Assessing and Controlling Risk in Industrial Organization
Journal Title: International Journal of Engineering and Science Invention - Year 2017, Vol 6, Issue 8
Abstract
Risk management is an activity which integrates recognition of risk, risk assessment, developingstrategies to manage it, and mitigation of risk using managerial resources. Some traditional risk managementsare focused on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death).Industrial risk management, on the other hand, focuses on risks that can be managed using effective risk assessment techniques. Objective of risk management is to reduce different risks related to a preselected domain to anacceptable. It may refer to numerous types of threats caused by environment, technology, humans,organizations and politics. The paper describes the different steps in the risk management process whichmethods are used in the different steps, and provides some examples for risk and control measures.
Authors and Affiliations
Engr. Dr. Uzorh A. C
Keywords
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