manie information needed to evaluate risky investment

Risky Businessby: Manie Lob’z

Introduction to Risk Management :

What is Risk?

The Chinese symbol for risk is a combination of both danger and opportunity

Risk = P(undesired event) x Consequence

In finance, risk is the variability of actual returns around the expected return

What is a risk assessment?

oIt is a way of determining risks and dangers in work places.

What is a risk assessment?oRisk assessments include analysing

the possible hazard that could occur within a workplace and finding a solution in a safe manner. This avoiding injury to an individuals and damage to property.

What is a risk assessment?oIf the hazard cannot be avoid in

a safe way, then the risk assessment will say that the activity shouldn’t be carried out.

How does a risk assessment work?

When carrying out a risk assessment there are 5 recommended guidelines.

1.Identifying the hazard:2.Decide who might be harmed and

how.3.Evaluate the risks and decide on the

precautions.

Billie-Jean Davis and Emma Jones-Bennett

How does a risk assessment work?

4. Record your findings and put them into place

5. Review you risk assessments and make amendments if needed.

A risk assessment should be carried out yearly.

Billie-Jean Davis and Emma Jones-Bennett

Step One: Identifying the hazards.

Within the lab there would be many possible hazards.

So these would need to be quickly identified before they can cause harm to anyone.

• Firstly you would need to know what can be classed as hazardous before identifying hazards.

Step One: Identifying the hazards.

•Look around for any chemicals that may cause harm and any equipment that may be faulty or be in a place where it could get in someone's way.

•You would also have to think about any long term hazards there may be.

What is Hazard?

•Anything (material/substance, machine, methods or matters) in the workplace that has the potential to cause harm.

CATEGORIES OF HAZARD

• Safety – anything or condition that can cause physical injury.

• Health – any infective agent, substance situation or condition

that directly attacks the body tissues causing occupational

illness.

CATEGORIES OF HAZARD

• Environment – any pollution, waste including noise in any

form or quantity that impairs the quality of the working

environment, such as dust, smoke, gases, radioactivity and

odors .

CATEGORIES OF HAZARD• MAN MADE HAZARDS-caused by

people• NATURAL HAZARDS-caused by

nature like typhoons or earthquake.• FINANCIAL-affected by business

tycoons, they control the price of the products.

CATEGORIES OF HAZARDAnticipate “ Bankruptcy” by:

(1)Analyzing the financial statement of the company.

(2)Preparing a study. (3) Identifying Labor Cost. (4) Knowing your competitors.

WORKPLACE HAZARDS

Step 2: Decide who might be harmed and how .

• Think about the possible health risk or injury that could be caused to an individual.

• Take into account any workers that may have special health and work requirements.


•Think about new workers that work within the laboratory as they may not know the way the equipment works.


•It needs to be taken into account about how the laboratory activities can affect the public.

Step 3: Evaluate the risks and decide on the precautions

•After spotting the hazard decide on the actions that would need to be taken.

Step 3: Evaluate the risks and decide on the precautions.

• When this has been done you would need to do anything reasonable practical that would eliminate the risks of the hazard occurring.

Step 3: Evaluate the risks and decide on the precautions.

• If there is no way of eliminating the hazard happening then a precaution would need to be taken to control the risk to the best ability i.e. try and carry out a less risky activities.

Step 4: Record your finding and put them into place.

• Once the results are recovered for the risk assessment then all staff within the laboratory should be informed.

• When writing out a risk assessment results it needs to be kept simple and understandable.

Step 4: Record your finding and put them into place.

• A risk assessment do not need to be perfect but it needs to show that an inspection has been carried out correctly and that precautions are reasonable leaving the risk to a minimum.

Step 5: review your risk assessment and make amendments if necessary

• Make sure that the risk assessment is correct, and that all hazards have been covered and included. Make sure that the people are safe to work within the laboratory.

Step 5: review your risk assessment and make amendments if necessary

• If hazards occur later on (after a risk assessment has been conducted) then changes will need to be made to that risk assessment.

• A risk assessment should be carried out yearly to minimise the risks within a laboratory.

What is the difference between hazard and risk?

The Process of Risk Management

Classify Activities(Work, Product, Services)

Identify Hazard

Assess The Risk

Risk Control

Review Risk Control

Classification & Potential Sources of Hazards

Classification Example of Hazards

• Mechanical - Sharp points & edges, overload.• Electrical - Insulation damaged or cover

broken.• Biological - Exposed, airborne/blood borne

• microorganism. • Chemical - Expose to carcinogens chemical.• Ergonomics - Expose to unnatural postures.• Psychological- Stress or violent at workplace.

MANAGEMENT OF HAZARDS

All aspects of the workplace should be covered by a general risk assessment process that will reveal the significant hazards present and the control measures in place.

MANAGEMENT OF HAZARDS

Risk is:“The likelihood of a substance, person, activity or process to cause harm (injury or illness)”

Risk can be reduced, hazards are controlled by good management.

HAZARD REDUCTION STEPS:

1.IDENTIFICATIONLook for the hazard.

2. ASSESSMENT and EVALUATION

Decide who might be harmed, how and to what extent.

HAZARD REDUCTION STEPS

3. CONTROLSDecide whether the existing precautions are

adequate or more should be done.

4. MONITORING and REVIEWING

Periodic checking for continuous improvement.

ASSESS AND EVALUATE THE HAZARDS“consider its severity(consequences) probability and exposure”

Once identified, determine how harmful the hazard can be;

• The likelihood to cause harm• Under what conditions it can occur?• What type of harm can occur?• Who or how many workers can be harmed?• What may be the extent of the harm or injury?• Is there a history of problem, accidents or dangerous

occurrence from the hazard?• What monitoring is needed to evaluate the risk?

HAZARD ELIMINATION AND CONTROLS

At the source The Worker Along the path

Barriers Automated or remote controls1. Elimination Absorption Rotation or Rescheduling2. Substitution Dilution Personal Protective Equipment3. Redesign Guards 4. Isolation Screens5. Automation Exhaust systems

PRINCIPLES OF PREVENTION“HIERACHY OF CONTROLS”

1. AVOIDANCE2. EVALUATING THE RESIDUAL

HAZARDS3. COMBATING AT THE SOURCE4. ADAPTING THE WORK TO THE

INDIVIDUAL5. ADAPTING TO TECHNNICAL

PROGRESS

PRINCIPLES OF PREVENTION“HIERACHY OF CONTROLS”

1. SUBTITUTION2. DEVELOP A COHERENT INVOLVING

ALL ASPECTS AT WORK3. COLLECTIVE PROTECTION

OVERIDES INDIVIDUAL PROTECTION

4. APPROPRIATE INSTRUCTIONS TO ALL EMPLOYEES

Before considering risk

assessments it is important to be

able to identify the difference

between a hazard and a risk.

A hazard is anything that may

cause harm such as chemicals,

electricity, working from height

or machinery.

A risk is the chance, high or low that

someone could be harmed by a

hazard together with an indication

of how serious the harm

could be.

Activity 1:Hazard or Risk Can you tell the difference between a hazard and a risk? Place

each of the following items into the correct column:

Hazard Risk•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder

•Pile of debris/rubble

•Wet floor



Hazard Risk

Angle Grinder

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor



Hazard Risk

Angle Grinder Loss of Hearing

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor



Hazard RiskAngle Grinder Loss of Hearing

Death

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor




Pallet of Stone Death

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor





Ladder

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor





Ladder

Pile of debris/rubble

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor





Ladder

Pile of debris/rubble

Wet floor

•Angle Grinder

•Loss of Hearing

•Death

•Pallet of Stone

•Ladder


•Wet floor

I.S.

REVENUE - _____EXPENSES-_____

GROSS SALES-_____TAX-______

__________________________NET -______________

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