chemical resistant clothing10,0006months Emergency shower equipment20,0005 months Human resource45,0004months IT experts40,0008 months
Limitation of the study •The study has not given in-depth overview about risk management analysis and its impact on overcoming organizational hazards. •Based on the portraiture of risk matrix analysis the study could have focused on giving some of the major recommendations for overcoming risk factors. •In addition, the study could have concentrated on evaluating the role of organizational managers of Smith Brown Chemicalsin rendering the success of business.
Reference List •Mitra, A., 2016.Fundamentals of quality control and improvement. John Wiley & Sons. •Norman, T.L., 2016.Risk analysis and security countermeasure selection. CRC press. •Oehmen, J., Olechowski, A., Kenley, C.R. and Ben-Daya, M., 2014. Analysis of the effect of risk management practices on the performance of new product development programs.Technovation,34(8), pp.441-453. •Olson, D.L. and Wu, D.D., 2017. Data Mining Models and Enterprise Risk Management. InEnterprise Risk Management Models(pp. 119-132). Springer, Berlin, Heidelberg. •Olson, D.L. and Wu, D.D., 2017. Data Mining Models and Enterprise Risk Management. InEnterprise Risk Management Models(pp. 119-132). Springer, Berlin, Heidelberg. •Reason, J., 2016.Managing the risks of organizational accidents. Routledge. •Ruan, X., Yin, Z. and Frangopol, D.M., 2015. Risk matrix integrating risk attitudes based on utility theory.Risk Analysis,35(8), pp.1437-1447. •Su, X., Mahadevan, S., Xu, P. and Deng, Y., 2015. Dependence assessment in human reliability analysis using evidence theory and AHP.Risk Analysis,35(7), pp.1296-1316.
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