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 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: