Source: United States Environmental Protection Agency (EPA)
- The peaks-over-threshold method (Oesterreichische Nationalbank, 2006)
Today’s blog offers an extensive understanding of risk analysis and evaluation. It’s a big one, but we assure you all the information is critical to grasping the full scope of this aspect of risk management.
Identifying the sources of risk is the most critical stage in your risk assessment process. You need to do this to manage the sources for pro-active risk management. The better you understand the sources, the better the outcomes of the risk assessment process, and the more meaningful and effective your management of these risks will be.
Under modern occupational risk management (ORM), the primary differences between risk assessment and risk measurement are:
With the increasing availability of big data and sophisticated software analytics, such as machine learning, modern risk assessments are automated and easy to use for people who have limited technical knowledge on risk management. The outcome of your risk assessment will become more accurate due to access to large-size samples. For example, a global corporate has developed a continuous risk assessment tool as an enhancement of its traditional risk assessment processes, through the inclusion of quantitative metrics, i.e. key risk indicators, to better assess the risk universe. ORM has moved away from traditional risk assessment towards risk-based strategic decision making.
Our Market Researcher, Jiaqi Sun, has put together research to provide an overview of commonly-used risk assessment approaches and processes to manage hazard, operational and strategic risks. Over the next series of blogs, we will drill down into:
A consistent trend in emerging economies is the rapid development of industrial and housing projects, even in very arid landscapes. In just over a decade, cities such as Dubai have been raised from the desert. The desire for accelerated construction processes has been largely met by technological advances but has also led to an increase in human heat exposure in workplaces. 2016 has recorded some of the highest temperatures in known history. As an EHS Director, it is important to know whether your employees and the employees of your contractors are protected from the heat, whatever the hemisphere in which you happen to work.