Effective management of risk encompasses different aspects such as workplace risk assessment. It involves identification, analysis, and response to risk factors. Additionally, it attempts to control future outcomes by acting proactively rather than reactively. Moreover, effective risk management offers the potential to reduce both the possibility of a risk occurring and its potential impact. A good risk management structure points out existing risks and calculate the uncertainties and predict their influence on an organization. Furthermore, these structures support other risk mitigation systems such as planning and organization in continuous risk management.
THE STEPS IN EFFECTIVE MANAGEMENT OF RISK
Effective management of risk begins with the identification of the risk. Moreover, there are several techniques that an organization can use to determine the possibility of a risk. The organization should then analyze the risk to determine its likelihood and consequences. Additionally, it is important to develop an understanding of the nature of the risk and its potential to affect the goals and objectives of the organization. The organization then evaluates and ranks the risk by determining its magnitude. Finally, the last step is treating the risk. Workplace risk assessment helps to identify risks at an early stage.
THE BENEFITS OF WORKPLACE RISK ASSESSMENT
Workplace risk assessment eliminates the barriers that employees face in completing their tasks and provides them with proper working tools to complete tasks. Also, it eliminates the possibility of a risk hence providing a safe, healthy, and stress-free workplace which results in positive employee attitudes. Additionally, organizations with effective management of risk and commitment to safety in the workplace attract the best talent to an organization. Furthermore, fewer risks lead to lower turnover and other costs such as fines and penalties from labor boards.
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