Risk Management and Workplace Safety

Comprehensive practice flashcards covering the definitions, classifications, and strategies of Risk Management and Workplace Safety as outlined in the lecture notes.

How does BusinessDictionary.com define 'Risk'?

Hazard, danger, peril, or exposure to loss, injury, or destruction; specifically defined as the probability of adverse outcomes due to vulnerabilities.

From an economic perspective, what does risk reflect?

Risk represents the uncertainty in future outcomes or earnings and the level of uncertainty an investor accepts for potential gain.

According to ISO 31000 and Hubbard (2009), what is Risk Management?

The identification, evaluation, and prioritization of risks, followed by coordinated, cost-effective strategies to minimize and control risks.

What is the key purpose of Risk Management over Crisis Management?

To prepare for risks in advance and turn knowledge into strategic planning (proactive) rather than reacting after damage is done (reactive).

What example is provided for a risk caused by 'Uncertainty in Financial Markets'?

The impact of the TRAIN Law on food and hospitality commodity prices.

What are the two key areas of 'Legal Liabilities' as sources of risk?

a. Safety of guests and employees; b. Protection of business operations.

How is 'Credit Risk' defined in the transcript?

The risk of borrowers failing to meet their obligations.

How are workplace risks classified and assessed?

They are classified as Low, Average, or High Risk depending on hazard identification and being assessed by HIRAC.

What are examples of a 'Low Risk Workplace'?

Office staff, teachers, and indoor company workers.

Which industries are categorized as 'High Risk workplaces'?

LPG distributors, chemical/biofuel plants, healthcare, cable installers, electricians, firemen, and construction.

According to the transcript, what are possible injuries from 'Working at height'?

Eye injuries, head injury, loss of consciousness, spinal injury, and fractures.

What is the formula representing 'Risk' in Risk Analysis?

$$\text{Risk} = \text{Probability something will go wrong} + \text{Negative consequences}$$

In a Risk Matrix, what are the three categories of 'Likelihood'?

Improbable (small chance), Possible (some chance), and Probable (very likely).

In a Risk Matrix, what are the four categories of 'Impact'?

0 - Acceptable (little to no effect), 1 - Tolerable (effects felt but not critical), 2 - Unacceptable (major disruption), and 3 - Intolerable (business may not recover).

What is the sequential process of risk assessment mentioned in Module 6?

Risk Identification (defining events), Risk Analysis (assessing/controlling threats), and Risk Evaluation (assisting in treatment decisions).

What are the five categories of threats to identify in Step 1 of managing threats?

1. Human, 2. Operational, 3. Reputational, 4. Procedural, and 5. Project.

What tools are mentioned for developing Risk Management strategies?

SWOT analysis, Failure Mode & Effect Analysis, and Scenario Analysis.

How is 'Safety' defined in the lecture?

The preservation of life, property, and the environment through accident prevention; the state of being free from danger, risk, or injury.

What is the significance of Republic Act 11058?

It is the law that strengthens compliance with Occupational Safety and Health (OSH) standards and provides penalties for violations.

What are the three components of the 'Scenario Analysis Process'?

1. Separate Certainties from Uncertainties, 2. Develop scenarios, 3. Use the Scenarios in your Planning.

What are the principles of a 'Safety Program'?

Identify/eliminate hazards, root cause analysis, safety education/training, corrective action, accident reporting, regular inspections, functional safety equipment, and assigned safety responsibility.