Property Risk Management: Identifying Hazards and Assessing Risks

Property Risk Management: Identifying Hazards and Assessing Risks

Oct 16, 2018, 2:09:20 PM Business

In our day to day activities, security is a vital feature that we should consider even in the different properties and buildings. In both private and commercial properties, it would be good for the owners to conduct proper risk management which would point out any weaknesses in the park. When doing the assessment, it would be healthy to ensure that there is an emergency plan for the residents. Otherwise, the residents and users would feel unsafe and it may affect the property valuation. Some of the necessary risk assessment that can be carried out include:


Fire safety audits are vital when carrying out risk assessments. A proprietor has to perform a proper evaluation on the property whether it has put in place all necessary fire safety measures. The property should satisfy all the legal safety policies that are put in place. The appropriate fire fighting equipment should be placed in several strategic positions. When conducting a fire assessment also, it is necessary to check the relevant emergency exit plans which would ensure users can get to safety quickly. All these measures can be carried out by a well trained responsible person to ensure that the property considers the necessary fire safety measures.


In commercial properties, it would be necessary to ensure and assess that the buildings have commercial fire alarms systems. Fire alarm systems would tell the building users in case a fire broke out. In large commercial properties, the number of users is usually large and failure of having a fire alarm may lead to a catastrophe. A standard fire alarm system would be necessary to ensure that the users are well protected, and the property complies with the law.


When conducting a risk assessment on a property, it would be good to access the available security measures put in place to protect the premises. The gates may have security scanners which would adequately scan the users and ensure they are not bringing in harmful objects to the building. Also, the particular property can use different security measures like using surveillance to monitor the activities taking place in the property. The measures put in place should be practical and ensure that the personnel is well trained in handling the systems.


Risk assessment in a building may need to be backtracked to the construction stages. It would show the assessor's the security measures that were put in place from the construction all the way to getting the final building. Through the assessment, it is easier to detect any vulnerabilities that may be on the structure and also plan on improving the risk measures if they are poorly utilized.


When conducting a risk assessment, the environment should also be checked. Assessing the environment ensures and shows how prone the region is to certain conditions. Some areas may be a health factor risk, which would mean that users may be exposed to the states. The intense study would show the particular location of the property and if there are also high-risk regions that may prove to be a threat. It also shows the accessibility of the building. If the property has no restricted access, then it poses as a possible risk to its security.

Finally, it is essential for one to conduct a proper risk assessment if they need to acquire a property. An owner can also do a risk assessment which they can share with their tenants to know how safe they are. Understanding the particular risks associated with different properties enable users and the owner to look for ways and methods in which they can solve the issues.


Published by Charlesa Gibson

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