Documente Academic
Documente Profesional
Documente Cultură
INDIVIDUAL REPORT:
BA1192B
PROJECT TITLE:
PREPARED BY:
NUR SYAFATIN NATASYA BINTI AHZIS (2019823854)
PREPARED FOR :
MADAM NOOR AFFEEDA RAMLI
TABLE OF CONTENTS
CONTENT PAGES
I.0 Introduction 1
2.0 Risk Management Process
3.0 Recommendation 6
4.0 Reference 6
5.0 Appendixes 7
1.0 INTRODUCTION
When the future is unknown, there is risk and uncertainty. Humans have struggled to cope with
risks and uncertainties, and to a certain extent have made progress in this area.
Risk management is considered crucial for the survival of the organization due to increasing
external threats such as stiff competition and the impact of global warning. The advent of
technology and development has brought about the emergence of new risks exposing us to
various losses.
This chapter deals with basic issues in risk management. The objectives of risk management,
that is, before and after loss will be explained step by step. This chapter concludes with a
discussion on methods of handling risks.
The hazardous place that I chose is a new road construction in front of my house. I chose this
place because it seems like many risks that would happen. Because of this, all the car garage
owned by the residents who living nearby that area have to destroyed due to a new road
construction.
Figure 1.1
( A new road construction )
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Figure 1.2
Tools Descriptions
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2.1.2 Risk Identification List
The construction site seems like many huge risks would happen. So, the construction site
have a high severity and high frequency. This is because the children would play around
that area if there has no action to take.
It is getting worse when the children play around the new road construction without their
parents’ attention. It will increase the risks that would happen to the children if there has no
action to take.
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2.3 Step 3: Examining Alternative Risk Management Techniques
Once the risks have been identified and evaluated, the next step is to examine all possible
ways to handle them. The two main ways to classify risk management techniques are risk
control and risk financing (Oswald et al.2017).
2) Loss control
- Loss control designed to reduce the frequency, severity or unpredictability of losses
(Oswald et al.2017).
- The authorities should take an action on the delayed work since Movement Control
Order has been announced such as the cement sand that was left on the road. If no
action is taken, this will increase the risk to the people. The cement sand can cause
the people to slip and moreover if there is a heavy rain, the cement sand will get wet
and can cause an accident especially to car drivers.
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2.4 Step 4: Selecting And Implementing The Risk Management Programme
Once a decision has been made in the selection of a risk management method,
management must draw up and implement the best and most cost effective risk management
programme.
The selection of risk management programme may be based on two factors which is
financial criteria and non-financial criteria.
Based on table 1.0, I choose high frequency and high severity which means loss
prevention and loss reduction is possible. For the example, the risk of falling on the broken
cement block is high and it is can cause a serious injury to the people especially the part of the
head. The risk for accidents in the area that full of cement sand of the construction is high as
well. It can causes a serious accident and more worse, it will cause death.
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2.5 Step 5 : Evaluating, Reviewing And Controlling The Risk Management Programme
The risk management programme must be monitored and controlled systematically. It must
be periodically reviewed to ensure that the techniques employed are still suitable and that they
satisfy the current conditions (Oswald et al.2017).
In this step, the authorities should take an action to their workers and be more responsible.
Many risk that would happen if no action is taken. The workers should placing the construction
equipment in the right place. Most importantly, it is not exposed to the resident especially the
children who living there. The workers also should not to leave it easily on the road.
3.0 RECOMMENDATION
In another way, to avoid the risk of falling on the broken cement block, as parents they
should monitor their children from playing around that area. They are supposed to be more
careful about their children’s safety. If not, their children will get an injury if they are still playing
at the area of construction side. Secondly, to avoid the risk of accidents at the area that full of
cement sand was left on the road is the car drivers should be more careful. Most importantly, if
there is heavy rain, they must use another way instead of using that way to avoid accidents. We
cannot expect what will happen, so as the car drivers they should take a precaution to protect
themselves against possible danger.
4.0 REFERENCE
Oswald, T.E., Aziadatoly, M.A., Mohd, A., Ainon, B., Nurul, A.H., Norfaeza, M.S., Faziatul,
A.M.B. (2017). Risk & Insurance 3rd Edition. McGraw-Hill Education, p13-30.
ISBN 978-967-0761-27-5.
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5.0 APPENDIXES
Appendix 1
Appendix 2