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Identify a natural hazard and discuss how to conduct a risk assessment for a business as...

Identify a natural hazard and discuss how to conduct a risk assessment for a business as described on page 116 of the textbook. How does hazard analysis effect business resilience?

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Answer #1

Natural Hazard: Earthquake

Risk Assessment:

  • Hazard Identification – The hazards that can occur and impact the business are earthquake, fire, epidemic disease, explosion, spill of toxic substance. For the purpose of the assignment, we have identified the natural hazard earthquake.
  • Vulnerability Assessment – The assets that are at risk are the people, property (building, plant, machinery, other infrastructure), supply chain, IT Infrastructure.
  • Analysis of impact – A high intensity earthquake can result in casualties, damage to property, interruption of business operations, monetary loss.

Certain policy decisions and strategic decisions need to be made for long term business resilience. For business resilience, 4 key points shall be kept in mind: Risk management, incident management, crisis management and business continuity management.

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