What is Risk Management?

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What is Risk Management?

Risk management is defined as the process of identifying, analyzing, assessing, controlling, minimizing and avoiding unacceptable risks within the workplace.

Whether you run a large-scale industrial factory or a small office complex, risk management is a fundamental principle that shouldn’t be overlooked. If not properly addressed, it can result in accidents, injuries, loss of productivity, damaged products/equipment, and it can leave your company vulnerable to lawsuits.

It is not about creating huge amounts of paperwork, but identifying sensible measures to control the risks in your workplace.  Most employers are already taking steps to protect employees, however, a thorough risk management plan will help you put into place a working procedure to control the risks in your workplace as well as respond to hazards should they arise.

A systematic approach to efficiently managing workplace safety and health involves several elements.  Governance of the organization’s health and safety procedures, policies, protocol and the laws and compliance under which the organization operates is key to risk management.  

Managing hazards in the workplace will allow prevention of workplace injuries and illnesses. An effective risk and hazard management methodology allows an organization to identify hazards that pose a risk to its workers and resolve them before they cause injury or illness.

Risk management begins with a risk assessment. The risk assessment will help you decide if you have identified all potential risks and hazards.  Prevention of injuries and illness is always better than the cure.

Risk management involves reviewing manufacturer directions, looking back at past health and safety records, looking at long term hazards to health and taking into account non-routine operations, such as maintenance, cleaning or changes to production style.

G2 provides strategic methods to prevent injuries, reduce operational costs and improve production, performance and corporate culture.  When you and your employees have a solid risk management plan in place, everyone can focus on the work at hand without worrying about potential risks and hazards during workday.