Risk management plans form an essential part of good business planning. Although often confined to Work Health and Safety (WHS), good risk management planning should encompass all aspects of an organisation and can cover financial risk, market and competitive risk, operational risk and even specific product or initiative risk plans.
BusinessBasics offers risk management processes and Planning across our offices in Newcastle, Sydney, Melbourne and Brisbane
What is risk management?
Risk management is more than just a plan. Risk management is a process dedicated to identifying risks to the business and developing a process for mitigating or completely removing risks to a business.
A risk management plan, however, is a form of documentation – it is completed at the beginning of a project, or as part of a regular internal safety audit. The document assesses any risks relating to the process and seeks to treat the risk before it becomes a threat.
There are generally five steps in the risk management planning process:
- Identify the risk
- Analyse the risk
- Assess the risk
- Treat the risk
- Review the risk
Creating a risk management process is a holistic way to approach your safety management – the process accepts that risks are inevitable in every workplace and acts proactively to resolve the risk to reduce chances of injury or mishandling.
There are different types of risk management processes we can help you with, these include:
- Safety risk management
- Financial risk management
- Business risk management
- Environmental risk management
Why is risk management beneficial to my business?
Risk management helps maintain the safety of a workplace, allowing staff and employers to go about their daily duties in a safe way. Your business can expect to become a safer place as a result of implementing a risk management process.
Risk management is a worthwhile investment, as a specific and detailed process helps to reduce the likelihood of workplace incidents and accidents. These accidents can cost businesses thousands of dollars every year and can leave an unprepared business in financial trouble.
How BusinessBasics can help your business with risk management
Our highly experienced risk management consultants can assist with risk management process for any organisation, and can assist with the following:
- Organisation-wide risk management
- WHS and Environmental risk management
- Financial risk management – organisation-wide or process-specific
- Operational risk management
- Business risk assessment
One of our experienced consultants will analyse your business and processes and work with you to develop a comprehensive risk management process. Our team will work to ensure your business has the relevant systems in place to create a healthy, safe working environment.
Contact BusinessBasics today for more information on developing a risk management process
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