Refer:- IS 18001:2007
Hazard identification, risk assessment and risk control should be taken into account when plans are formulated to meet an organization’s OH&S policy. All identified hazards are assessed to determine the level of risk, which is a measurement of the probability and possible consequence of injury and illness resulting from exposure to hazard. The final step involves risk control where risk is treated to reduce its level.
- Identification of Risks: Begin by identifying potential hazards, threats, and vulnerabilities that could hinder the achievement of goals or objectives.
- Risk Analysis: Assess the likelihood and consequences of identified risks, considering factors such as probability, severity, and impact on stakeholders, resources, and operations.
- Risk Evaluation: Evaluate the significance of each risk based on its likelihood and impact, considering organizational priorities, risk tolerance, and appetite for uncertainty.
Strategies for Risk Control:
- Preventive Measures: Implement measures to prevent risks from materializing, such as implementing robust safety protocols, quality controls, and employee training programs.
- Mitigation Strategies: Reduce the likelihood or severity of risks through proactive mitigation measures, such as implementing redundancies, diversifying portfolios, and enhancing security measures.
- Transfer of Risk: Transfer risks to third parties through insurance, contracts, or outsourcing arrangements, shifting the financial or operational burden of risks to external entities.
- Acceptance and Monitoring: Accept certain risks that fall within acceptable risk tolerances and establish monitoring mechanisms to track changes in risk levels over time.