According to the International Standard for Risk Management, ISO31000, the Management of risk enables an organisation to, amongst other things:
- Increase the likelihood of meeting objectives.
- Encourage proactive management.
- Improve the identification of opportunities and threats.
- Comply with relevant legal and regulatory requirements.
- Improve stakeholder confidence and trust.
- Establish a reliable basis for decision making and trust.
- Improve operational effectiveness and efficiency.
Whilst targeted risk management can also “enhance health and safety performance, as well as environmental protection”, the broader benefits are achieved when risk management is an integral part of all organisational process.
Risk management feeds both strategic and operational planning, project management and change management. The results of risk analysis should inform the choices of decision makers, assisting them to prioritise and resource actions.
Risk management must be systematic to ensure effective implementation and structured to ensure consistency of approach and the ability to compare results.
“Systematic” relates to the:
- Mandate and Commitment,
- The design of the framework (including policy, procedures, tools),
- Implementation of framework,
- Monitoring and Review of framework, and
- Continual Improvement of framework.
Structured relates to a defined process including:
- Establishing the context,
- Risk Assessment,
- Risk Treatment / Control,
- Communication and Consultation, and
- Monitoring and Review of risk
It is important to note that whilst ISO31000 defines a generic process, it recognises that success lies in a tailored approach to procedures and tools. Any risk management framework must include procedures which are “aligned with the organisation’s external and internal context and risk profile”.
OSHEM Solutions provides a range of work health & safety and environmental risk management / risk assessment services from high level risk profiling which is used to feed strategic planning and other executive decision making processes down to operationally focused risk assessment such as environmental impact and aspect assessment, manual handling risk assessments, plant and equipment risk assessment, Job Safety Analysis (JSA), Job Safety & Environmental Analysis (JSEA) and Safe Work Method Statements (SWMS), to name a few. OSHEM Solutions can also assist clients to develop and implement their risk management framework / procedures.