Safetitude:Does higher risk mean higher investment?

Risk management is now gaining a more focus to scientifically manage an organisation from safety point of view. Risk is now a tool to have investment decisions in order to reduce it to a reasonably practicable level. Therefore, an understanding of a relevant risk and correct estimation of it pertaining to various independent functional departments is very essential. One such relevant risk is “Risk Ranking” which is different from general risk. Risk Ranking is a measure of degree of hazards due to factors that include inherent process, inventory of hazardous materials and hazardous operations. Risk ranking estimation takes into account of the composite risk due to property value, downtime (including production loss), and personal exposure and is calculated as multiplication of ‘composite exposure value’ and ‘percentage risk index’. This way, the different department is ranked 1, 2, 3.. and based on this, risk mitigation investment is prioritize accordingly.

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