Risk Assessment and Management - Essay Example

Evaluation of the risk against strategic categories such as economical, social, environmental stimulations is also achieved in this essay. Risk management is the process of evaluating, mitigating and supervising the potential risk elements connected with the origin of a project. The success of an enterprise depends upon the lower level quantum of risk factors. The higher the risk the higher the loss and an uncertainty will ensue on the future of the project. Therefore risk management has got a virtual application and its style and approach together with strategies will be responsible for the accomplishment of any venture.

Recognising the risk management is a multi-disciplinary field. The scientific and systematic skill and knowledge acquired from specialist institutes and associations, and practice and experience to increasingly broad and diverse set of risk factors connected with ventures of all types are required to handle the risk factors involved in a particular enterprise. In other words ability to identify and quantify the risks arising out of an inbuilt environment, with the help of risk analysis systems and tools to the management of risk, are necessary to evaluate and regulate the risk proximity related to a project.

Formaldehyde (FA) FA is carcinogenic at the site of contact as a consequence of epithelial cell regenerative proliferation resulting from cytotoxicity and mutation (reviewed by Naya and Nakanishi 2005). In 2004 the International Agency for Research on Cancer (IARC) concluded that FA is a known human carcinogen based on sufficient evidence in humans and experimental animals (IARC 2004). The carcinogenic effect of FA is caused by prolonged regenerative cell proliferation associated with its cytotoxicity, which increases the number of DNA Risk Assessment and Management 5replications and thus increases the probability of DNA-protein cross-link (DPX)-initiated replication errors (Liteplo and Meek 2003; Speit et al. 2000).Risk Assessment:Like most other substances formaldehyde is toxic in very high doses.

But like Paracelsus said: the dose makes the poison. Formaldehyde is a natural metabolic intermediate and is produced by all living cells. 3 mg/kg of formaldehyde is the natural concentration in the blood of humans and mammals. In some cells of the human body, e.g. in the liver or in the epithelial cells of the nasal mucosa, concentrations of formaldehyde can reach up to 6-12 mg/kg. Studies show that indoor air levels of formaldehyde in houses and offices are nowadays at a safe level of below 0,1 ppm.

Sensory irritation, that is eye and nose irritation, is first observed at levels of 1 ppm and higher. From both human