» Risk Management

Risk Management

A risk is the chance of something happening as a result of a hazard or threat which may impact on your business activity or planned event. Risk arises out of uncertainty. It is measured in terms of the likelihood of it happening and the consequences if it does happen.

Risk management is the process which is used to avoid, reduce or control risks. There should be a balance between the cost of managing risk and the benefits you expect from taking that risk.

Ignoring the risks which apply to business activities or the events you have planned could impact on the following:

  • Health and safety of employees.
  • Customers.
  • Volunteers and participants.
  • Your organisation’s reputation, credibility and status.
  • Public and customer confidence in your organization.
  • Financial status.
  • Plant, equipment and assets.
  • Business continuity.
  • Environmental responsibilities.

A systematic approach to managing risk is regarded as good management practice that enables the principles to be translatable across numerous disciplines.

Some examples are:

  • Corporate.
  • Government.
  • Financial.
  • Employees.
  • Customers.
  • Public.
  • Environmental.