Risk is defined as the uncertainty of profit or danger of loss due to some unforeseen events. Some form of risk is present in all functional areas of business, be it production, marketing, sales or operations.
ABC Chemicals employs some 50 people whose duties include performing day-to-day business transactions and decanting of the chemicals into smaller containers. As the company deals in chemicals, the materials being used may be toxic, foul smelling, corrosive, carcinogenic, staining and allergenic in nature. A routine exposure to such chemicals without deploying safety mechanisms can cause serious health ailments for the employees. Research has proved that constant exposure to harmful chemicals can lead to cancer, skin diseases and other organ malfunctioning besides causing irritation and dizziness. Fires and explosions in the premises due to chemical reactions or toxic spills can cause massive destruction of business operations and human lives.
At a distance of 25 meters from the company site is a local nursing home that cares for elderly residents with age-related conditions like dementia. Across the road from the nursing home is a child care centre that provides day care for children under 5.
A chemical house like ABC Chemicals, releases toxic waste whether it is involved in the process of manufacturing chemicals, refilling the drums carrying solvents and acids or in the transportation of the same. Harmful chemicals are released while decanting and pouring the material in separate drums. As the entire process is done manually, there could be spills and leaks. One cannot even rule out the possibility of this waste reaching the nursing home and child care center in the neighborhood through drains, water pipes or soil. Study indicates that the elderly residents at the nursing home suffer from problems like dementia.
According to ‘MedicineNet.com,’ an online, healthcare media publishing company, based in California, “dementia is a