An effective risk management strategy will assist in identifying, evaluating and controlling any current or potential threats to a business’ operation. Effective risk management can prevent an organisation’s exposure to loss, damage or legal threats.
Having a solid risk management plan is the foundation for effective risk management.
The ISO standard for Risk Management is ISO 31000. ISO 31000 is not a certifiable standard but it does provide significant guidance around risk management. In an extremely uncertain environment, having effective procedures in place to manage potential risks can position your business to perform well.
You never know what is going to happen. Things like natural disasters, economies crashing and people passing away can happen at any time. These things catch us off guard and can have a drastic impact on a business that is not prepared.
QSM Group can help your business implement and integrate compliant management systems that enable your business to easily identify and mitigate against any risks.
Below we have outlined a basic approach to risk management that you can use.
A Basic Risk Management Strategy
Analyse the operations of the business in all areas to identify risks
Evaluate how the business is going to address these risks. This often ends up being a process of balancing the chances of a risk occurring with the potential consequences. For example, a business may decide that one of the activities they are undertaking, whilst profitable, exposes the business to too many potential legal issues to warrant its continuation.
Address the risks. Assess the existing control measures that are in place to manage the risks and decide whether they are adequate. Consider introducing additional control measures where necessary.
Repeat steps one to three above on a regular basis. It is important to regularly reassess the business’ position in terms of exposure to any threats. A business should revisit and review the processes that have been implemented for risk management to ensure that they continue to limit exposure to any threats as much as possible.
Implementing and effecting a solid risk management plan allows your business to operate optimally and with little disruption from external factors.
QSM Group has a successful track record of providing a wide range of services to hundreds of client organisations. Our services are always tailored to provide clients with exactly what they need.
We are able to provide highly experienced, trained and qualified consultants in a range of disciplines including QHSE Management Systems Development and Implementation, QHSE Management Systems Maintenance, Occupational Health and Safety, QHSE Auditing, Business Improvement, Risk Management and Specialist Consulting.
Contact us today to see how we can help your business.