Risk assessment Essay Example | Topics and Well Written Essays - 1250 words

Risk sagacity - Essay ExampleAll the above risks posses a challenge of exposure to risks of loss hence uncertainty and instilled business in major economic, social and political pillars of the society (Adams,pp 23). Risk assessment on the other hand involves a systematic method of looking at or identifying work and field activities activities, considering all alternatives in relation to what could go wrong in is certainly likely to occur, and deciding on suitable adjudge measures to prevent loss or admirer to avoid such losses, damage or related injuries in the workplace or work environments. Risk assessment is likewise the careful examination of the diverse and numerous factors that can bring about these risks. The Assessment should include the controls required to eliminate, reduce, and attach to cause or denigrate the risks (Adams,pp111). REASONS FOR RISK ASSESSMENT Therefore, the need for risk assessment can never be underestimated given that it is the process that will alw ays lead individuals into risk solicitude activities. Risk Assessments are a critical requirement and necessity for most human and businesses governances (Wisher,pp 155-9). If you dont know, or appreciate where the risks are, you are placing yourself as an individual, your employees if any, your customers and your organization or business in danger and all the stakeholders that surround your operations. Therefore to an individual doing business risk assessment is a must thing to consider minimization of risks and risk related activities, this leads to profit and wealth maximization hence successful business operations. Legal environment and systems surrounding businesses given their countries of operation to a fault forces employers and owners of ventures or businesses must always look into all work involvements that are likely to cause harm in order to decide whether they are doing replete to meet their legal obligations so as to avoid legal risk which result into financial los ses as payments are made due to coquet orders. In business its always reasonably practicable for employers to meet the legal minimum requirement of operations as laid down by the uprightness requirements of the land or state. The main aim of this should always be to assist reduce the risks as much as is reasonably practicable (Gleason,pp275-7 ). Risk assessment is also meant to help reduce the costs of operating business. This is because when stringent risk control measures are put in place, there would be less payments for insurance premiums hence cut insurance costs. Risk assessment also contributes to social well being of the societal members. This because with the psychological feeling of reduced risk comes the peace of mind and this puts in place a peaceful and healthy growing society. PROCEDURE OR PROCESS OF RISK ASSESSMENT Normally, there are no hard or fastened rules as to how risk assessment should be conducted due to the sole reason that each and every organization is u nique and very much polar from each other. This difference is on the diversified ways in which most organizations and businesses operate, the kinds of businesses in which they are involved which are also not the same and also the laws that govern each and every business (Luhmann,pp236).