How do you manage risk in your organisation?

Find below a brief introduction in how Risk Assessments should be used and the importance of managing your workplace activities.

How do you manage risk within your organisation?

What is a Risk Assessment

Risk assessment is the process of identifying, evaluating, and prioritizing risks to an organization, project, or process. It involves systematically analysing potential hazards and vulnerabilities that could negatively impact objectives, such as financial loss, safety concerns, or legal issues.

Key Steps to consider when undertaking a Risk Assessment:

Identify: List all possible risks, whether operational, financial, or safety related.

Evaluate: Analyse the likelihood and potential impact of each risk.

Prioritise: Rank risks based on severity and likelihood to allocate resources efficiently.

Mitigate risks: Develop strategies to prevent or minimize the impact of significant risks.

Continuously Monitor and review: Continuously update the risk assessment to account for new risks or changes in the environment.

Why is it important to perform Risk Assessments:

• Provides awareness of the hazards to personnel having to perform or undertake tasks

  
  

• Helps prevent accidents, financial losses, and disruptions.

  
  

• Enables proactive planning and resource allocation.

  
  

• Ensures compliance with legal and regulatory requirements.

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