Risk Assessment

Risk Assessment

Risk Assessment

Introduction

Any industry that wants to attain success, it is essential for them to recognize the risks and chances of vulnerability. Therefore in order to evaluate the allied hazards and help in minimizing the risks or bringing those to a bearable level one must initiate recognizing the risks. This is a process in which continuously efforts are done for controlling and minimizing the risks that are cropping up from diverse Hazards. In the previous years the concept of risk assessment was not very clear to a number of companies. With the time improvement made within the working procedures and plans of the companies highlighted the points of risk. Risk assessment and its proper implication was identified by of one the main market leaders. These companies became market leaders because they of the identification and measuring of risks. In the present era up gradation within the process of risk assessment according to the industry criteria is done. Different companies work differently on the risk assessment taking their environment and company policies into considerations (Jackson, 2005).

Risk

Risk is the likelihood telling one that anything can eventually that is full of danger will turn into a disaster. If taken separately, the susceptibility and hazards are not at all considered dangerous. On the other hand if both of them are seen together, they turn into a risk. In other words, it tells the probability and the intensity of a disaster that will happen. Nonetheless, people can minimize, reduce and seldom eliminate the chances of risks by managing and keeping a proper check and balance. If one is cautious in terms of how to treat the surroundings as well as the environment, taking into the considerations the strengths and weaknesses one possesses fighting with the vulnerabilities to obtainable hazards, one can make sure that the measures will eventually not turn into disasters (DeLoach, 1998).

Risk management not only helps in the prevention of catastrophe, but it also helps people to put into carry out sustainable development within their surroundings. Sustainable development can be achieved when people are able to earn a good living, be healthy, happy without damaging the environment or other people and contended with the life one is living in the long term. For example, one can create an opportunity by assessing risk on everything that is done under the umbrella of any company. This will ensure the risks associated to the tasks, and the company will take every step very cautiously. Though the company will also come to know the positive points associated with the implementation of the project. Several times there are some risks that are said to be positive for the company. It is therefore said that sustainability of the project increases within the help of risk assessment (Crockford, 1986).

Definition of Risk Assessment

Risk assessment is done in order to identify, assess as well as prioritize the risk associated with work. The main reason for risk assessment is to maintain a check and balance of the risk that is associated ...