Risk Assessment

Mark Zuckerberg, the founder of Facebook, once said, “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” While this suggestion isn’t new, we think you’ll agree that there are some risks your company doesn’t want to take: Risks that put the health and well-being of your employees at threat. These are risks that aren’t worth taking. But it’s not always clear what actions, policies, or procedures are high-risk.
With a risk assessment, companies can detect and prepare for potential risks in order to avoid catastrophic impacts down the road and keep their personnel safe. Once you have gathered the data and set the scope for a risk assessment project, the conduct Assessment process moves on to conducting the risk assessment itself. Risk assessment serves many purposes for an organization, including reducing functional risks, improving safety performance, and achieving objectives.

While many individuals are involved in the process and many factors come into play, performing an effective risk assessment comes down to three core elements: risk identification, risk analysis, and risk evaluation

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