Asset, Incident, Hazard, Uncertainty, Risk Indicator, and Secondary Consequence

Risk Lexicon Definition Exercise Two
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Risk Lexicon Definition Exercise Two
Asset: An asset is a resource, product, system, or process valuable to a particular organization that requires adequate protection from harm, interference, or loss. According to Shakeel (2021), risk identification is crucial in risk management that identifies specific risk component elements, including assets. Therefore, an organization must determine its assets and value before implementing an asset risk management strategy.
Incident: One critical part of risk management is the investigation, analysis, and reporting of incidents. An incident is a circumstance that could potentially result in a loss of and interruption of an organization’s operations, services. Incident management (IcM) is a vital process in risk management that signifies company functions to identify, evaluate, and address hazards to curb future reoccurrence.
Hazard: Most people cannot differentiate between a risk and a hazard because they believe they mean the same thing. However, a hazard is anything that causes significant harm, for example, noise, work bullies, electricity, to mention a few. According to Healthy Working Lives (n.d), the risk assessment should critically examine typical hazards within the workplace like machinery, work-related stress, slips, and falls, and adverse...