Risk Assessment is a structured approach to managing uncertainty and the threat that this uncertainty may have to safety, the environment and your business’s finances. The aim of Risk assessment is to highlight those potential threats and implement strategies / actions to limit the threat should an adverse event take place.
In Business; risk assessments cover a broad spectrum of activities and are critical to ensuring successful operations. Below are three of the most common types of risk assessment.
Health and Safety Risk Assessments are a legal requirement. No matter how big or small the business is, it is legally obliged to carry out risk assessments, identifying potential hazards and eliminating them as much as is “reasonably practicable” in the protection of workers, customers and suppliers.
Environmental Risk Assessments. Environmental risk has increased in profile as more and more of us become concerned over the effects our activities are having on the environment. Government regulators are becoming stricter when it comes to waste products being disposed of properly and there are hefty fines and even imprisonment when businesses make mistakes – for example releasing toxins into the environment.
Financial Risk Assessment. The credit crunch has raised the subject of financial risk to the top of everybody’s agenda, financial risk assessments have never been more important.
What Does This Mean For Your Business?
It makes good business sense to limit risk as far as practicable. From a legal perspective there is no getting away from your business’s Health and Safety obligations, nor is there any relief from those legislative requirements which aim to protect society and the environment. It is essential that you carry out comprehensive risk assessments ensuring that you meet your obligations; failure to do so can cost your company dearly through:
- fines / bankruptcy
- negative PR
- legal action
- death / injuries
- environmental / social damage etc
How can PM PROjEN help?
PM PROjEN are experienced in carrying out comprehensive risk assessments. Whether it is for the health and safety of your business, for environmental compliance or financial issues, PM PROjEN will use their tried and tested methodologies to help you identify your businesses risks. Where risks are identified PM PROjEN will work with your organisation to limit and mitigate the risk, leading to safer business practices.