HFS371 Risk Assessment and Management – SUSS- The company’s routine operational activities play a major role in the company’s viability and resilience, Singapore

Question 1

This end-of-course project aims to gauge your ability to (1) illustrate concepts of risk and risk management; (2) analyse risk perception and how this affects risk management; (3) examine the purpose and aims of risk control; (4) carry out risk assessment using the appropriate tools and techniques for a hazardous work process; (5) propose and design appropriate risk treatment measures to eliminate or minimize the associated risk; and (6) apply risk management methods and principles in the selected industry sector.

The company’s routine operational activities play a major role in the company’s viability and resilience, and your management has decided to focus on the associated operational risks. In addition, your company has also embarked in new projects to enhance their business scope. As the operations manager of your company, you are one of the key members of the company’s overall Risk Management Team. You are to assist the operation director to oversee operational risks relating to the routine operations as well as the additional project risks, showing understanding of the overarching risk management approach by doing the following:

(a) Outline the structure of the company’s risk management team that oversee the overall risk management framework and approaches.

(b) Select an ad-hoc non-routine work process at your workplace.

(c) Select and form the risk assessment team appropriate for the selected work process.

(d) Search and review related past incident history within the company and industry sector. Supplement your findings with literature reviews, historical case studies and/or incident investigation reports.

(e) Carry out qualitative risk assessment of the selected work process utilizing at least TWO (2) different risk assessment tools and techniques to identify, analyse, and evaluate the associated hazard-risk.

(f) Search and review current good practices and safety/control technologies relevant to your selected work process. Supplement your findings with literature reviews, seminar or communities of practice sharing, and/or emerging technology;

(g) Discuss the impact of the associated hazard/risk and appropriate risk treatment. In your discussion, state the advantages, disadvantages and explain why and how the associated risk can be managed.

(h) Recommend the appropriate risk treatment. In your recommendation, state the advantages, disadvantages and explain why your recommendation is most appropriate.