What are the 2 elements of risk? This definition includes two key aspects of risk: (1) some loss must be possible and (2) there must be uncertainty associated with that loss.
What are the 7 principles of risk management?
- Ensure risks are identified early.
- Factor in organisational goals and objectives.
- Manage risk within context.
- Involve stakeholders.
- Ensure responsibilities and roles are clear.
- Create a cycle of risk review.
- Strive for continuous improvement.
What are the 5 levels of risk? The levels are Low, Medium, High, and Extremely High. To have a low level of risk, we must have a somewhat limited probability and level of severity. Notice that a Hazard with Negligible Accident Severity is usually Low Risk, but it could become a Medium Risk if it occurs frequently.
What are the 4 main stages of a risk assessment?
- Identify hazards.
- Assess the risks.
- Control the risks.
- Record your findings.
- Review the controls.