An organization or a business needs to define its objectives for the future.  One of the most important elements of any business entity requires managing the health and safety risks in its workplace. The ability to manage these risks would help companies act more confidently on their future business decisions. Thus, risk management becomes an integral part of any organization to help it realize its goals.  

Risk Management entails the identification, evaluation, and prioritization of risks that results from the coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events. 

Risk involves the possibility of the uncertainty of an activity’s effects or implications, often bringing undesirable consequences.

Safe Work Australia defines risk as the possibility that harm may occur when exposed to a hazard that could potentially harm an individual. People who take responsibility or who possess significant decision-making power often become the duty holder and managers of health and safety risks in a workplace. The Work Health and Safety Act (WHS Act) designates the official duty holders and the entire workforce of an organization to take responsibility in caring for their own health and safety at work. 

The Risk Management Process Includes:

  • Identification of risks and hazards

Various ways of identifying hazards at a workplace include inspection of physical things and the systems of work and work procedures, finding and applying available information, doing a survey of employees and others at the workplace, and analyzing previous company records for potential hazards.

  • Risk Assessment 

Risk assessment includes understanding and acquiring knowledge about the risks and hazards and performing suitable decisions or solutions to control them.

  • Risk Control

The risk control strategies vary depending on the organization and the situation. The goal of risk control is to prevent, avoid, reduce or eliminate risk as much as possible for the workforce’s health and safety.

Successful risk control measures include substituting a potential hazard for something safer, isolating people from the danger, and removing the hazard using engineering solutions. 

  • Risk Monitoring

A risk management system can only be effective if there is a structure of reviewing and reporting to ensure the effective identification and assessment of risks and hazards and proper control. The monitoring also determines that the organization achieved its intended outcomes, collected appropriate information, and applied suitable decisions according to identification and assessment.

The ultimate goal of risk management ensures that the workforce is duly protected and taken care of. The business or organization is legally protected under the WHS Act with its standard compliance, standard performance review, and regular audit of the process. 

For more information, give our safety training experts a call today! Dial 1300 027 057 now!

Platinum Safety can offer you the option to either come and train at our safety training centre located at 2/6 Weld Street Prestons NSW 2170 or we can travel out to your location and conduct the training onsite at your workplace.