Write 5 page essay on the topic Risk assessment.Download file to see previous pages... All the above risks posses a challenge of exposure to risks of loss hence uncertainty and instilled fear in major

Write 5 page essay on the topic Risk assessment.

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 activities. 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 business 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 difference 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).