What are the 2 types of Risk Assessment

 
What are the 2 types of risk assessment

With our recent focus on Risk Assessments in this post we are going to explore the 2 types of risk assessment that you will need to know.

In short there are two types of risk assessments:

  1. Qualitative: Object probability estimate based upon known risk information applied the circumstances being considered.

  2. Quantitative: This type is subjective, based upon personal judgement backed by generalised data risk.

It is important to understand that the two types of risk assessment (qualitative and quantitative) are not mutually exclusive.

Qualitative assessments are easier to make and are the ones required for legal purposes.

When there are types of work, whose hazards and risks are similar in different

Qualitative risk analysis tends to be more subjective. It focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle and the impact it will have on the overall schedule should it hit.

The goal here is to determine severity.

Results are then recorded in a risk assessment matrix (or any other form of intuitive graphical report) in order to communicate outstanding hazards to management.

Quantitative risk analysis, on the other hand, is objective. It uses verifiable data to analyse the effects of risk in terms of cost overruns, resource consumption, and schedule delays. Ultimately, the purpose is the same; the difference is that it takes a more scientific, data-intensive approach.

For workplaces or physical areas, a general risk assessment can be made. You can click here to view the five key steps to take when learning How to Write a Risk Assessment.

Here are some terms and key definitions with brief explanations that are often found when producing a risk assessment in the workplace:

  • HEALTH: A state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.

  • SAFETY: Suggests security, freedom from danger and risk or damage or injury.

  • HAZARD: Something with the potential to cause harm.

  • RISK: The likelihood that the harm could occur in the actual circumstance of use.

  • ACCIDENT: An unplanned and uncontrolled event, which has led to or could have caused injury to persons, damage to plant or other loss.

  • INJURY: Physical or mental harm to a person or persons.

  • RISK ASSESSMENT: Identification of hazards present in any undertaking and evaluation and the extent of the risks involved, taking into account whatever precautions are being undertaken.

  • THE EXTENT OF THE RISK: The number of people who might be affected and the consequences.

Next is to learn about the contents of a great working risk assessment. To do this there are certain logical steps to take when carrying out a risk assessment

  1. Look for the hazard.

  2. Decide who might be harmed and how.

  3. Evaluate the risks arising from the hazards and decide whether existing precautions are adequate or more should be done.

  4. Record the findings.

  5. Inform management and colleagues of your findings.

  6. Review your assessment from time to time and revise it as necessary; if the building or work procedure changes, re-assess.

There are also several key benefits of a Risk Assessment

  • To enable control measures to be devised.

  • To gain an idea of the relative importance of risks.

  • To take decisions on controls which are cost effective and appropriate.

 

According to the Health and Safety Executive:

“Risk assessment is not end to itself. it is a means to better management of safety.

it is a thinking process which enables management of determined priorities and

allocate resources in a way which will better control or eliminate risks to health and

safety at work ”. HSE

 

Conclusion

Understanding risk assessments and the part the play in helping you to redcue or remove risk in the workplace is an essential component of business management. Duty holders are ultimately reposible for the health, safety and welfare of everyone who comes into contact with the business.

Risk assessments help you learn about the correct measures that need to be put into place and then develop solutions and strategies that improve safety for all

If you are looking for a simple, effective and affordable solution to managing your risk assessments you can learn more about our online risk assessment tools within ClickHSE here, complete our CPD accredited online risk management course here or contact us today on 01905 371321 for more information.

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