Risk Management/ Assessment Methodologies
Risk management is a procedure that incorporates identification, listing dangers and assessment approaches. These methods are vital because they aid to control and reduce its outcome on activities. Risk assessment depicts means of analyzing dangers that are not included in the event. There are vital steps that apply while assessing risks.
The first stage towards assessing risk is identifying it. The following step is to check on who may be affected by the hazard. After that it is essential to analyze on the dangers and take precaution. After all these stages, an individual records what he found out. He later implements and goes through the assessments. In addition, a person can choose to manage risks in different ways. These four categories ranges from reduction, risk transfer, acceptance and avoidance. In evading risks, a person tends to stay away from activities that are harmful.
This method of avoiding may not be practical but it aids to reduce potential dangers that may arise in future. It is the simplest approach that aid to control risks (Hutto, 2009). Conversely, a risk transfer is when an individual decides to purchase an insurance policy to protect him from the risk. This incorporates a third party that happens to be the insurance firm. It further reduces the situation that can make the risk to increase. This is by ensuring that members of the team share the remaining danger.
This serves as a realistic approach because it enables an infrastructure to come to terms with the outcome when the event happens. Regarding risk acceptance, an individual accepts it and its outcome. This applies in situations whereby the expenses to reduce the risk become too high. Risk reduction is accepting the approaches and determining their ability to eliminate an incident to occur.
Elders Insurance (2013). Four techniques of Risk Management. Retrieved from http://www.eldersinsurance.com.au/news/the-four-techniques-of-risk-managemen
Hutto, J. (2009). Risk Management in Law Enforcement, Applied Research Project. Texas State University, 2009.
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