• Risk Management – How Is It Important For Your Business Organization?

    June 29th, 2017 by
    Risk Management – How Is It Important For Your Business Organization?

    A watchful management of what could harm people in your business organization is called risk management. Once you assess the risk, you would understand whether you’ve taken enough precautions to prevent the harm or whether you need to take more. Risk management is important for the health and safety of an organization and the main objectives of risk management is to determine the measures which are needed to comply with the Health and Safety at Work Act of 1974. Unless you take the required measures to reduce the level of accidents or incidents, you will be at a loss after setting up your company.

    Risk Management – How should you do it?

    Well, although there are no such fizzed rules as to how you should carry out risk management, yet there are few principles which might be followed by a company. There are 5 steps to ensure that the entire risk management process is carried out properly. Let’s take a look at the steps.

    Recognizing the hazards: If you wish to identify the hazards, you have to comprehend the difference between a risk and a hazard. Keep in mind that a hazard is something that has the possible to cause damage and risk is the likelihood of the prospective harm to be understood. You can use a number of techniques in order to recognize hazards like walking around the entire office or asking your employees about some such recommendations.

    Make a decision of who may be harmed and in what way: Once you acquire to know the number of hazards, you have to understand who may be harmed due to those hazards and in what way. Will the respective hazard harm people who are working in the warehouse or will it harm the members of the public or will it harm your clients? This is a vital consideration.

    Weigh up the risk and decide on the measures: Once you know the hazards and who might be harmed due to them, you have to take the needed protection to prevent the people from getting harmed. These hazards can either be removed entirely or the risks can be controlled so that the injury is decreased.

    Record what you find: You should write down whatever you find as this is a legal requirement whenever your company has more than 5 employees. When you record the findings, it shows that you have actually identified the hazards. It also shows that you’re planning to eliminate all risks.

    Review the management: Never forget to check whether the hazards are still there or they have been eliminated. Keep reviewing your management and accordingly you should also keep updating the filing. It might be professionally be updated and reviewed anytime.

    For this reason, if you’re someone who has been concerned about the risks in your organization, opt for risk management by following the steps mentioned above.

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