Risk assessment Essay Example | Topics and Well Written Essays - 1250 words

Risk assessment - Essay Example All the above risks posses a challenge of exposure to risks of loss hence uncertainty and instilled fear in major economic, social and political pillars of the society (Adams,pp 23). Risk assessment on the other hand involves a systematic method of looking at or identifying work and field activities activities, considering all alternatives in relation to what could go wrong in is certainly likely to occur, and deciding on suitable control measures to prevent loss or help to avoid such losses, damage or related injuries in the workplace or work environments. Risk assessment is also the careful examination of the diverse and numerous factors that can bring about these risks. The Assessment should include the controls required to eliminate, reduce, and attach to cause or minimize the risks (Adams,pp111). REASONS FOR RISK ASSESSMENT Therefore, the need for risk assessment can never be underestimated given that it is the process that will always lead individuals into risk management activ ities. Risk Assessments are a critical requirement and necessity for most human and businesses organizations (Wisher,pp 155-9). If you don’t know, or appreciate where the risks are, you are placing yourself as an individual, your employees if any, your customers and your organization or business in danger and all the stakeholders that surround your operations. Therefore to an individual doing business risk assessment is a must thing to ensure minimization of risks and risk related activities, this leads to profit and wealth maximization hence successful business operations. Legal environment and systems surrounding businesses given their countries of operation also forces employers and owners of ventures or businesses must always look into all work involvements that are likely to cause harm in order to decide whether they are doing enough to meet their legal obligations so as to avoid legal risk which result into financial losses as payments are made due to court orders. In b usiness its always reasonably practicable for employers to meet the legal minimum requirement of operations as laid down by the law requirements of the land or state. The main aim of this should always be to assist reduce the risks as much as is 'reasonably practicable' (Gleason,pp275-7 ). Risk assessment is also meant to help reduce the costs of operating business. This is because when stringent risk control measures are put in place, there would be less payments for insurance premiums hence reduced insurance costs. Risk assessment also contributes to social well being of the societal members. This because with the psychological feeling of reduced risk comes the peace of mind and this puts in place a peaceful and healthy growing society. PROCEDURE OR PROCESS OF RISK ASSESSMENT Normally, there are no hard or fastened rules as to how risk assessment should be conducted due to the sole reason that each and every organization is unique and very much different from each other. This diff erence is on the diversified ways in which most organizations and businesses operate, the kinds of businesses in which they are involved which are also not the same and also the laws that govern each and every business (Luhmann,pp236).

Information systems 2 Coursework Example | Topics and Well Written Essays - 1000 words

Information systems 2 - Coursework Example Red Cross gets information about individuals during membership registration, blood donation exercises or during participation in charity activities. Individual details are regularly updated in these institutions as in Tesco updates are made when one shops online. Individual’s tastes and preferences are updated depending on his or her shopping basket. Too details are updated when one uses his or her Tesco credit card or club card when shopping. There are loads of concerns about personal data privacy. Privacy about personal information is of much concern like on financial status for example Tesco supermarkets can access accounts of its credit card holders. Health data should be held secret. Therefore people are afraid of hackers, email scams or phishing and cookies which may expose them to dangers. Data can be retrieved from different sources. The sources can be either internal or external. For Tesco, internal sources of data include sales from internal operations such as sales data, in cventory data, human resource data, systems data, product data and marketing data. These may include information from data from internal research, campaigns and promotions. External sources in Tesco include information from competitors’ sales and products, from website, and other third party data such as census data, survey data and demographics data. There are a number of assumptions that are made during warehouse building. For web sources it was assumed that conjunctive queries were enough to retrieve information of interest. Too the information collected was assumed to cover the whole population. The integrity of data was highly reliable. A decision support system is a computer based system or subsystem that is interactive and intended to assist in decision making. It employs the use of communication technologies, documents, data, and knowledge models to solve problems and make decisions