Why Risk Management Matters
Effective risk management doesn’t just shield you from potential pitfalls, it positions you to seize opportunities with greater clarity and confidence. By systematically addressing uncertainty, you can make more informed decisions, minimise surprises, and secure long-term success.
To manage risks, follow these basic steps:
Step 1 – Understand the risks
Identify your hazards
Begin by identifying hazards in your workplace. A hazard is anything that may cause harm, such as chemicals, electricity, or equipment. the next step is to assess the risk these hazards pose to workers, so you can dedicate the appropriate attention and level of control to each one.
Assess risks
After you determine what hazards exist within your workplace, you need to assess the risk these hazards pose to workers, so you can dedicate the appropriate attention and level of control to each one.
A risk matrix is a powerful tool that helps evaluate and prioritise risks by plotting the likelihood of an event occurring against the severity of its potential harm. This visual representation makes it easier to focus on the most critical risks and develop effective mitigation strategies. Find out more about our Risk Assessment Software
Step 2 – Implement measures to control risk
The greatest risk should be addressed first. If you cannot eliminate a risk, you’ll need to implement control measures to minimise it. The hierarchy of controls can help you select and implement more effective measures to control risks.
You can follow the hierarchy of controls: elimination, substitution, engineering controls, administrative controls and Personal Protective Equipment (PPE).
Eliminate or substitute
Eliminate or replace the hazard if possible. This is the most effective solution. Ask yourself is there a safer way to perform the task? Can workers use a less harmful product or use a safer option?
Engineering controls
Is there any equipment or other changes that could be made to the workplace that could make the task safer and therefore reduce the risk?
Administrative
Are there safe work procedures or practices that could reduce the risk?
PPE – Personal Protective Equipment
Is PPE necessary to protect workers, either by itself or in combination with another type of risk or control?
Step 3 – Communicate
Your risk management will not be effective if no one knows about it. You want to communicate your implemented policies and protocols to your workers.
You can read more about how to effectively communicate with your team and bridge the gap between the message and listener here
Step 4 – Monitor and update
Risks are dynamic, they can evolve or new ones can emerge over time. Regularly review your risk management plan to ensure it remains effective and up-to-date.
Actionable steps you can take:
- Schedule periodic reviews.
- Track performance metrics related to risk mitigation.
- Adjust your strategy as needed based on lessons learned.
You could:
- Conduct regular workplace safety inspections to identify new or changing hazards and risks
- Organise a joint committee and hold monthly meetings to discuss health and safety issues
- Review your risk assessments at least once a year
AssessNET’s Risk Assessment Software
As our flagship module, AssessNET’s Risk Assessment software has evolved over 20 years, growing with our clients and adapting to the ever-changing risk landscape.
In today’s fast-paced business environment, having the right risk assessment software is crucial to ensuring workplace safety and compliance. Our software streamlines the risk assessment process with standardised and customisable templates, a smart “Control Measures Assistant” that suggests tailored solutions, and seamless sharing capabilities for team collaboration. You can easily assign and track remedial actions, maintain historical editions for better oversight, and even produce assessments quickly using our mobile app—whether online or offline. Transform how your organisation handles risk assessments and take the first step toward a safer, more efficient workplace today with our risk assessment software.
The AssessNET Risk assessment software platform enables you to produce tailored Risk Assessments in minutes – find out how, book your personal demonstration today
