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Pure Risk include fire, earthquake, theft etc. In case of fire risk, through improved security measures the impact of fire risk can be reduced.Through Insurance , though we cannot stop the risk but can reduce the impact of loss.There are mainly4 ways of managing risks including prevention, retention, reduction and transfer.
The4 T's
Tolerate or risk acceptance ..... when the risk impact and likelihood are low
Treat ....... when the risk impact is low yet the likelihood is high
Transfer or risk sharing ....... when the risk impact is high and the likelihood is low
Terminate ...... when the risk impact and likelihood are high
Very well elaborated by Ms. Nancy. I would like to add a few things:
Hazard (pure) risk treatment should be considered in the following priority order:
1- Elimination (Remove the hazardous equipment or discontinue the hazardous process)
2 - Substitution/Reduction (Substitute the hazardous part of the equipment or hazardous part of the process with a safer option).
3- Isolation ( Isolate the people from the equipment or process).
4- Engineering Controls (Use of measures to change the equipment or the environment in which the process is undertaken).
5- Procedures and Training ( Systems of work or safe work procedures).
6 - Personal Protective Equipment (PPE includes overalls, aprons, footwear, gloves, safety glasses, face shields and respirators).
Available risk treatment techniques include these
:•Avoid the risk
•Modify the likelihood and/or impact of the risk
•Transfer the risk
•Retain the risk
•Exploit the risk
fire fighting arranegements must be do ne . all buildings and stocks must be got insured