Risk Management Process Training...
Information & Training. | Risk Management.Effective risk management is critical in the operation of all businesses. Risk management needs to be applied when seeking to ensure employee, customer and all stakeholder safety, when a business is aiming to optimize product & process quality and reliability. Risk assessment and management is a key component in determining that design intent is achieved. Risk must be managed when looking to avoid incidents which could result in financial loss or when a business seeks to identify and minimize areas of reputational damage. There are various approaches to risk management and many organizations seek to modify their approach to risk in order to optimize their particular business model. However, regardless of the unique approaches by individual organizations, there are standard methodologies which are inherent in all effective and efficient risk management processes.
Risk Management Process Training – Elements of a Risk Management Process are:a) The identification of potential risk or hazards.
b) Understanding the potential harm which could arise.
c) Rating of the potential harm which allows for prioritization of actions to be taken to minimize.
d) The implementation of risk reduction efforts.
e) Implementation of on-going risk controls.
f) Reporting of risk levels.
g) Continuous re-evaluation of organizational risk.
h) Investigation of any unforeseen events which may arise.
i) Development of a continuous monitoring, feedback, re-rating loop.
Risk Management Process Training. Risk Management and Stakeholder impact assessment.When performing risk assessment, management and control, all the stakeholders of an organization need to be identified. Stakeholders include employees, customers, the business itself, the community, regulators, government bodies, etc.. For each set of stakeholders there will be differing risks. For example employees may be concerned about their personal safety when working on a process or they may be concerned about job security, the business may be concerned about potential financial risks associated with litigation if defective product is released to the market, the community may be focused on the potential for environmental damage associated with emissions from a business, customers may focus on product safety and reliability, etc. etc.. For each set of stakeholders, the potential hazards need to be identified, the potential harm which could arise needs to be understood and a determination must be made between the acceptability of the potential harm versus the expected benefits.
The potential risk and potential for harm needs to be measured.A risk management process must include some form of risk rating. The risk assessment process will highlight a broad range of potential risks to a business. However, some risks may be minor, others may have serious or potentially catastrophic effects. It must be possible to measure the potential harm which may result from some unplanned event. With an effective measurement or rating system, focus can be placed on those “unacceptable risks” so that the business gets to a situation where all risks are acceptable versus the expected benefits.
Information & Training.
- Risk Identification. Risk Evaluation. Risk Mitigation. Risk Control. Etc..
- Risk Processes. Risk Planning. Risk Reporting.
- Requirements. Standards. Current best practices.
- Information & Training presentation >>>