Risk Identification Research Paper

2. RISK IDENTIFICATION

Risk identification is the process of determining risks that could possibly prevent the program, enterprise, or investment from achieving its objectives. It includes documenting and communicating the concern. Ensuring that adequate and timely risk identification is performed is the responsibility of the owner, as the owner is the first participant in the project. The sooner risks are identified, the sooner plans can be made to mitigate or manage them. Assigning the risk identification process to a contractor or an individual member of the project staff is rarely successful and may be considered a way to achieve the appearance of risk identification without actually doing it. The main focus of risk identification is to

For example, the decision to start production of a new item in an organisation is hardly influenced by the market conditions. Therefore, the market conditions that are described by the availability or not of competitors, by the needs of customers, by the quality of the raw materials, etc., is a source of risk for this organisation. This risk depends on the way in which the product will meet the market demand, or on the quality of the product, on the time when the product will appear on the market, etc.

• Hazard

A condition or circumstance that increases the chance of losses or gains and their severity. An error of the firm management about the market expansion for a given product is an example for a hazard factor activity that determines the system

The Responsible managers of the various operating units, service functions, and strategic functions in Eskom are responsible for, and committed to, the implementation of the OHS risk management standards; including the Occupational Health and Safety Risk Assessment Procedure. These aspects include coordinating the risk management strategy, ensuring compliance with these standards, and the planning and implementation of the procedure in their operating units, service functions, and strategic functions, as well as projects.

Responsible managers are responsible for the development of baseline OHS risk assessments and all other associated risk assessments for all activities and processes in their operating units, the implementation of risk treatment plans, and for ensuring that risk registers are kept up to date.

The Responsible managers are accountable for the monitoring and reviewing of OHS risks, for the assurance of controls, and for the completion of risk treatment tasks.

• Risk owners (16.1 and 16.2 appointees and those delegated with authority, for example,

• OU/BU responsible managers) are responsible for ensuring that the assessment of that risk is up to date and is properly recorded in risk