Principles, Practices & Implementation.
… Risk Identification. Risk Control. Risk Reduction. Risk Reporting. …
A Risk Management Process demands a defined approach to assessing risk, documenting the risk procedures, understanding where risks can arise in projects, processes, products, the supply chain, … etc.. Risk Management demands a Risk Strategy, a Risk Plan, Risk Reviews, etc..
Risk Management is applicable to all organizations, be they involved in manufacturing, service provision, financial management, project management, administration, not for profit, etc.. All organizations need to effectively and efficiently assess risk.
Throughout the process, all possible hazards need to be identified and linked to an understandable risk measurement and rating system, the rational for accepting risk needs to be clearly understood. Where high level risks are identified, risk mitigation or ideally risk elimination approaches need to be implemented. Where the residual risk remain high, then risk benefit analysis needs to be performed to ensure that the potential risks are appropriate to the potential benefits.
The risk management process needs to act as the basis for making decisions with respect to process design, process operation, process controls, etc..
The assessment of risk, the evaluation, measurement, reduction and monitoring, all form part of the risk life cycle.
For those involved in risk management, there is a clear need to understand the process, including the application of risk assessment tools, how to assess risk, how to implement a plan, how to integrate risk into product and process design.
Full details of “Risk Management” …