Answer to Question #222219 in Management for Nombuso Nxumalo

Question

Systematically discuss the operational risk management process

Answer 1

Identify hazards and risk factors that have the capability of causing harm. Examine and assess the danger correlated with that threat (risk analysis and risk evaluation). Determine suitable methods for removing the hazard or controlling the risk if the risks cannot be removed (risk control).

Assess the hazards, and these are essential steps in the procedures of recognizing risks, assessing the threats posed by those dangers, and overseeing the risk factors of the vulnerabilities of the sample to be conducted by integrating suitable threat restrictions into the innovative project design.

Make risk decisions; It offers a procedure for ensuring that optimal choices are made that are compatible with the objectives and attitudes of those associated. This procedure guarantees that all user data is regarded and applied as necessary to the choice at hand.

Implement controls be aware of the spot and conspicuous dangers, as well as workforce dangers. Perceive hygiene and wellbeing work environment obligations, wear appropriate preventive garments or materials, participate in and provide input to WHS executives, and report tragedies or collisions as presumed essential by leadership.

Supervise and watch for change, simple managerial expertise (strategic thinking, conflict resolution, planning, committee, and market position), and managing groups, recognizing the requirements for and developing new job duties in the group Hiring fresh staff members, training new employees, and managing employee achievement are all important aspects of the job.