thc 2: topic 1

• risk management is powerful as it provides fact-based and science-based decision-making in safely, security, and sanitation.
• the trifocal function of risk assessment

  • risk identification
  • risk analysis
  • risk evaluation
• risk identification

  • find the risk
  • recognize the risk
  • describe the risk
• risk analysis

  • comprehend the nature of risk and its:
  • characteristics;
  • sources;
  • consequences;
  • likelihood; and
  • scenarios
• risk evaluation

  • support fact-based and science-based decision
• risk management principle


  creation and protection of value across an organization for performance improvement, innovation, promotion, and goal achievement are the very purposes of this.
• 8 principles of effective risk management

  • integrated
  • structured and comprehensive
  • customized
  • inclusive
  • dynamic
  • best available information
  • human and cultural factors
  • continual improvement
• integrated


  risk management is an integral part of all organizational activities
• structured and comprehensive


  an approach to risk management contributes to consistent and comparable results
• customized


  the risk management framework and process are customized and proportionate to the organization's external and internal context related to its objectives.
• inclusive


  appropriate and timely involvement of stakeholders enables their knowledge, views, and perceptions to be considered resulting in improved awareness and informed risk management.
• dynamic


  Risk can emerge, change or disappear as an organization's external and internal context changes.
• best available information


  the inputs to risk management are based on historical and current information on future expectations.
• human and cultural factors


  human behavior and culture significantly influence all aspect of risk management at each level stage.
• continual improvement


  Risk management is continually improved through learning and experience.
• types of risk

  • compliance
  • control risk
  • hazard risk
  • opportunity risk
• compliance


  it involves government-mandated licenses and Business Permits and requirements. It may constitute business clearance from a barangay level, municipal level, or city level, internal revenue offices, BIR, SEC, LTO compliance to fire and building codes, insurance, etc.
• hazard risks


  These are the risks that can prevent and deter the achievement of the company's goal, mission, and objective. Typical examples include insurable-type risks such as fire, typhoons, floods, earthquakes and injuries among others.
• opportunity risks


  These are risks that are usually deliberately sought or embraced by the organization specifically for the future long-term success of any organization.
• 8 sources of risk

  1. uncertainty in financial markets
  2. threats from the project failures
  3. legal liabilities
  4. credit risk
  5. accidents
  6. natural causes and disasters
  7. deliberate attack from an adversary
  8. events of uncertain or unpredictable root cause
• top 10 major causes of project failure

  1. lack of planning
  2. kitchen sink syndrome
  3. inconsistently defined resources
  4. unrealistic deadlines
  5. lack of transparency
  6. lack of communication
  7. unrealistic expectations
  8. lack of monitoring
  9. lack of risk management
  10. inadequate stakeholder management
• the risk may defined as a potential loss or harm to persons or property.
• 7 common injuries in the hospitality industry

  1. slip and fall injuries
  2. musculoskeletal injuries
  3. skin reactions
  4. respiratory illness
  5. security related accident
  6. food poisoning
  7. elevator and escalator accident
• 8 natural accidents or accidents due to fortuitous events or acts of God Accidents

  • earthquake
  • volcanic eruption
  • flood
  • landslides
  • erosion
  • fire
  • storm
  • typhoon
• transportation accidents

  • air
  • water
  • land
• accidents due to activities

  • pool accident
  • animal bites or attacks
  • drowning
• 3 natural causes and disasters

  1. acts of God accidents
  2. transportation accidents
  3. accidents due to activities
• 2 types of events in risk management

  • negative events or risks
  • positive events or opportunities