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Risk at present is very popular. More of different Management Standards are now incorporating Risk as part of their requirements. The reason is that it is a more robust and auditable requirement to assist Improvements than the traditional “Preventative Action”, which companies have often struggled to demonstrate compliance. Too often with smaller Organisations, they are regularly implement improvement activities, but do not have a systematic method to show to external Assessors.
Risks comes in many different forms and Management Standards
The problem with Risk assessments is that
The advantage of the Risk approach
Are any of these Risks more important than others? Yes – their impact will vary depending on circumstances and No – they all will affect most Businesses
How should Risks be documented? Whilst there are preferences, the important requirement is that there is a clear methodical method, whose outcome is a priority list of Mitigation and Controls to better manage the Risks. Do the results satisfy the common sense test? What is more important – the minor problem that recurs frequently or a major problem that is very infrequent.
Accept that there will be occurrences that have not been included in the Assessment – like Earthquakes in Lincolnshire or Tornados in Birmingham. Instead look at the impact on the Business – damage to Building, disruption for key staff, etc.
Accept that there are Risks. One Client said that he had been concerned that the “Sky fall down on him” – It has not fallen yet, so far so good
Two Points
For more information on managing risks contact Charter 4 today.