Page 24 - Insurance Times September 2021

Low Minor Moderate Major Extreme
Consequence Consequence Consequence Consequence Consequence
(Rating:1) (Rating:2) (Rating:3) (Rating:4) (Rating:5)
Almost certain Moderate Moderate High Critical Critical
(Rating:5) 5 10 15 20 25
Very Likely Low Moderate High High Critical
(Rating:4) 4 8 12 16 20
Likely Low Moderate Moderate High High
(Rating:3) 3 6 9 12 15
Unlikely Low Low Moderate Moderate Moderate
(Rating:2) 2 4 6 8 10
Rare Low Low Low Low Moderate
(Rating:1) 1 2 3 4 5

Table 2: Risk Matrix

Risk Assessment: Once, the area of mining is determined categorised into five different categories (viz. Extreme,
we need to assess the potential challenge the area would Major, Moderate, Minor and Low), policies with the
bring. We have few points that would help the assessors to standard operating procedures are prepared.
determine risk and put it in a certain level and present the
likelihood of its occurrence through likelihood descriptor- Some of the established categories of protection are -
Y Take into account the nature of the workplace Y Work Practices

Y Identify all the potential risks and hazards associated Y Engineering Principles
with it
Y Elimination, Substitution and Reduction
Y Assign a level to each risk
Y Hygiene Practices
Y Check the priority for better analysis
Y Administrative checks
Y Compare the findings with other departments or
Y Protective gears
companies
The compiled data of the above findings is given below: The outcomes of the management is much more than the
safety. In fact, it will help in developing the right strategies
Likelihood Rating Description
to focus on the right numbers, help us build team
Almost 5 90% or greater chance of management and interpersonal communication, it will teach
certain any risk or hazard taking us team work and will promote ethical practices in the
place organization. The heavy machines can be made to work
Very likely 4 50-90% chance or safely by having a regular check by the technicians, which
probability also reduces time and money that is lost during the repair.
Likely 3 20-50% chance of mishap
Right equipment with proper training is required to avoid
Unlikely 2 5-20% chance of any risk that could have otherwise taken place. Today,
occurrence
miners rely on safety regulations combined with equipment
Rare 1 Very low chance of any to warn and few protective gears that would ensure
risk minimum damage to the life and property.
Table 3: Likelihood Descriptors
Any change in the work process, changes the whole dynamics
Risk Management: When the assessment is done using for the workers; hence they are the ones who must be first
proper techniques then the management tools are easy to aware of the changes that have taken place to avoid
identify. Depending upon the level of risks which are workplace hazard. Follow up inspections and checks should

24 The Insurance Times, September 2021