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The quarrying activity includes the drilling of bore holes, the filling up of explosives and the triggering of the explosives. During the process of charging and ignition, the explosives are transported to the explosion area from the explosive storage facilities. The explosives are stored only in approved sites that have to comply with the requirements of relevant legislation. The inappropriate loading of material onto the heavy goods vehicles with the result that material is hurled from the vehicle as the material is transported.
In material transport systems there are moving parts that are a constant source of hazard for any person working near these conveyors during normal operation or during the maintenance activities.
The cleaning of overflows during operation must be avoided unless the cleaning is done by the conveyor operative. For the safe operation of the mills all the necessary guards must be in place in order to isolate the mechanical movement from contact with the operators. For the purpose of supervising the mills the operators are having to walk on specific platforms equipped with protective railing so that falls from height are prevented. Due to the excess kinetic energy of material as it rotates and the continuous pounding of the material inside the mill there is a serious hazard from the frequent hurling of mill nuts. Within the milling area and the blowers homogenising area – storage, the employees are exposed to noise and dust. Due to the nature of work there is risk of dust being released to the atmosphere and if the dust stays airborne for a long time it creates short and long term breathing problems to the employees. The internal cleaning of silos is high risk and relatively frequent operation in the cement industry and for this reason all necessary preventive measures must be taken. For such a high risk operation there must be a responsible supervisor for the silo cleaning.
Firstly he must notify the silo operatives about the impending cleaning and to make sure that the feeding of material to the silo is stopped. Once the supervisor has inspected and made sure that he has seen the bottom of the silo near the door and that no material masses are hang from the silo walls, then he gives the necessary instructions to start the Filter funs. If the cleaning operation takes more than one day then it is the responsibility of the supervisor to inform daily the silo operators about the start and finish times. The clinker production facility includes the rotating furnace the preheating cyclones the clinker cooler, the clinker filters and the work vehicles. With regards to the hazards of the operation and maintenance of the filters please refer to chapter 2.7.
In the cement industry there are 2 types of filters used for the collection of the dust produced: the electrostatic filters and the bag filters. During the production of cement, the drying of raw materials and the production of clinker there is a need to consume large quantities of fuel that can be solid (coal and pet coke), liquid (heavy fuel oil) or gas. The start up of an unwanted fire may be due to employees not adhering to the company’s operating procedures, or due to the inappropriate maintenance of the fuel storage facilities.
The basic preventive and protective measures for the reduction risks associated with the above are aimed towards the isolation or quick reduction of one of the three sources that create or cause the combustion namely the fuel quantity or oxygen or the presence of heat.
All hot working activities near the tanks should not be carried out unless authorised using the documented operational procedures. During the use of Fuel Oil the main hazard is its flash point combustion temperature (>65C) which is relatively low. The protection against physicochemical agents such as Noise, Dust, VOCs, toxic substances etc. To remove and sharp corners or edges present either as a result of the building or the equipment and furniture. The common movable ladders must be made from strong material (equivalent to its use) with strong beams and non slippery steps. Another main hazard is the inherent instability of the ladder and for this reason the ladder must be stabilised appropriately or held down by personnel. The double movable ladders should be less than 5 meters high and should have a solid method of restrain so that they do not open beyond the accepted limit.
For ladders equipped with extensions the full length of which reaches a maximum length of 12 meters must be stabilised at the top and the operative on the ladder must be supervised by a colleague at the ladder base. Check the condition of the ladders as well as the presence and adequacy of the anti slip material on the steps. Climb up and down the ladder with the face facing the ladder moving slowly and steadily holding the ladder with both hands. Avoid moving the body on the sides in order to reach away from the ladder or step further than the third step from the top.
Handle only light tools always properly on a special belt so that the hands are always free to move up and down.
Have a colleague at hand to help the movement of people and vehicles whenever he ladder has to be placed in a passageway. Never work on metal ladders when the distance between the top of the ladder and the electricity supply lines is less than 5 meters.
For the execution of work at a height of more than 2m the scaffolding is the best method for managing the risk of falling from height. The assembly and taking down of the scaffolding must be carried out by competent people equipped with the necessary harness and under the direction of a supervisor and according to the assembly instructions of the scaffolding manufacturer. The scaffolding must comply with the legal requirements relating to the structure, assembly, use, the stability characteristics, the strength, the adequacy of the levels and floors, the access to the levels etc. Metallic scaffolding must be protected against atmospheric discharges by having earthing every 20m along the perimeter.
The stable tying up on the building effectively secures the scaffolding from horizontal or seismic movements. Fork lifts are used in all cases when there is a need to move and lift up materials, finished goods and equipment. Since the use of such vehicles is necessary there is a need for all personnel involved to be careful for proper use paying attention to both the driver as well as the employees working in the vicinity. The use of fork lifts is associated with a number of accidents mainly due to the fact that there are hazards linked to their use. Other work vehicles are vehicles that are used to carry out other support activities within the cement factory.
Hazards can be generated from the use of such vehicles due to bad visibility, lack of training, not adhering to policies and instructions. As a result of the above a number of accidents may arise that may involve the hitting or stepping of personnel, hitting other vehicles, hitting the buildings or facilities or the tilting of the vehicle itself due to inclined surfaces. When welding is carried out at higher levels all the necessary measures must be undertaken so that other operatives working below are protected from hot particles.
During the welding or cutting operation there must be a fire extinguisher at hand and the operative must be competent in their use. Make sure that in case where welding is carried out indoors then a smoke suction system must be used appropriately placed. Prior to leaving the welding area the operative must check if as a result of the operation a hot spot has been created. Superheated welded areas must be protected so that they do not accidentally come in contact with skin. Welding cannot take place in areas where there is storage of flammable liquids such as petrol and paint. Oxygen or acetylene cylinders are handled with care whether full or empty and should not be thrown down, rolled or hit. The cylinders are placed in a special cylinder trolley in the upright position and tight up using chains or other strong means. The flexible piping is not pulled or bent violently and should be placed away from passageways and protected from damage from overstepping, hurled particles, hot surfaces or sharp edges. Following the use of the welding cylinders these are not be left unattended but placed in a predefined and safe area and not in the area of the rotary kiln. Prior to using the welding equipment this is checked thoroughly namely the valve, the piping and the burner. The cylinders are always held upright and at a safe distance from the work area in a position that in case of emergency the operative can have unobstructed and quick access to the cut off valves. The burner is cut off during momentary breaks in operation either to clean the burner or any other reason.
The burner is placed in a predetermined position so that it does not come accidentally into contact with the piping the cylinders or other operatives. At the end of the cylinders use the valves are cut off and the remaining gas in the piping should be let out. The use of the protective arc welding mask provided to protect the eyes from the flash as well from ultra-violet rays.
The electrical connections as well as their condition on the welding machine should be checked on a daily basis. The pliers that provide the contact should be connected on the body to be welded near the welding area. When welding on trucks with rubber wheels the truck should be earthed and extra care should be taken due to the existence of fuel and lubricants. The welding machine electricity supply lead should be protected from chemicals, mechanical trapping or water on the ground. During the arc welding operation the appropriate PPEs should be used that must include welding gloves, apron, shin protectors and safety shoes.
The moving parts of manual hand tools must be guarded or equipped with safety devices in case they are hazardous.
In such cases all necessary measures must be taken so that the risk of accident is reduced.
All guards or other safety devices must be replaced as soon as maintenance intervention has been carried out. To never operate a manual hand tool if the worker is not competent in its use or authorised to do so.
To never interfere with the hand tools’ electrical wiring unless you are competent to do so. Never were loose or unbuttoned work wear or hanging sleeves, rings or ties because there is a serious risk of trapping.
To never approach any machine parts or the cutting area without the use of appropriate PPEs.
To never clean the work benches by using o compressed air, or by blowing, or by using bare hands. If the work area is wet or there is possibility of the tool coming into contact with metallic masses the voltage should not be more than 50V.
Science, Technology and Medicine open access publisher.Publish, read and share novel research. EMD Millipore will offer drugmakers two-years of unlimited access to its suite of raw materials dossiers for 20,000€ as part of its enhanced portfolio offering. Get FREE access to authoritative breaking news, videos, podcasts, webinars and white papers. OF STANDARDS IN THE ABSENCE OF A FSOA FSO is linked by definition to a decision on an ALOP. The new European guideline on the risk assessment for pharmaceutical excipients a GMP-like framework for the qualification of the suppliers of these important category of raw materials. Excipients are no more just an inert raw material used to formulate the active ingredient in a medicinal product: functional excipients have become a central key point in the development of innovative dosage forms in order to tune their properties.
The application of GMPs-like framework and processes to the manufacturing of pharmaceutical excipients represents a sort of revolution in the field: the manufacturer of the medicinal product has to perform a detailed evaluation and validation of the excipient’s suppliers, even if there is still no formal requirement to declare them in the regulatory dossier. From the historical point of view, excipients are considered “poor” raw materials and are described in the monographs of the EU’s Pharmacopoeia with respect to their analytical identification, a step that can require complex procedures but rather simple equipment usually available also in the less sophisticated labs.
Some fundamental differences have to be considered to distinguish between different types of excipients starting from their origin, further explains Boccardi. The FMEA model has been adopted for the risk assessment in the theoretical analysis of the impact of the new procedures run by the AFI’s experts.
The pharmaceutical dosage form and the function of the excipients are the key elements to be considered in the risk analysis. The MAH can identify the eventual issues by mean of the “detection” tools, such as the audits run at the supplier facilities, the signature of quality agreements and the quality control on the raw materials upon their arrival at the production site of the final dosage form. The current ranking of the excipient in the risk analysis is calculated through assignment of a score to its different components and it represents the base for corrective measures. The manufacturer authorisation holder is the sole responsible for the quality, safety and efficacy of the final product and, according to the new guideline, it has to consider the entire production process for excipients. The collaboration between the manufacturer of the excipient and the MAH has to be solid in order to optimise the formulation process of the dosage form: an approach that is not new for the most innovative and looking-forward suppliers of excipients.
Paragraph 5.15 of the EU’s Pharmacopeia indicates that the functional characteristics should not be seen as further analytical controls, but as important elements for the proper knowledge of the formulation. Modified release products are based on the matrix concept: «The elements of the matrix are those allowing the medicine to be available on a continuous basis», adds Filippin. According to the principles of quality-by-design, the critical material attributes of all raw materials used to manufacture the final product have to be identified in order to evaluate their impact.
The methods used to characterise the excipient are strictly dependant on the excipient itself and they might include for example the content of hydroperoxides, an analytical parameter important to evaluate the quality of both the excipient and the final product. Regulatory authorities pay an increasing attention to the analysis of excipients, due to their increasing awareness about possible natural contamination or process derived impurities. When an excipient is used to produce different dosage forms it may have a different impact on the formulation. If the requirements are too high for the supplier of the raw materials, the risk is that it stops the production because the pharmaceutical market loose interest. According to the guideline, if excipients produced under GMPs are not available the MAH can use other type of certifications for the risk analysis, i.e. Once this happens then the material is loaded and transported either to open storage piles or to the crushing area.
For the safe operation of material transportation systems all the necessary guards are applied to isolate the moving parts. Additionally where operatives need to be near moving parts of machinery the necessary emergency batons must exist in case there is a need for to stop the machinery. In order to minimise the risk of accidents it is necessary to wear the appropriate helmet as well as the periodic tightening of the of the nuts.
The cleaning of the silo takes place whenever there is a problem in the extraction of material due to the blocking of the outlets from solidified material.
This is done by decommissioning the relevant electrical motors, closing the silo inlet valves and by placing blind flanges for additional safety. There must be at least two operatives outside the silo who in case of emergency will pool out the operative inside the silo. The hazards associated with the normal operation as well as the maintenance of both types of filters, are very similar.

In case that the floor surface is unstable or uneven there is a need to take the necessary measures that the ladder legs are stabled. Additionally it must be made sure that the scaffolding base is situated on a stable ground. The cylinders should not be transported with any other means other than the trolley provided. If the cylinders provided do not conform to the labelling these should be removed and returned to the supplier.
IntroductionLife is full of risks for example risk is involved in simple things like turning on the gas at home or when dealing with life threatening medical emergency decisions.
There is now an increased awareness about the role excipients may exert with reference to the delivery of the drug: excipients allow for the targeted delivery of the active ingredient», explains the Industrial Business Operation QA Corporate – QA System of Zambon Spa and AFI – Associazione Farmaceutici Industria member Giovanni Filippin.
Even if the change of the supplier does not have an impact from the regulatory point of view, it should require in any case an experimental validation», tells AFI’s member Giovanni Boccardi, a professional at the Istituto di ricerche chimiche e biochimiche “Giuliana Ronzoni” in Milan. The “occurrence” is the probability that the risk can manifest: it is related to the type of the quality system put in place by the supplier of the raw material, the type of production, the analytical controls and the supply chain «It is possible to evaluate these key elements by mean of a questionnaire sent to the excipient’s manufacturer, or using the data already known by the manufacturing authorisation holder (MAH)», explains Filippin. It could be sometimes difficult to obtain the necessary information and the return of the filled questionnaires from the excipients’ suppliers.
The risk analysis might include parameters such as the particle size, the bulk density, the smoothness and the content of amorphous materials.
Contaminants may not be detected because the used control methods are not appropriate to identify them. Some manufacturers may consider economically not convenient to supply pharma-grade excipients, which often represent just a marginal proportion of the total production for other industrial sectors.
Additionally where personnel is working at a short distance from the guards, emergency stops are provided within short distance of these operators. The resulting corrective action first of all must involve the reduction of noise at source, then the isolation of noise and if then this is not possible to use the necessary and appropriate PPEs. In addition this happens when there is a problem with the ventilators and a result there is insufficient ventilation or homogenisation of the material in the Blending Sib. In the following analysis the hazards for both are described and the peculiarities of each type are identified.
During storage the cylinders are safely secured in order to avoid their displacement and fall. This audits form the basis to ask the supplier for the implementation of the corrective measures needed to comply with the Good manufacturing practices critical points for the manufacturing of the final medicine», tells the expert of Zambon Group.
Or it can be based on risk analysis’ elements such as the differential impact of an injectable or oral dosage form», further tells Filippin.
It might happen to use advanced methods, that won’t then enter the routine quality controls», explains Giovanni Boccardi. In some instances more sophisticated analytical methods, such as NMR or mass spectrometry, might be needed. In case of continuous productions, the batch may be represented by the daily or weekly production, it is more difficult to define it. EXCiPACT is an international initiative born to define unified rules to produce excipients for the pharmaceutical market; the Association run audits of the associated suppliers.
Programme in survey these issues, using social ego-networks composed of peer-reviewed journals. Risk can be rather complex when household money is involved; such as for individuals or families – for example, mums and dads stand to either gain or lose large sums of money.
It is important to consider the geographical origin of the mineral, because the content of impurities can be higher in certain areas of the globe. The recent guideline on elemental impurities implies the use in some case of the costly ICP-MS analysis», adds Boccardi. The authorities are developing new analytical method to avoid that contaminated batches of talc are put on the market.
Pharma-grade excipients are produced according to GMPs and they are supplied with analytical controls that comply with the Pharmacopeia’s monographs. Some supplier might consider the possibility to enter the pharmaceutical market upon consideration of the needed quality. The types of risks involved influence decisions on how to manage or invest money in shares, bonds or property. Other excipients can be produced by chemical synthesis, a process similar to the synthesis of the active ingredient.
The Pharmacopeia, for example, doesn’t tell what the particle size of the excipient should be and each MAH has to optimize it with respect to its own production», explains Boccardi.
Excipients may arrive from countries where the control by regulatory authorities is not sufficient. When we used the same excipient for different dosage forms, we applied a matrix approach according to the “worst case” scenario», further adds Giovanni Filippin.
As a consequence, the price of the product might result different from the current one, something that should be accepted by the manufacturing authorisation holder», explains Boccardi.
Some other may have natural origin from plants, animals or microorganisms, or they might be the result of a chemical modification of a natural compound. The authorities pay also attention to the “inorganic elemental impurities”, that can be toxic in traces, such as mercury, cadmium or arsenic», tells Giovanni Boccardi. Risk awareness may be limited in which case there is a high likelihood of risk turning into hazard -leading to disastrous outcomes.
When using substances of animal origin, for example, it might be relevant to trace them up to the single animal and its state of health».
Successful businesses make constant efforts to change or update their in house administrative polices and frameworks to allow for possible risks in their business requirements. Some decisions that are likely to have been factored into the component of risk are: rigid corporate governance requirement, human resource planning, succession planning, training and development, merger and acquisitions, adapting to different cultures, foregoing or discontinuing some existing products, outsourcing, new market development etc.
Lavrac 2001 and techniques of reciprocity that peer interactions in transportation literature. No matter how important a decision is made, strategic alignment is critical in business decision making. The introducing of novel ideas should involve all personnel particularly during the decision making processes of development and setting of targets. A well-managed business is also well prepared one and thus able to confront challenges of the modern dynamic business environments.Yet managing risk is rather challenging for the world is mostly unpredictable. The processes are continuously changing and evolving in terms of resources that are available - technology, innovation, human resources and time to name a few. Scientific journal published in online social depict believable encyclopedic literature aspects. In order to adequately address an impending risk, it is important to gather as much factual information as possible for analysis to help manage and thus minimize risk. For example, a person with a habit of smoking or drinking fails to associate the habits as involving risks; yet often the habit becomes hazardous and they can significantly affect a person’s quality life. Involuntary risk places a person or the organization in a state of ambiguity, where the people involved in the decision making process have not been exposed to a particular circumstance or they lack knowledge and awareness of the particular risk situation.
The ability to deal with such risks is a crucial factor in determining successful outcomes irrespective of the stature of an individual or an organization. For some individuals, the ability to deal with risk appears to be built in their character but for the rest of us it seems, it is knowledge that can be acquired through training.
In order to gain the skill set required so that one to deal with risk, it is important to step out of one’s comfort zone and be willing to change, learn, develop new skills, or be challenged to manage risk. The Australian real estate market is then reviewed and possible risks involved are explored in some depth particularly in terms the global financial crisis. The paper compares the market with the rest of the world and summaries investor risks and rewards in Australian real estate market. When there is a lack of knowledge or exposure to a certain event then such a situation can be termed uncertain.
Taking decision on an uncertain event or situation may or may not be successful, which is what risk is about. Risk can also be defined as the uncertainty of future events that might influence the achievement of one or more objectives such as an organization’s strategic, operational and financial objectives [3]. Risk management may produce positive opportunities for developers although the negative aspects of risk are usually the once that are emphasized [4].Likelihood of risk occurring varies from industry to industry and how complex a job maybe. Some areas where there is a high chance of risk are construction, transport, mining, health care, sports, finance and banking, insurance and superannuation.
Risk managementThere seems to be an increasing demand of organizations to meet and exceed the financial expectations of shareholders. In the pursuit of growth, many organizations (for example: Toyota) have adapted and responded to expectations of the shareholders by becoming lean and efficient. It is always easy to think that risks and their potential consequences could have been predicted and managed. Hillson [6] argued that risk is mostly managed “continuously, both consciously an unconsciously, though rarely systematically” (p. Risk manager’s main role is to be aware of the market, collect data and predict forthcoming threats so that a company can manage the risks in a successful manner.
Risk manager duties include developing and communicating risk polices and process, building risk models involving market, conducting credit and operational risk analysis, coordinating with concerned stakeholders involved in the process and creating a risk awareness culture in the organization.Risk management not only prevents organizations from entering a dangerous and uncertain territory, which could lead to a catastrophic failures, but also ensure the development and growth of the business. In an event where an organization has a low risk situation at hand and decides to postpone rather than resolve the issue involved for financial or other reasons, the risk may eventually become a threat of moderate to high level and this could prove to be disastrous for management.
The approach taken almost always benefits the organization irrespective of type of risk involved. Once the risk is identified it is documented in detail; subsequently the concerned stakeholders undertake possible risk management and mitigation processes. A comprehensive review of the situation and critical feedback are usually required that may ultimately lead to changes in the organizational polices and structures; particularly in case of a major events. Organizations that thrive to be successful constantly monitor themselves and willfully undertake only calculated risks.
In doing so, they enjoy a competitive advantage in addition to meeting their business objectives. In era of globalization, companies are often expanding their business opportunities and in the process, they may undertake challenging and ambitious projects. In this regard, businesses such as Microsoft, Google, and Wal-Mart appear to have been successful global players mainly because they were able to manage risk in a timely manner. Every new project, policy or invention should include all the possible anticipated risks that one may possibly confront.
Decision making process needs to consider threats identified, its impact and reaction on the business. By making a careful analysis, companies will have fewer surprises and thus may in the end spend less time recovering from the losses that may be inevitable at times.
When companies do not have “a keen eye on the kind of risk”, risk retention can become a legitimate way of managing the risk.
Figure 2 shows the six steps involved in the risk management process: establish the context, identify the risk, analyze the risk, evaluate the risk, and manage and review the risk. Once the context is established it is critical that the risk is defined and the objectives are set.
An effective risk management team understands the needs of the organization and the way it operates. Strategic risk management includes economic, social, environmental, political, legal and public issues; while operational risk management includes technological, human resource, financial, reputation and other relevant strategic issues. Clearly, management may not be able to totally control the many factors but the risks posed by them could indeed be minimized.
For it to be effective, organizations should consider strength, weakness, opportunities and threats (SWOT) type analysis of the situation. By conducting SWOT analysis, the management can identify and analyze different situations [7]. Once threats are identified, appropriate measures and decisions may then be taken to convert the threat into an opportunity. The organizational context provides an understanding of the organization, its capability and goals, objectives and strategies. In establishing the context the identification of stakeholders is critical; these are individuals who may affect, or be affected by decisions made by the risk management team.
For example, stakeholders may be employees, volunteers, visitors, insurance organizations, government agencies or suppliers etc. Identify risksIdentification of risk involves a systematic process of examining situations and finding solutions. The process includes stages such as group discussions and brainstorming sessions to generate a variety of ideas. While all the ideas or issues generated may or may not be relevant, it is important to document all problems, possible impacts and solutions identified. Other ways in which risks could be identified are results from past experiences (personal, local or overseas) [8], through conduction interviews of stakeholders (example: Susilawati and Armitage [8]) or by analyzing specific real life or generated scenarios. Analyse risksThis step determines and addresses the impact of threats that have been documented.
The potential of an identified risk can be estimated by the effect it has on financial and other resources. When analyzing a risk, one decides on the relationship between the likelihood of a risk occurring and the consequences of the risk identified.
Managing risk can be done in several ways such as contingency planning, using existing assets or making an investment in new resources. Melton [11] described the tools as probability and impact analysis tools and Webb [4] called these likelihood and consequences tools.
A risk matrix presentation tool (qualitative technique) can provide better insights to the nature of a risk.
Risk matrix is often used as a tool to display different risks once they have been analyzed.
It allows an organization to mark a threshold above which risks will not be tolerated; or will receive additional treatment from the board or delegated staff. Evaluate risksIn this step the tolerance of the risk is determined; that is, whether the identified risk is acceptable or unacceptable.
An acceptable risk has to be constantly monitored, reviewed and documented so that it remains tolerable.
Treatments of risksRisks may be dealt with in several ways; it can be avoided, reduced, shared or retained. Risk is avoided when appropriate decisions are taken to eliminate all possible pitfalls thereby preventing the situation from occurrence. In most decision making processes, calculations are made and ideas are contemplated to strike a balance between the cost and effect. For example, in the era of globalization it is challenging for the companies to enter new markets and countries.

In order to minimize uncertainty and exploit business situations that may exist, companies often decide to share risk; careful consideration and research undertaken by the companies often suggest risk sharing. Risk sharing develops opportunities while engaging all partners in achieving strategic goals and the gains and loss are then shared accordingly. It is important to continuously monitor such risks for in the absence of careful monitoring, the risks may become threats in due time. A dedication towards risk management often projects a wiser professional image to the community. In doing so, the stake holders recognize the fact that the concerned organization has a keen interest in safeguarding its assets as well as that of its employees, visitors and volunteers among others. Monitor and report effectiveness of risk treatmentsEvery organization irrespective of size clearly strives to reduce the risks involved.
In order to reduce risk organizations have to align their policies and structures in a consistent manner and constantly monitor business activities. Also, there is a need to allocate resources (financial, human resource, technology etc.) efficiently to improve performance and to win the approval of all stake holders.
It is also important to ensure personnel working at different levels in the organization report to the appropriate authorities when a risk is identified. Such a culture enables an organization to document and then undertake suitable and timely measures to avert risks. In the risk management process, data capture and reporting can provide valuable insights into the risk management process.
This is because risks do not remain the same - new risks are created, existing risks are increased or decreased, some risks may no longer exist and previous or existing risk management strategies may no longer be effective.
In the end risks can originate from accidents, legal liabilities, natural causes and disasters, uncertainty in financial markets, credit risk, project failures (at any phase in design, development, production, or sustainment life-cycles), or events of unpredictable root-cause.
Several risk management standards exist including those from the Project Management Institute, National Institute of Science and Technology, Actuarial Societies, and ISO standards. The risk management definitions, methods and goals vary widely according to the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, public health and safety and real estate.
An important aim of the paper is to study and review the real estate market in Australia to identify risk and rewards as well as compare the Australian market conditions and performance with the rest of the world. Types of risk associated real estate marketFigure 4.Types of risk in real estate marketAs is the case with every other industry, there are several risks in the real estate market. In turn, the internal and external risks can be divided into various other risk categories shown in Figure 5 and Figure 6 [14].
Builders, project managers, owners and investors who plan to make an investment or hold an investment in the property market may need to consider one or more of the following risks and then implement appropriate strategies for their projects to be successful.
Internal risk Internal risk can be divided into financial management, human resources, property management, legislative compliance, corporate governance and housing management as shown in Figure 5.
Financial management: A detailed analysis of any proposed or existing projects need to be conducted for project viability. A poor cost control may lead to a budget over shoot and the project may run into un-chartered territories.
When it comes to servicing the debt due care needs to be given to income streams - to take into account either reduction or loss of future income streams.
In this regard, banking organisations need to be diligent in testing the capacity to repay the loans that are being offered.
Fraud often occurs in real estate market mainly involving the use of false documents regarding number of properties, outgoing fees or rates, income streams and so on. Adequate insurance is needed to cover the various risks that may be involved such as the type of property, its location, exposure to natural calamities etc. Property management of a construction project: During the construction of a new project the builders needs to plan their inventory and keep control of their stocks irrespective of the size of the project. Stock control starts from buying goods to using and maintaining them, and also reusing or reordering as required. Just in time technique (where items are ordered when necessary and used immediately), minimum stock level technique and stock review technique. Contractors are also responsible for material management coordinating with suppliers thus acquiring necessary goods in time for the construction phases.
Once all the parties are ready to proceed it is necessary to have a privacy act is in place so that all information is secure. The corporation act provides the guidelines for conflicts or issues arising in construction or maintenance of a property.
There are several agencies that provide comprehensive legal services to better understand the litigations involved. Anti-discrimination law and disability service act also play an important role in real-estate. OH&S officer duties include inspecting construction sites and providing support to internal clients.
It is important to report any hazard or incident and all incidents should be attended to and documented for future reference.
Corporate governance: Corporate governance plays an important role in risk management in the real estate industry. It is important to properly align the ideas, interests and decisions of managers to the interests of both internal and external shareholders. If the conflicts are not managed effectively they may have a substantial impact on the company bottom line. It is required and expected of the managements or boards of construction companies always carefully analyze performance in terms of the market so that they are able to keep track of their company’s performance and progress in a dynamic environment. As a common and popular practice the management of an investment property is outsourced to property management companies who appoint property managers to manage and oversee duties as required. Property managers on a daily basis are responsible for taking maintenance requests, collecting rent, dues or other fees and are responsible for the overall upkeep of the property. Poor performance of the property managers leads to more grievances for the tenants as well as the owners. External riskExternal risk depends on a number of factors such as economic risk, funding, regulation, environment, reputation, competition, partnerships and natural disasters (Figure 2.6). Some factors that influence economic performance are: change in political regime, rise in the price of raw materials, emergence of a new competitor and disruptions in production process. Market performance usually depends on changes in interest rates, changes in laws, and political and financial market factors. The risk of loss of principal or loss of a financial reward stemming from a borrower's failure to repay a loan or otherwise meet a contractual obligation falls under the funding risk.
It is important to take into consideration as many of the previously mentioned factors while undertaking an investment decision, even when one already has an investment portfolio. Investors often anticipate future cash flow situations while borrowing money to pay a current debt. However credit risk can be considered less likely since most often the investors are compensated by way of interest payments made by the borrower in end. Regulatory environment: Investors in real estate projects should be aware of the local, state and federal laws and regulations. Joint ventures and partnerships are possible if the reputations are well known and have been built over time - providing partners the opportunities to win potentially new clients and investors, as well greater opportunities for new investments. An investor has to study the “people” perception of the organization and the credit history and rating of the project developer. An investment made into a company with poor credit history may end up losses of the principle amount invested.
While a healthy competition is good for growth in the industry, it is important for the investors to research exactly what they are being offered because the agents often utilize high pressure selling strategies to gain client’s cash. It is possible that in the process the investors may receive inappropriate financial advice. For an investor to be successful in a real-estate partnership it is important to know the partner well and therefore trust plays a vital role. It also important to plan and document an exit strategy for all involved, because personal situations may change over time.
A property purchased at an appropriate location is expected to provide a good return on the investment.
One of the main factors affecting location is the potential exposure to natural calamities such as bushfires, floods, sea level raise and erosion to name a few. If the location has a history or is likely to be exposed to a natural disaster it can be expected that the property prices will eventually be exposed to the risk. Risk and rewardThe nature of risk definition and management process is such that it should be integrated into “the philosophies, practices and business plans” of any individual investor or large organization’s culture (Hillson [5], p.240).
While real-estate provides variety of investment options every investor has to find their comfort level upon taking risks involved.
It is not easy to decide if a selected property for investment is appropriate, but the decision should be made based on the consideration of all the factors discussed earlier. In the end however, the willingness to take risks largely depends upon individual preferences and circumstances. The elements that usually determine the scale of risk or reward are the amount of money that is invested, length of time investment, rate of return or property appreciation, depreciation, fees, taxes, inflation etc. While it is natural for the individual and organizations to invest and expect returns it is important the investors make the informed choice to reduce the odds of losing the principle invested.
The potential risks and rewards in investing in the Australian real estate market are investigated next.2.
Real estate scenario in AustraliaThe speculation about Australian housing market has been intense since 2003. First it was the international monitory fund (IMF) which warned of the housing bubble in Australia “would bust” [15]. In mid-2008, IMF stated that the Australian property market was overvalued by about 25% [16]. In more recent times (April 2010), “The Economist” house price indicators estimated Australian house prices were the most overpriced in the world (56.1% overpriced - against long-run average of price to rents ratio) [17]. The US based analysts Jeremy Grantham (Boston-based hedge fund GMO analysts co-founder) and Heather Hagerty (Fidelity Investments), were also speculating whether or not the Australian residential market is experienced a housing bubble, after the US housing crisis. In 2011 Morgan Stanley’s global strategist Gerard Minack said that "we've had 20 years where the Australian consumers have been willing to borrow more to buy an asset that they believe always goes up in value. Also, the price-to-income ratio in Australia since has been more than 40% higher than the long term average. In the next sections a discussion of the fundamentals that govern the house prices in Australian residential housing market is examined. Also, the potential risks and rewards to the investors are explored in terms of the risk analysis framework presented earlier.
A report by Real Estate Institute of Australia (REIA) argued that analysts primarily focused their attention on the higher house price-to-income ratio in Australia as compared to other countries (REIA 2010). Moreover, it is observed that the house price-to-income ratio levels are at levels that are similar to that in the US before the housing market there crashed in 2008. The raise in the price-to-income ratio in Australia since 2003 by over 40% higher than the long term average adds fuels the speculation. However, it is important to analyze the fundamentals that govern Australian residential market price growth against the rest of world.
The regulation, residential finance institutional arrangements, and mortgage characteristics aided the excessive demand for housing finance. Consequently, excessive borrowing led to the housing bubble and the collapse of the financial system in the U.S in 2008. There are some fundamental differences in the lending practice in Australia when compared to the US [21].In Australia the lending process is highly regulated by the institutional arrangement. The lending practices enforce the regulatory provisions on financial institutions forcing them to avoid excessive risk taking behavior. Negative amortization loans are common in the US but no such loans existed in Australia at the time of the crisis. In Australia the mortgages are “full recourse” lenders and hence the incentive that is offered to households to take out loans they cannot repay is reduced. These primary differences stand out to support and contribute to a relatively strong performance of the housing loans in Australia when compared to the US. This potentially provides an impression that bad loans offered to borrowers with poor repayment capacity would be covered by the Federal Government [23]. The commercial banks are mainly funded by the bank deposits, short term and long-term wholesale debt [24].
The absence of the so called Federal guarantee restricts Australian banks from any excessive risk taking behavior. In 2007, at the beginning of the financial crisis, GSE’s possessed 90% of these securities.
The shadow banking system in which the financial institutions have a greater participation and the GSE’s can be said to have led the excessive risk taking behavior and practices in the US [21]. In addition, according to the RBA [21], the regulation level of financial institutions in Australia is about 80% while in the US only 50% of all the financial institutions are regulated [21].
For example, a $50,000 loan against a home worth $200,000 has a Loan to Value Ratio of 25%.
In Australia, loans with an LVR exceeding 80% require mortgage insurance - the risk of the borrower defaulting is far too great for the lender. The value of the property is determined by the lender and is often significantly less than the purchase price, which often surprise first-time borrowers. Australian real estate market compared to the rest of the worldThe analysis presented in the previous section shows that Australia is fundamentally different to the US when it comes to the residential housing market. New research conducted by Lloyds TSB [27] - International Global Housing Market Review, shows that Australia just made it into the top 10 list of countries with the highest house price increases over the past decade (Table 3).
Four of the six top performing housing markets since 2001 were in the emerging economies of the world. India with a booming real estate market tops the list - house prices rise by 284% over the last decade; Russia coming second - house price increase of 209% over the same period. During the same period house price declines were seen in the world’s largest economies such as Germany, Japan and the United States.
Japan registered the largest house prices fall of 30%, while house prices in Germany and US were down 17% and 2% respectively during the same time. Other major findings of the research include:housing markets have typically risen fastest in countries with the fastest growing economies. On average, the countries with the biggest rises in house prices since 2001 have seen GDP increase by more than 100%. Countries that had large rises in pre-crisis times lost the most after the GFC affected their economies; andhouse prices within countries that form part of the Euro have climbed an average of 23 percent since 2001.

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