Residual Risk

Working at sea presents a dynamic environment with unique risks and challenges. The weather, sea conditions, and the behaviour of the vessel all add to the complexity of working on a ship. Additionally, the job itself, whether it be fishing, transportation, or offshore drilling, can present its own hazards and risks.

A risk assessment is important in this environment as it helps to identify potential hazards and assess the likelihood and consequences of them occurring. This information is then used to develop strategies to control or mitigate the risks. By doing so, the safety and well-being of the crew, the ship, and the cargo can be safeguarded.

Without a proper risk assessment, the dynamic environment of working at sea can lead to accidents, injuries, and even fatalities. Therefore, it is critical that organizations operating at sea have effective risk assessment processes in place and that they are regularly reviewed and updated to account for any changes to the environment or the job at hand.

Residual risk is the level of risk that remains after implementing measures to reduce or mitigate the initial risk. It represents the risk that is still present even after all possible preventive and protective measures have been taken. In other words, it's the risk that an organization accepts as unavoidable or tolerable because it's either too difficult or too costly to completely eliminate. Residual risk is an important concept in risk management, as it helps organizations to identify areas where additional controls may be needed to reduce the overall risk to an acceptable level.

In order to determine residual risk, it is necessary for organizations to grasp the contrast between inherent risk and residual risk. Inherent risk refers to the risk that exists in a situation where no attempts have been made to mitigate it, and no measures or controls have been put in place to lower the risk from initial levels to levels that are more acceptable to the organization. On the other hand, residual risk is the risk that persists after measures have been implemented to decrease the inherent risk.

In conclusion, this article provides valuable insights into Residual Risk. It highlights the importance of a thorough risk assessment. I encourage you to share your own perspectives and continue the conversation in the comments section below. Thank you for reading!

So now that you know what Residual Risk is, can you identify the Residual Risk in your work place? Will you look at your risk assessments again?

Inherent risk being mitigated via barriers and processes, Residual Risks remain due to inefective barrier placement.