Risk is the possibility that harm (death, injury or illness) might occur when people are exposed to a hazard. Health and safety risks in the workplace need to be managed, either by eliminating risks or, if this is not reasonably practicable, minimising them.
These types of risks come from dangerous situations in the workplace. Some common examples include: physical hazards caused by high noise levels, extreme weather or other environmental factors. equipment hazards caused by faulty equipment or poor processes when using equipment such as machinery.
Risk: “Potential danger, inherent in a situation or activity which may be anticipated to some extent.” “ Probability that a future event, of undetermined duration, may cause the loss of an object or other damage which does not depend exclusively on the parties involved"
A hazard is anything that could cause harm. And, risk, is a combination of two things – the chance that the hazard will cause harm and how serious that harm could be.
Examples of what are a hazard and risk
HAZARD: A hot-tempered supervisor screaming at staff. RISK: A mental health issue for a staff member. HAZARD: An extension cord running across a frequently used hallway. RISK: A trip and possible injury resulting.
In short, a hazard can cause harm. A risk is how likely it is to do so. The two terms work together to enable employers fully assess their working environment for potential dangers and prioritise them effectively.
When we refer to risk in relation to occupational safety and health the most commonly used definition is 'risk is the likelihood that a person may be harmed or suffers adverse health effects if exposed to a hazard. '
Types of Risks
Widely, risks can be classified into three types: Business Risk, Non-Business Risk, and Financial Risk. Business Risk: These types of risks are taken by business enterprises themselves in order to maximize shareholder value and profits.
Risk identification is identifying and defining potential risks that could impact the success of a project. There are several techniques organizations can use to identify risks, including brainstorming, root cause analysis, SWOT analysis, and expert judgment.
Incident records and investigations, near misses, health monitoring and inspection results will all help identify types of hazards in the workplace. If something cause injury to someone, then a hazard exists, which could also hurt someone else.
If the man chooses to move his investments to those in which he could possibly lose his money, he is a taking a risk. A gambler decides to take all of his winnings from the night and attempt a bet of "double or nothing." The gambler's choice is a risk in that he could lose all that he won in one bet.
Generally speaking, risk is an unavoidable aspect of life such that regularly taking good risks is ironically necessary for managing risk. For example, jogging has a risk that you will be injured but may reduce other risks associated with a lethargic lifestyle.
These risks are: Credit, Interest Rate, Liquidity, Price, Foreign Exchange, Transaction, Compliance, Strategic and Reputation.
Types of Risk
Systematic risk is the market uncertainty of an investment, meaning that it represents external factors that impact all (or many) companies in an industry or group. Unsystematic risk represents the asset-specific uncertainties that can affect the performance of an investment.
Risks are all around us. A nearby sneeze may raise your risk for catching the flu. Obesity boosts the odds you'll get diabetes. Smoking increases your risk for many cancers.
Most Common Health & Safety Issues At Work
Harmful surroundings and hazardous substances, like asbestos. Workstation health and safety, like computers and other display screen equipment (DSE) Manual handling. Noise and sound exposure.
Workplace hazards can incur great costs for a company, but if identified and assessed properly, they can be controlled and prevented, or at least minimised. We've listed out the 4 most common ones - physical, ergonomic, chemical, and biological.
A risk assessment is a process to identify potential hazards and analyze what could happen if a hazard occurs. A business impact analysis (BIA) is the process for determining the potential impacts resulting from the interruption of time sensitive or critical business processes.
Safety is defined as freedom from risk and risk is the possibility of suffering harm or loss. Both controllable and uncontrollable factors affect risk. Awareness of these factors and a willingness to manage controllable risk by modifying driver behavior is essential to any safety and risk management goals.