What is Industrial Risk Management?
The key elements involved in Risk Management are: MHazard Identification MRisk Assessment and MRisk Control Risk identification may be achieved by a multiplicity of techniques, including physical inspections, management and worker discussions, safety audits, job safety analysis and HAZOP studies. The study of past accidents can also identify areas of high risk. Risk Assessment or evaluation may be based on economic, social or legal considerations. The probability and frequency of each occurrence and the severity of the outcome are evaluated/ quantified for an estimation of the maximum meaningful evaluation.
