The last few of our blogs have made it clear that there is a positive case for utilising social media in your efforts to promote and maintain a safe working environment. We always like to offer a balanced approach to every argument, which is why today we take a look at the 11 potential risks associated with using social media in the workplace.
The selection of a quantitative or qualitative techniques depends on the availability of data for hazard identification, and on the level of analysis and evaluation you need to make a confident decision. Some techniques are more suitable than others for certain situations, activities or systems. The following are key factors for the selection of risk assessment techniques or methodologies (Mullai, 2006), with additional criteria that may be added to take into account industry-specific factors:
After a brief diversion in terms of our blog’s subject matter, today we return to Jiaqi Sun’s review of enterprise risk assessment methodologies, continuing with the section of risk and its impact.
For both quantitative and qualitative approaches, a wide range of techniques exist as illustrated in the chart below (please refer the American Bureau of Shipping (2000) for more details). Each technique has its own:
With the increasing availability of big data and sophisticated software analytics, such as machine learning, modern risk assessment are automated and easy to use for people who have limited technical knowledge on risk management. The outcome of risk assessment will become more accurate due to the access to large-size samples. For example, Deloitte has developed a continuous risk assessment tool as an enhancement of its traditional risk assessment processes through the inclusion of quantitative metrics i.e. key risk indicators, to better assess the risk universe. ORM has moved away from traditional risk assessment towards risk-based strategic decision making.