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RISK MANAGEMENT – AN AREA OF KNOWLEDGE FOR ALL ENGINEERS
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The purpose of this paper is to “seed” the discussion by the Research Committee of the Canadian Council of Professional Engineers (CCPE) on the topic of risk management. The paper is in part a research paper and in its entirety a position paper. As can be inferred from the title, the authors hold the firm opinion that risk management is an area of knowledge with which all engineers should have familiarity and a level of competence according to their scope of practice.
The paper first makes the distinction between hazard and risk. The two terms are often used interchangeably when in fact they are quite different. A hazard is a chemical or physical condition that has the potential to cause harm or damage to people, environment, assets or production. Risk, on the other hand, is the possibility or chance of harm arising from a hazard; risk is a function of probability and severity of consequences.
A description of the process of risk management is then given. A generic framework for risk management is presented to illustrate the essential activities of hazard identification and the analysis, assessment and management of risks. Key activities in this framework are the decisions that must be made on risk acceptability – whether to continue with an activity and monitor the risk, to implement risk reduction measures and then conduct a re-assessment, or to discontinue the activity because the risk is unacceptable and cannot be cost-effectively reduced.
Paul R. Amyotte, P.Eng. & Douglas J. McCutcheon, P.Eng. - Personal Name
NONE
Management
English
2006
1-34
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