StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Risk management - Essay Example

Cite this document
Summary
Institution Tutor Risk Management Course/Number Date Department Introduction It is a fact that the mechanical process of drilling through the seabed as a way of exploring and extracting oil lying in rock formations beneath the seabed comes with risks…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER96% of users find it useful
Risk management
Read Text Preview

Extract of sample "Risk management"

Download file to see previous pages

Because of this, it is in order to posit that drilling not only readily brings serious risks, but listing 30 of the most significant physical accident risk sources may also thus be in order. List of risks 1) Structural or infrastructural collapse 2) Trips, slips and falls 3) Explosions and fire outbreaks 4) Oil spills 5) Human error 6) Natural forces such as strong wind, hurricane or tropical storm 7) Unsupportive environmental conditions such as soggy ground after rainfall. This may lead to the infrastructure giving way or the rigs not holding firmly to the ground 8) Poisoning 9) Long-term cumulative environmental impacts of offshore drilling which may trigger anoxic conditions, and thereby harming the environment, flora and fauna 10) Ice or glacial action 11) Helicopter accidents 12) Crane accidents and malfunction 13) Earthquakes 14) Falling debris 15) Incompetence, inadequate training and fatigue 16) Drowning 17) Dumping of drilling fluids and metal cuttings into the ocean 18) Air pollution 19) Pipeline leakages 20) Water transport accidents 21) Flooding 22) Negligence such as the failure mark equipment, leading to burns and cuts 23) Contamination of food 24) Mercury poisoning and resulting health complications 25) Hearing loss to humans and marine life 26) Climate change due to burning of fossils which produce black carbon 27) General feeling of malaise 28) Cancer 29) Radiation 30) Attacks by marine life Scale 1-10 Risk sustained 1 Trips, slips and falls 2 Oil spills 3 Structural and infrastructural collapse 4 Explosions and fire outbreaks 5 Natural forces such as hurricane, strong winds 6 Long-term cumulative impacts 7 Negligence such as failure to label equipment, leading to burns and cuts 8 Unsupportive environmental conditions 9 Poisoning 10 Hearing impairment Trips, Slips and fall Like all other industries, offshore drilling is also characterized with slips, trips and falls.

The concomitance between trips, slips and falls and offshore drilling is underpinned by the fact that oil rigs and mining site surfaces are always covered with oil. These forms of accidents are so common among offshore drillers that they have been established to occur on any surface- littered decks, rough dried-up, slimy or smooth surfaces included. Loose hatch covers and other objects which protrude into a walkway may also occasion trips, slips and falls. Schermerhon (2011, 45) points out that some of the measures that have been put in place to ensure abatement of slips, trips and falls include the designing, recommendation and subscribing to proper shoe wear.

Proper shoe wear includes thick and tough leather boots which are complemented with rubber soles. Rubber soles have firm grips, since mostly, slips are brought about by a very low coefficient of friction. Likewise, the heavy duty nature of these boots succour offshore drillers from being injured when they dash their feet against metallic or concrete erections. Another step that has been used to abate slips, trips and falls is raising awareness on the same, and emphasising the importance of education on safety precautions such as neatness, proper outlaying of the work environment, proper dressing, and erection of warning signs.

Another risk that accompanies offshore

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk management Essay Example | Topics and Well Written Essays - 2750 words”, n.d.)
Risk management Essay Example | Topics and Well Written Essays - 2750 words. Retrieved from https://studentshare.org/management/1403925-risk-management
(Risk Management Essay Example | Topics and Well Written Essays - 2750 Words)
Risk Management Essay Example | Topics and Well Written Essays - 2750 Words. https://studentshare.org/management/1403925-risk-management.
“Risk Management Essay Example | Topics and Well Written Essays - 2750 Words”, n.d. https://studentshare.org/management/1403925-risk-management.
  • Cited: 0 times

CHECK THESE SAMPLES OF Risk management

Operational Risk Management

Risk, risk receipt and Risk management are issues decision-making management can appreciate because it is akin to commerce risk, which they contract with routinely.... Become a documented business advisor to management by thinking deliberately.... isk Assessment and management According to the expert analysis Wharton (1992) concludes that risk appraisal is the articulation of risks in terms of their probability and seriousness.... According to the expert analysis this account outlines risk organization in general and considers risks inside the early stages of a growth lifecycle in family member to IT projects....
12 Pages (3000 words) Essay

Corporate Risk Management

This case study "Corporate Risk management" focuses on the Risk management that targets successful tackling of any element of risk under any circumstance.... hellip; A thorough understanding of the stages and principles of the corporate Risk management cycle would certainly aid in providing an effective corporate microclimate.... The integrated Risk management strategies in all nuclear power plants must include all the necessary preventive and management measures....
8 Pages (2000 words) Case Study

Corporate Risk Management

In this paper "Corporate Risk management" the author will explain the corporate Risk management from the perspective of one of the largest companies in Saudi Arabia, Samama group of companies that have been an efficient platform for my personal employment.... Thus, I will study this sudden Risk management.... For such purpose, the graph including factors of the Risk management cycle will provide a comprehensive understanding of the issue....
8 Pages (2000 words) Case Study

Financial Risk Management

In the essay “Financial Risk management” the author analyzes an analysis of the article Risk management Lessons from the Credit Crisis, which can effectively assist in evaluating financial Risk management particularly in light of the credit crisis.... An analysis of the article Risk management Lessons from the Credit Crisis can effectively assist in evaluating financial Risk management particularly in light of the credit crisis....
5 Pages (1250 words) Essay

Risk Management Plan

Risk management is identification, evaluation and prioritization of risks followed by monitoring of these risks through economical applications to reduce the probability of unfortunate… A Risk management plan is a document that lists the risks anticipated and their mitigation measures.... In accounting there are several risks, however accounting firms need to seek more assurance Risk management Plan Legal Risk management Plan for an Accounting Firm Accountants are known to be ahead of other professionals when it comes to Risk management....
2 Pages (500 words) Assignment

Risk Management Stratgic Framework

The recommended measurement is effective tracking which requires using effectiveness criteria in order to examine performance results with realistic metrics… In addition, situational awareness can reveal what changes may be needed in the efforts towards Risk management.... Models of evaluation can include role-playing exercises as well as scenario model building, external reviews, and Analysis of Risk management Analysis of Risk management Question The results of an effective security investment are that losses would be prevented from potential threats....
2 Pages (500 words) Essay

IT Project Risk Management

The paper "IT Project Risk management" attempts to unearth all aspects of project Risk management and their application to IT project Risk management.... Senior managers to make have effective initiation of projects ought to learn and practice this typology of project Risk management.... emsp;  … The paper is structured into phases that outline how project Risk management typology can be achieved effectively....
16 Pages (4000 words) Term Paper

Risk Management Principles

… Introduction According to (ISO\DIS 31000 2009), Risk management is the combined probability of an occurrence and the consequences that are suffered thereof.... Otherwise Risk management can be defined as a process whereby risks are identified, Introduction According to (ISO\DIS 31000 2009), Risk management is the combined probability of an occurrence and the consequences that are suffered thereof.... Otherwise Risk management can be defined as a process whereby risks are identified, prioritized and assessed....
11 Pages (2750 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us