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Accidents and catastrophes: risk management - Essay Example

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Masters
Essay
Finance & Accounting
Pages 11 (2761 words)

Summary

In the safety and security concerns of a plant in the UK, there are various issues that shall have to be taken in to consideration to ensure the wellbeing of man and material.“The objective of Risk Identification is to identify all possible risks to the project in a timely and proactive manner…

Extract of sample
Accidents and catastrophes: risk management

In the safety and security concerns of a plant in the UK, there are various issues that shall have to be taken in to consideration to ensure the wellbeing of man and material.“The objective of Risk Identification is to identify all possible risks to the project in a timely and proactive manner. Risk Identification methods should have the following attributes:1.They should examine all areas of the project in a systematic manner,2 They should be proactive rather than reactive, and They should synthesize risk information from all available sources of risk information” (Comgate Engineering). The fact of the matter is, that classifying the true potential of a subjective quantity is never really possible – hence making risk identification an essentially underdeveloped art. It may not be taken as a negative feature, but rather as inherent trait. It is partially developed in the context that certain integral features of the process of risk management have been actualized, and can be subsequently applied to any school of thought wanting to get a risk identification for itself. However, it is reasonably underdeveloped in the context of protective and speculative abilities. After all, the primary purpose of risk identification is to rid oneself off it and possibly avoid a remission of the same. However, the complex dynamics of every operating system, man or machine, makes it a magnanimous task to recognize all possible risks.“In order to manage your risks effectively, you have to know what they are”. ...
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