Risk Management Methods and Techniques

Risk management is not as difficult as it first appears, true it does vary on the size and operations of your business however using different methods can deal with that. Thinking of a toy manufacturing company for example may have a lot more to consider than a simple office workstation. When risk management is involved every possible procedure must be involved this creates what we call a strategy. Gathering knowledge on laws of risk analysis will be time consuming different areas that are needed to be dealt with are logistics, health and safety, environmental health and many more. A great way to keep track of what to do and how to do it correctly is to use risk management software.

Now I know what your thinking 'well that's all very well and good but what about cost time to install etc' and you'd be right. The truth is ignorance of a risk is no excuse, and will not prevent it from wiping out a business. It's a reality that must be faced and if your not doing something to try and manage these types of issues and present them if questioned you are at risk. However there are also a number of different techniques that can be used in business as mentioned earlier depending on what type of business you run.

The first risk analysis technique. Event tree analysis or ETA as it's commonly known. ETA is a large scale risk analysis of everything and all that could happen whether it is running smoothly or if anything goes wrong and how to deal with that. What to do in that situation and the safety procedures necessary to deal with this. This could be a oil tanker spillage, (huge right) or as small as say a wet patch on a slippery surface.

Risk Management Methods and Techniques

I'm now moving on to another (of many) technique of risk analysis. RAM or Risk assessment matrix. RAM is simply a large spreadsheet type matrix that notes all in a risk assessment. Firstly you find the companies processes and functions. After this you list and find which is the most essential to your business. Then you research what you would ave to do to replace anything if they were to go wrong. Find anything that could jeopardise the supply of these or if you can get them anywhere. Finishing up with finding how to deal with these problems.

Finally I'm moving into the software's that you can find and companies that deal the situations for you. There are many different software's out there that are right for any business but there are a few things to look out for on purchase. One thing your software should do is report and monitor any routine practices and incidents at work. you should be able to view COSHH and RIDDOR guidelines, policies and procedures and report any hazards. As well as this any EAP emergency action plans and NOP normal operating procedures should be able to be recorded.

If this all seems too much then never fear there are companies available that will do all the grunt work for you. Cost is a factor indeed however liability is removed from you and it save you a lot of time. The company you decide to go with should be a well established group, you don't want to get this wrong so do a bit of research before you decide to with them.

Risk Management Methods and Techniques
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Victor works for Weall management services which specialize in human resources, risk analysis and tailor made logistics solutions.

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