Risk Management

Risk = effect of uncertainty

Any such uncertainty can have positive or negative effects. A positive deviation arising from a risk can provide an opportunity

Risk-based thinking is something we all do automatically and often sub- consciously to get the best result Risk management is the process of identifying possible risks, problems or disasters before they happen. A realistic evaluation of the true level of risk and plan accordingly is required to mitigate the risk.

A successful risk management plan should recognize and address potential risks and threats. The risk management process can be planned as follows,

Risk identification
What can go wrong? (Risks can apply to workplace or from the particular work to do)

Risk analysis
How will it affect? (Consider probability and impact to the operations – is it high or low?)
Risk control
What should to do? (Both to prevent the loss from occurring or to recover if the loss does occur)

Risk treatment
If something does happen, how will have to pay for it?

Implement the Risk Management Plan

  • * A commitment from all levels of the organization
  • * Staff should have clearly defined roles, responsibilities, and accountability
  • * Adequate resources and tools allocated for the plan
  • * Ongoing training, testing and monitoring of the risk management

    • Benefits of a risk management plan

  • * Saving valuable resources: time, income, assets, people and property
  • * Creating a safe and secure environment for staff, visitors, and customers
  • * Reducing legal liability and increasing the stability in operations