Risk Assessment & Management Flashcards

What is the first step in VCP risk assessment?

Answer: Identifying potential hazards and threats relevant to the activity or project

Risk assessment begins with systematic identification of all potential hazards and threats, as you cannot manage risks you haven't identified. This foundation supports all subsequent analysis and mitigation.

What is the hierarchy of controls in VCP risk management?

Answer: Elimination, substitution, engineering controls, administrative controls, then PPE

The hierarchy prioritizes the most effective controls first: eliminate the hazard entirely, substitute with something safer, use engineering controls, implement administrative measures, and use PPE as the last resort.

What is the purpose of a risk matrix in VCP practice?

Answer: To evaluate risks by plotting likelihood against severity of potential impact

A risk matrix plots the probability of occurrence against the severity of potential consequences, helping prioritize which risks need immediate attention and which can be monitored.

What does residual risk mean in VCP risk management?

Answer: The remaining risk after all control measures have been implemented

Residual risk is the level of risk that remains after all practical control measures have been applied. Some residual risk is usually accepted as it may not be feasible to eliminate all risk entirely.

Why is regular review important in VCP risk management?

Answer: Because conditions change and new risks emerge requiring updated assessments

Regular reviews ensure risk assessments remain current as conditions change, new hazards emerge, operations evolve, and lessons from incidents or near-misses are incorporated into updated controls.

What is a near-miss report in VCP safety management?

Answer: Documentation of an event that could have resulted in harm but did not

A near-miss report documents events where an injury, damage, or loss almost occurred. These reports provide valuable data for preventing future incidents by identifying systemic weaknesses before actual harm occurs.