Risks identification

Risk can be defined as the uncertainty in the outcome of an event, particularly negative consequences. People make decisions under uncertainty by minimizing the negative impact of risk. For example, people buy life insurance to 

A risk portfolio is defined as the list of all risks a company faces, both internally and externally. Generating a risk portfolio helps the company to assess and prioritize the various types of risks and develop appropriate risk mitigation strategies. 

Elkins et al. (2008a) classify the industry portfolio of risks into four categories as follows  

Ridk Manegerot Risk Sub Family Dail Sacurily 

Risk Manager of Risk Svb-Famiiy CMtef Sacufity Risks 

Once the categorization has been finished, a working plan for the risk assessment needs to be drawn up. The plan will practically create the structure for the risk assessment operation. It will encompass the hst of risk famihes, the hst of responsibilities and risk owners, the hst of tasks that need to be fulfilled, the level of details employed in the analysis and the overall methodology. Deadhnes and a timeframe will also be included in this plan. 

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As discussed in Chapter 4, some risk-based decision making can benefit by the development of tolerance criteria for the various types of risk to which building occupants may be exposed. When identified risks are higher than what can be deemed tolerable, they should be eliminated or reduced to control the company s risk exposure. The process of risk identification and evaluation, comparison to tolerance criteria, and elimination or reduction of intolerably high risk is known as risk management. Figure 6.1 illustrates this process. Application of these tolerance criteria helps protect building occupants and ensure that resources are appropriately applied. 

Increase risk identification initiatives during early discovery stages (e.g., "front loading" initiatives)... 

Biuk G.Ya., Shutov V.N., Travnikova I.G., Balonov M.I., Kaduka M.V., Basalaeva L.N., 1999. The Role of the Forest Products in the Formation of Internal Exposure Dose to the Population of Russia after the Chernobyl Accident, in Contaminated Forests. Recent developments in risk identification and future perspectives, eds. I.Linkov and W.R. Schell, Ser. 2, Environmental Security, 58, Dordrecht-Boston-London, Kluwer Academic Publishers, pp. 343-352. 

Risk identification ° Risk analysis ° Risk evaluation... 

Risk assessment starts with risk identification, a systematic use of available information to identify hazards (i.e., events or other conditions that have the potential to cause harm). Information can be from a variety of sources including stakeholders, historical data, information from the literature, and mathematical or scientific analyses. Risk analysis is then conducted to estimate the degree of risk associated with the identified hazards. This is estimated based on the likelihood of occurrence and resultant severity of harm. In some risk management tools, the ability to detect the hazard may also be considered. If the hazard is readily detectable, this may be considered a factor in the overall risk assessment. Risk evaluation determines if the risk is acceptable based on specified criteria. In a quality system environment, criteria would include impact on the overall performance of the quality system and the quality attributes of the finished product. The value of the risk assessment depends on how robust the data used in the assessment process is judged to be. The risk assessment process should take into account assumptions and reasonable sources of uncertainty. Risk assessment activities should be documented. 

Carcinogenesis in Risk Identification (lARC Scientific Publications No. 116), Lyon, lARC... 

The fundamental and unresolvable element concerning adverse health effects and trace chemical contamination of drinking water is that in all but a few exceptional cases, three elements—risk identification, risk assessment by epidemiological data, and demonstrable risk management results—may never be available. 

Robock SH (1971) Political risk identification and assessment. Columbia Journal of World Business 6 6-20 Rohm and Haas (2006) Annual report 2005. 

Milam, C.D. and Farris, J.L. (1998) Risk identification associated with iron-dominated mine discharges and their effect upon freshwater bivalves, Environmental Toxicology and Chemistry 17 (8), 1611-1619. 

For one, the system did not produce sufficient information about the effects of the majority of existing chemicals on human health and the environment. Risk identification and assessment covering the potential hazards of a substance... 

The constraints of science, technology and society (e.g., risk identification, efficacy of risk management control risks, tolerability of risk). 

Risk identification, quantification, and contingency planning is best accomplished with the full core team being involved. 

Risk identification The first step is to recognize uncertainties and risks faced by the SC. With globalization and increased outsourcing practices, the number of parties involved in the SC and the links connecting them have increased significantly. Hence, some risks may not be obvious and it is important to have a structured method for risk identification, as presented in Section 2.1. 

As discussed in the chapter on Drug Surveillance, the safety surveillance mission is to implement the systematic review of spontaneous post-marketing data for proactive risk identification and assessment. In general, signal generation is done using clinical trials data, the medical literature, knowledge of class effects and spontaneous reports. 

The CER contains a separate section on health and work, in which articles describe a new approach to risk identification and give specific examples of how risks are managed. 

Risk identification. Once the presence and concentrations of specific hazardous substances and health hazards have been established, the risks associated with these substances shall be identified. Employees who will be working on the site shall be informed of any risks that have been identified. In situations covered by the Hazard Communication Standard, 29 CFR 1910.1200, training required by that standard need not be duplicated. 

Business risk identification and controi management are the responsibiiity of aii members of the organization... 

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