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In the first part of this assessment, students will complete a disaster analysis report using the principles of risk management. The focus of the disaster analysis will be the Tianjin China explosion of 13 August 2015:
In the second part of this assessment, students will create a case based risk analysis for all sections of a business. This will include a mitigation proposal including a cost benefit analysis.
Risk Management is imperative in every business for continuity and avoiding prospective losses. Downer Group and its techniques are analysed to understand critical issues that has an influence on risks in organisations with engineering activities. Downer group functions on six laterals and engineering is one of the laterals. Downer group maintains various safety standards and manages critical occurrence of events outside the company. The importance of identifying risks is explained. Various categories of risks are discussed. Insights of Downer group managing various kinds of risks are a part of the report. The discussion includes various key areas that have to be examined with respect to critical issues in safety and environmental management system. Risk assessment is elucidated and goal setting with the SMART approach is specifically explained for companies with engineering activities. Risk assessment tools are discoursed with illustrations. Uses and application of risk assessment is examined with Downer group. Risk mitigation and perception is illuminated.
The safety concerns and strategies of the Downer Group are studied to understand Risk Management. Downer Group is an Australian listed company and functions in six laterals. The laterals are transport, power, manufacturing, engineering, mining, health, education, and government. It manages 56000 employees across the globe. The primary work areas are Australia and New Zealand. Downer Group conveys that safety is a pillar to its success. The culture of the company is built in core with Zero Harm. The activities of the Downer Group is planned to ensure Zero Harm. The company is focussed on keeping the employees and the community around safe. Infections and injury is not accepted. They are prevented. The goals are set with clarity and employees work towards reliability. The history of the company records safety. The employees at all levels function within safety standards. Data is analysed, emergencies are managed, and risk is managed and well controlled. The standards are simple. There is focus on continuous improvement.
Key issues related to risk accompanying engineering activities including safety and management systems:
Risk Management is focussed on planning the activities of an organisation in such way that it could foresee threats. The threats could be potential losses to the financial strength or the company. It could also be environmental threats (Frenkel, 2014). The threats could challenge the existence of the company and its continuity.
Identification and Analysis of Risk:
Leaders play a vital role in identifying risk. The primary responsibility lies in the top management to identify risk and analyse risk. Time plays an important role and the rapid identification of risk would help in mitigation of risk plans (Hester, 2014). Employees engaged in risk management should have the known expertise or be empowered with the risk management techniques. Risk Identification helps to determine possible harms of future. It is crucial to risk management (Hester, 2014). The focus in risk identification is to ensure early detection of impact of events that would lead to negative outcomes.