Risk Management 101

Risk Management 101: A Practical Introduction

Welcome to Risk Management 101, a foundational course designed to provide a clear understanding of core risk management concepts. We'll dissect the essential components and then rebuild them, demonstrating a practical approach to effective risk management. Drawing on extensive experience in risk management, including project risk management and safety risk management, I aim to equip you with valuable insights applicable to various scenarios.

Whether you're preparing for an interview, seeking a basic understanding of risk management, or deciding if further study is right for you, this concise session will be beneficial.

Here's what we'll cover in Risk Management 101:

• Hazard Identification: Learning to recognize potential sources of risk.
• Hazard Analysis: A detailed examination of identified hazards.
• Risk Estimation: Quantifying the likelihood and impact of potential risks.
• Risk & ALARP Evaluation: Assessing risk levels and applying the ALARP (As Low As Reasonably Practicable) principle.
• Risk Reduction: Implementing strategies to minimize identified risks.
• Risk Acceptance: Making informed decisions about risks that cannot be fully mitigated.

What is Risk Management?

Risk management is the systematic application of management policies, procedures, and practices to the critical tasks of:

• Hazard Identification
• Hazard Analysis
• Risk Estimation
• Risk & ALARP Evaluation
• Risk Reduction
• Risk Acceptance

Learn safety best practices from an industry professional. The Safety Artisan offers pragmatic and impartial training videos on safety, delivered by an engineer and consultant with over 20 years of practical experience, having trained hundreds of students.