Risk management is the process of identifying, assessing and controlling threats to a person or an organization. These threats, or risks, could stem from a wide variety of sources, including threats of violence, legal liabilities, accidents, intentional acts of violence, and natural disasters. As a result, a risk management plan increasingly includes processes for identifying and controlling threats.
By implementing a risk management plan and considering the various potential risks or events before they occur, an entity or organization can save money and protect their future. This is because a robust risk management plan will help establish procedures to avoid potential threats, minimize their impact should they occur and cope with the results. This ability to understand and control risk will allow organizations to feel more confident about their business. Furthermore, strong principles that focus specifically on risk management can help an entity or company reach their goals.
Other important benefits of risk management include:
• Creates a safe and secure work environment for all staff and customers.
• Increases the stability of business operations while also decreasing legal liability.
• Provides protection from events that are detrimental to both the company and the environment.
• Protects all involved people and assets from potential harm.
• Helps establish the organization's insurance needs in order to save on unnecessary premiums.
These standards are often recognized by regulatory bodies, or by target industry groups. They are also regularly supplemented and updated to reflect rapidly changing sources of risk. Employer's are required to furnish to each of its employees a workplace that is free from recognized hazards that are causing or likely to cause death or serious physical harm. Judges and juries appear eager to hold employers accountable for violent incidents in the workplace, sometimes in the face of other, more logical constructions of the facts or theory. Adherence to risk management strategies may be required by industry regulators or through business contracts.
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