ILM 8605-403 Managing Risk in the Workplace Assignment Help in UK

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Assignment Brief 1: Understand the importance of managing risks in the workplace

AC 1.1 Evaluate relevant laws and legislation relating to risk management in own area of responsibility

To evaluate relevant laws and legislation related to risk management within your field of operation, implement the following:

• Identify Relevant Legislations: Important legislations include health and safety laws, which often include the Health and Safety at Work Act; environmental protection laws; the laws on data protection, including the General Data Protection Regulation; financial laws, like Basel III; and laws that relate to contracts.

• Evaluate Compliance: Determine whether the organisation performs all mandatory risk assessments and keeps satisfactory records; provides required training; and has incident reporting procedures in place.

• Consequences of Non-Compliance: Non-compliance may result in fines or penalties and sometimes a lawsuit. Ensure the organisation has sufficient insurance and liability coverage available.

• Stay Updated: Review and revise the practices of risk management that were amended by the relevant legislation.

AC 1.2 Evaluate internal policies relating to the management of risk in own area of responsibility

To evaluate the risk management policies that exist within your area, you should;

• Identify Policies: For your area, check relevant risk management policies.
• Assess Scope & Objectives: Confirm they align with your goals and risks you mitigate.
• Evaluate Effectiveness: Review the past incidents, collect feedback from the staff members, and analyze how successfully you mitigated it.
• Ensure Compliance: Confirm there is legal and regulatory compliance.
• Roles & Responsibilities: Confirm that the duties to manage the risks have been clearly assigned.
• Review Communication & Training: All policies are communicated effectively to staff and also trained on them.
• Ensure updating of policies when new risks have emerged, hence or as a result of other changes
• Monitor Effectiveness: Check whether policies are reducing risks sufficiently or if there is a need to revise or update some of the policies.

Assignment Brief 2: Be able to identify and manage risks in own area of responsibility

AC 2.1 Conduct a risk assessment within the context of own workplace

1. Hazard Identification

Identify all possible hazards to include physical, chemical, biological, ergonomic, and psychosocial hazards.

2. Risk Evaluation

Determine the likelihood, severity, and exposure of each hazard, as well as its current controls.

3. Assess Risk Levels:

Use a risk matrix to determine the overall risk (low, medium, high) and prioritize actions.

4. Implement Control Measures:

• Eliminate or substitute hazards if possible.
• Engineer solutions like safety equipment or better design.
• Use administrative controls (policies, training) and ensure proper PPE.

5. Record Findings:

Document hazards, risk levels, and measures implemented for legal compliance.

6. Monitor and Review:

Regularly check for new risks and review controls to ensure effectiveness.

7. Communication:

Share findings with staff, provide training, and maintain awareness.

This process helps create a safer workplace by identifying and controlling risks.

AC 2.2 Propose how to minimise identified risks in own workplace

• Identify Risks: Continuously identify the risks and solicit employees’ suggestions.
• Assess Risks: Assess with risk probability and impact.
• Safe guard: Provide employees with safety education, process improvement, and technology to reduce risks.
• Emergency Procedures and Backup System: Develop plans for unexpected events and have a backup alternative.
• Involve Employees: Require reporting, accountability, and shared responsibility for safety.
• Monitory: Review risk management policies recurrently and monitor their effectiveness.
• Compliance with the Law: Ensure that policies comply with safety regulations and industry standards.

AC 2.3 Explain how identified risks will be continuously monitored and reviewed

• Risk Monitoring Plan: Create a concrete risk monitoring plan, outlining explicit timelines, checkpoints, and the persons responsible. It should indicate the schedule for monitoring: whether it would be weekly, monthly, or otherwise; the methodologies used like meeting attendance, reports, or software tools by considering criteria for assessing every risk’s status.

• Definition of Risk Indicators Set Key Risk Indicators (KRIs) that will determine whether a risk is increasing or decreasing. The indicators could be some that are quantitative, like financial information and project delays, while others are qualitative, like changes in stakeholder sentiment or market trends, and ensure these are reviewed regularly to reassess all that is likely to happen with the risk.

• Ongoing Stakeholder Engagement: Engage the different stakeholders in continuous monitoring. The information that they will give through regular reports will give real-time feedback on how the risks are developing and in fact how good the mitigation strategies are performing. Involving stakeholders directly ensures that there is a collective responsibility for monitoring risks.

•  Risk Reporting: Adopt a clear communication structure to report the status of identified risks to top management, project teams, or other relevant parties. The reporting may be structured to include the ups and downs of likelihood, impact, mitigation progress, and changes to the risk environment.

• Continuous Improvement: Monitoring and reviewing the risks would also be more effective if it followed the process of continuous improvement. Continuously learn from past experiences and integrate those lessons into future risk management strategies. This will enhance the ability of the organisation better to anticipate and manage risks in time.