About This Chapter
Principles of Risk Management for Safety Professionals - Chapter Summary
In this chapter, you'll find short and simple lessons that examine the basic principles of risk management and the ways in which they apply to safety professionals. Our expert instructors use simple definitions and illustrative examples to explain concepts like risk analysis, risk assessment, job hazard analysis and risk management objectives. Upon completion of the chapter, you should be able to:
- Describe the purpose of risk management and risk analysis in business
- Outline the process of project risk management
- Evaluate several risk assessment methods
- Use cost-benefit analysis
- Explain the main objectives of job hazard analysis
- Discuss behavior modification techniques for safety professionals
The bite-sized nature of these lessons helps you quickly move through the chapter. Complete the included lesson quizzes and chapter exam to master these risk management topics. Our instructors can answer any questions you may have, and you'll be able to access the chapter whenever you have free time to study.
1. Hazard Identification & Analysis Methods for Safety Professionals
Learn the importance of hazard identification. Explore effective methods to analyze hazard identification, including job safety analysis, operation hazards analysis, human performance analysis and events leading to an incident.
2. Risk Analysis & Risk Management in Business: Overview, Objectives & Comparison
A successful business requires careful attention to the allocation of resources and, just as important, to the degree to which those resources are exposed to risk. In this lesson, we'll discuss the importance of risk analysis and management in business.
3. What is Project Risk Management? - Definition, Process & Examples
In this lesson, we'll explore the definition and elements of risk management within project management, learning ways to ensure your project is successful. We'll study how to identify, assess and reduce risk and how to react to risk as it shows up.
4. What Is a Risk Assessment? - Process, Methods & Examples
What is a risk assessment, and why would we prepare one? In this lesson, we'll learn what it is, why it's needed, and how to prepare a risk assessment and rank potential risks for our business.
5. Understanding & Using Cost-Benefit Analysis
This lesson will introduce the concepts, advantages, and disadvantages of cost-benefit analysis. Although the cost-benefit analysis is an excellent tool, we shall see that not all costs and benefits can easily be assigned monetary values.
6. Risk Control vs. Risk Management
In this lesson, we'll clarify the difference between risk management and risk control. We'll also describe a five step process commonly used in risk management, and then highlight four basic categories of risk controls.
7. Understanding Insurance Policies and Risk Management
Obtaining insurance is one of the most common methods of risk management. In this lesson, you'll learn about insurance policies and some key concepts related to insurance. You'll also have a chance to take a short quiz.
8. Insurance Coverage for Various Types of Risk
Businesses operate in a world of risk. One of the best ways to manage risk is through insurance. In this lesson, you'll learn about the types of insurance coverage available to businesses to help them manage their risks.
9. Job Hazard Analysis: Definition, Methods & Objectives
In this lesson we will review job hazard analysis to learn what it is, its purpose, and the process OSHA recommends when conducting a job hazard analysis.
10. Behavior Modification for Safety Professionals: Techniques & Examples
This lesson describes the techniques and methods used by safety professionals to conduct behavior modification, based on employee observation of tasks and risk.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Certified Safety Professional (CSP): Exam Prep & Study Guide course
- Core Concepts in Anatomy
- Fundamental Concepts in Chemistry
- Overview of Physics Concepts
- Microbiology for Safety Professionals
- Mathematical Concepts Overview
- Statistics for Interpreting Data
- Principles of Research Methodology
- Management Planning & Strategic Analysis
- Management Systems for Safety Professionals
- Organizational Leadership & Management Theories
- Motivation, Discipline & Communication in the Workplace
- Fundamental Concepts in Project Management
- Budgeting & Finance for Safety Professionals
- Safety Management for Safety Professionals
- Workplace Hazards & Protective Equipment
- Emergency Preparedness & Security for Safety Professionals
- Occupational Health & Ergonomics
- Environmental Management Systems for Safety Professionals
- Workplace Training & Education
- Law & Ethics for Safety Professionals