1. Risk Assessment Considerations

2. Importance
Risk recognition and risk rating together form the risk assessment component of risk management process.
It involves the recognition of the risk and rating of them to determine the significant risks facing the organization project or strategy.
It defined in British Standard BS as well as the overall process of risk identification, risk analysis, and risk evaluation.

3. It focuses on improved decisions making, risk assessment is the main risk management input into strategy formulation.
Risk may be attached to corporate objectives, stakeholders expectations, core processes and key dependencies . Whichever these features is selected as a starting point, risk assessment is undertaken.
The purpose of the risk assessment is to identify the significant risks that could impact the selected feature.

4. Techniques for Risk Assessment
S.N.
Techniques
Brief Discription 1
Questionnaires & Checklists
Use of structured questionnaires & checklists to collect information that will assist with the recognition of the significant risk 2
Workshops & Brainstorming
Collection & sharing of ideas at workshops to discuss the events that could impact the objectives, core processes or key dependencies. 3
Inspections & Audits
Physical inspections of premises & activities and audits of compliance with established system & procedures. 4
Flowcharts & dependency analysis
Analysis of process & operations within the organisation to identify
Critical components that are key to success.

5. 5.
HAZOP & FEMA
Hazard and operability studies and failure modes effects analysis are quantitative technique failure 6
SWOT & PESTLE Analysis
Strength, Weakness, Opportunity, Threats and Political, Economic, Social , Technological , Legal , Environmental analyses offer structured approaches to risk identification

6. HAZOP- Systematically identifying & documenting hazards & operating issues.
SAFETEC- An ABS group Company.