Risk management – business case study

If you’re a person conducting a business or undertaking, risk is everywhere. From public, cyber, and operational security to environment, health and safety, the ranks of significant risks continue to grow.

It’s often been said that when it comes to risk management, PCBUs are asleep until it is too late. Interest in risk management usually increases only after a major crisis such as a serious injury or fatality.

A major issue to counter is that teams often lack the internal communications tools to properly integrate their knowledge base of risk into their systems for managing risk and responding to events. As such, teams are less able to identify priorities that will help them stay ahead of risk. Their processes become more reactive and less effective as a result.

One way to tackle this is investing in the appropriate tools that will enable teams to fully assess and document risks, including detailed information on why certain identified risks were accepted (and others not). Additional best practices include:

  • Ensure the safety management system is tailored for your organisation and just not an “off the shelf” product.

  • Have clear objectives for risk management for all roles

  • Provide in the safety management system clear information about all risks that are evident throughout all stages of your organisation

  • Put a support structure in place – have access to subject matter experts

  • Establish a review and improvement cycle for all controls identified for the risks identified for your organisation.

If you require further information or assistance in this area please drop us a line, send us an email or download information from our website.

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