Risk Management is defined as "the systematic application of management policies, procedures and practices to the tasks of establishing the context, identifying, analyzing, assessing, treating, monitoring and communicating."
It is an iterative process that, with each cycle, can contribute progressively to organizational improvement by providing management with a greater insight into risks and their impact.
The steps are the following:
- Identify the Risks: as a group, list the things that might inhibit your ability to meet your objectives
- Identify the Causes: try to identify what might cause these things to occur
- Identify the Controls: identify all the things (Controls) that you have in place that are aimed at reducing the likelihood of your risks from happening in the first place
- Establish your likelihood and consequence descriptors, remembering that these depend upon the context of your analysis
Specifically in a work place there are a lot of risks and regulations established by OSHA (Occupational Safety & Health Administration) that must be addressed to avoid complications for the business.
OSHA's mission is to assure safe and healthy working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education and assistance.
Our Risk Process Management is a service that provides you with a deep analysis of the status of your company and your work environment and then provides you all the actions to be taken in order to be OSHA compliant. We can also train your personnel in order to be able to learn what must be done and how.
It is not only an OSHA compliance issue. In fact, any incidents could increase your Workers' Compensation premium. Therefore the fewer incidents and the less costs per incidents, will help your business save a lot of money.