Frequently Asked Questions (FAQs)
What is risk?
Risk is the chance of someone being harmed by a hazard, and the seriousness of that harm or injury.
What is a hazard?
A hazard is anything that may cause harm, e.g. chemicals, electricity, working from ladders, noise, etc.
How do I perform a risk assessment?
What is Risk Management?
Risk relates to exposure to the effects of accidental loss and Management is the process of planning, organizing, leading and controlling the resources and activities of an organization to fulfill its objectives.
What is a Risk Management Safety Committee and who should participate?
Many organizations designate a “risk manager” or a committee charged with the responsibility for identifying risks and suggesting ways to reduce Agency exposures. An effective committee is one that is comprised of a diverse group of employees’ who interact and work within the Agency in different departments and therefore may be able to identify a wider spectrum of risks.
How should we prioritize all the possible risks facing our organization?
To prioritize your risk management ‘to do’ list, you need to determine which risks are most likely to occur, as well as which risks will result in the most severe harm. This exercise is called a “risk assessment.” For some organizations, losing power or water damage due to severe weather may be a frequent occurrence that has been successfully managed so that if it happens in the future there may be minimal disruption and financial impact; while for others, a catastrophic loss such as an employee fatality, may be extremely unlikely given the supervision and safety procedures in place, but, because of the severity of the loss, risk management procedures surrounding worksite safety are a high priority for that agency.
What is the difference between a risk and an issue?
An “issue” may impede the progress of your organizational goals and objectives, if not addressed.A “risk” is any factor (or threat) that may adversely affect the successful completion of goals and objectives in term of achievement of its outcomes, delivery of services or adverse effects upon resourcing, time, cost and quality.
When is a risk no longer a risk?
A risk is no longer a risk when it is no longer is a factor (or threat) that may adversely affect the successful goal obtainment and mission of the Agency. This is usually as a result of mitigation strategies taken, if the threat has been realized, or if there has been a change in the environment that makes that risk no longer relevant.