Every business consists of some or the other risks, the parameter of how dangerous it would be define the necessity to plan for it properly (Huda, 2018). Hence, this assignment is a camouflage of how a company can protect itself from this risk in a best possible manner.
In an engineering firm there are many risks which may arise so in order to assess with a reference to risk management principle one must follow the steps which are very important. These are the steps which help in identifying any kind of risk and taking appropriate action upon them. To support the risk assessment following are the steps which should be followed:
Identification of Hazard
There are several chance and points in an organization where hazards can occur. Those areas have to be identified so as the hazards.
Take decision regarding who will be harmed and how
After identifying the hazards the people who are most and least affected by the same has to be analyzed so as to reach a conclusion. Likewise, how they will be harmed also has to be actualized.
Proper assessment of that risk
The assessment of risk and its effects on various principles so as to take corrective action.
Take appropriate action
According to the entire above step a conclusion has to be reached so as to take most corrective action in order to improvise it.
Record the findings
Proper record of findings has to be done so as to have a report for future problems which may arise. As a problem may arise one or many times in the company.
Follow up and review the assessment
For a proper control, the assessment of the program has to be done so as to have a feedback whether the plan is working properly or not.
Several risks are there in a workplace, organization, and management. These can be understood in various ways which are listed as follows:
Work Place Risk
There are various risks at a workplace like engineering company as it includes various operations of huge machinery. Likewise, these machinery involve a lot of risks which has to be identified. Like- functioning risk, electric risk, current risk and much more big risk which may rise.
Organizational Risk
The organization has to function in a very proper manner so as to have proper function of a company as a whole. So there are many conflicts which may arise, there are many issues big or small which may come up and has to be solved (Tian, 2018). This risk has to be understood and a proper amortization of them has to be done.
Management Risk
When there is no backbone a person cannot even stand nor do anything. Likewise, in an organization management is the backbone of every other function which is happening in a business entity. So there is the risk of discipline maintenance and several other function maintenance which may raise a huge problem and hence, plays a very significant role. This risk also needs proper actualization and assessment in order to have smooth functioning.
In order to assess the risk in an organization such as engineering company where there is the huge load of work several processes has to be followed out of which following is the best:
Evaluate the system
The whole system upon which an organization is working has to be assessed which may require a lot of time but is very necessary to reach a proper conclusion (Sundararajan, 2018).
Identify hazard
Eventually when a system is analyzed than it is very easy to get the hazards which have to be solved
Evaluate the hazard and assess the risk
The range of effects hazards can cause to the organization and its people has to be evaluated in order to know which problem is riskier (Chance and Brooks, 2015).
Compare it with effects
The effects have to be compared in order to reach the best conclusion.
Determine the level
Automatically after such assessments, the level of risk will be analyzed which will help in reaching a conclusion (Rowles, 2017).
Identify the conclusion
A conclusion for all the problems has to be reached and a proper action according to it has to be reached.
Standards
There are several standards which a company has to set when it is operating as a whole and on a very large scale (Ivascu and Cioca, 2014). The first is the quality, as a food manufacturing engineering company several hygiene levels have to be maintained so that customer can rely on services. So, this standard goes at risk while actual operations take place because of some division of work and not so proper technique of discipline (Pawar, 2014).
Legislation
In order to have the legal assistant for risk, there are several categories which come under it. They relate to health, hygiene, individual etc. depending upon the job a company and person is performing (Sergiy, 2017). For these government of every country has identified some roles and structure which are to be followed necessarily. Hence, the engineering company has to take care of these in a proper manner in order to provide work security to employees.
Best Practice Guidance
The procedure which is used in an organization which is operating at a very high level has to be very proper and assertive so that there is no problem for the company or its people. The employees must be guided upon what they have to do and when it is to be done and also how so that there is no chance of faults or any loss in terms of money, people or contract (Olson and Wu, 2015).
All of these measures are taken care in the assessment of the risk so that the company, as well as the employees, has the best conclusion (Belch et al., 2014).
There is various kind of theories upon which a risk can be management some are customized and some are made officially by renowned people (Coso, 2004). In order to the engineering firm the risk following is the abstract to be used:
Risk Evaluation
The evaluation of risk in an organization is very easy but those evaluations have to be very strictly analyzed and worked upon. It is very important for every firm to know what it’s inside structure is and how it has to be controlled (Kerzner and Kerzner, 2017). So the decision of evaluation is very rigid and strict it is with an aim to get the best solution. In the above case, study risk is being analyzed in a very proper way but the decision is taking some delays.
Risk Levels
There are various levels at which risk may rise these risk includes many levels like high rated risk which may cause huge problems and immediate action is required, medium risk where we can take time to analyze but not too much so as to reach to a conclusion and the lowest risks which can be analyzed and best solution can be obtained upon them (Glendon, Clarke and McKenna, 2016). The level of risk in the case study is really high which can cause huge problems.
Acting Upon Decisions
The action upon decision has to be taken in order to have a proper result for the whole procedure and functions (Pritchard and PMP, 2014). So in the above case study, there are several people who are involved in many problems which have to be taken care and the reason why they came across such risks must be identified and a decision has to be taken.
Risk Acceptability
Acceptability of risk has to be done in such a manner that it results in a positive way to the company, which the organization in above case study has to take care as it fires the people who are working in it which is not good for the goodwill of the company (Hopkinson, 2017).
Integrity is a very major part in context with an organization which is operating on a very high level (Hoyt, 2011). Hence, there is a role for every function individually. In the above case study there is an important role of these factors hence these are defined the individual as follows:
Leadership
The leader is the one who guides the people working on it or who are following it. But in the above case study, the leader lacks empathize which is the very important factor for taking a decision as a leader (Haimes, 2015). Hence, in the pressure of work, a lot of problems arises by the followers which create major issues.
Individual behavior
An individual must be very careful in regards to the work he/she is doing a little amount of causality can cause huge problems which is has happened in above case study (Blakeman, 2018).
Human Error
There are mistakes which are caused by people and machinery only follows the steps which humans program them to do. This is a major fact why a lot of problems are arising in above case study.
Organizational Culture
The culture in which an organization is working has to be very friendly as well as strict so that there is no stress as well as everyone knows what is to be done (McNeil, Frey and Embrechts, 2015). This has to be adopted by the engineering company so as to have less mental stress in employees regarding work.
A risk management plan is very necessary when a firm is operating on the very high scale also when it has the diverse function which relates to risk a lot (Gordon, 2009). Hence, the following plan is most considerable for the organization in order to reach the level of safety and actualization for the employees as well as for its long-term sustainability:
Setting up the control measures
Controlling measures for the work which is being done has to be there so that there is no other problem which may rise and if any rises immediate solution to it has to be reached (Burtonshaw-Gunn, 2017).
Checking the results
The results of the assessment have to be checked which will give a clear picture of the scenario.
Taking up corrective actions on time
The actions on the basis of problems have to be taken so that there is no more problems occurrence and risk can be minimized.
Follow up the plan on the regular basis
The plan has to be followed up on a regular basis so as to check if there is any kind of loopholes or any kind of improvements needed (Hiles, 2011).
Conclusion
It has been concluded by the above report that a firm must have a proper management of risk so as to avoid any kind of high or low destruction which can cause harm while working in a company.
References
Belch, G.E., Belch, M.A., Kerr, G.F. and Powell, I., 2014. Advertising: An integrated marketing communication perspective. McGraw-Hill Education.
Blakeman, R., 2018. Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield.
Dickinson, G., 2001. Enterprise risk management: Its origins and conceptual foundation. The Geneva Papers on Risk and Insurance. Issues and Practice, 26(3). pp.360-366.
Glendon, A.I., Clarke, S. and McKenna, E., 2016. Human safety and risk management. Crc Press.
Gordon, L.A., Loeb, M.P. and Tseng, C.Y., 2009. Enterprise risk management and firm performance: A contingency perspective. Journal of Accounting and Public Policy. 28(4). pp.301-327.
Hiles, A., 2011. Enterprise risk management. The Definitive Handbook of Business Continuity Management, Third Edition. pp.1-21.
Hopkinson, M., 2017. The project risk maturity model: Measuring and improving risk management capability. Routledge.
Hoyt, R.E. and Liebenberg, A.P., 2011. The value of enterprise risk management. Journal of risk and insurance. 78(4). pp.795-822.
McNeil, A.J., Frey, R. and Embrechts, P., 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.
Olson, D.L. and Wu, D.D., 2015. Enterprise risk management (Vol. 3). World Scientific Publishing Company.
Pawar, A., 2014. Study of the effectiveness of online Marketing on integrated Marketing Communication. School of Management, DY Patil University, Navi Mumbai.
Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. CRC Press.
Rowles, D., 2017. Mobile marketing: how mobile technology is revolutionizing marketing, communications and advertising. Kogan Page Publishers.
Sergiy, Y., Andriy, I. and Halyna, K., 2017. Mechanism of Fire Risk Management in Projects of Safe Operation of Place for Assemblage of People.
Sundararajan, K., 2018. Privacy and security issues in Brain Computer Interfaces (Doctoral dissertation, Auckland University of Technology).
Tian, F., 2018. An information System for Food Safety Monitoring in Supply Chains based on HACCP, Blockchain and Internet of Things (Doctoral dissertation, WU Vienna University of Economics and Business).
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