Online Safety Community

Why You Must Keep Carrying Out Risk Management Throughout Your Business [Lifetime]

What makes risk management critical? Well, business that comes with no risk is no business at all. It is like the side effect of a medicine. It is impossible to think of the medication without the side effects. Risk being inhered into a business and intricately woven into it; it is necessary to understand why you must keep carrying out risk management throughout your business’ lifetime. This places risk management right up there at the very top as among the most crucial elements of a business.

Management and business experts have propounded the theory that risk can only be managed or contained, and never eliminated. This is the extent to which risk is bound to business. The enormity of risk management can be gauged from the fact that we only hear a term such as risk management, and seldom risk elimination. This indicates the inescapability of risk from a business.



Carrying out risk management throughout the business lifetime is the key

Among the most important aspects to keep in mind about risk management is that it is not something an organization does at some point of time and forgets. It is something that should be carried out every now and then at every point of the business lifetime. Another core point related to this fact is that risks are never single or static. You could face several risks, connected to each other or not, at one point of time.

Further, risks keep changing from time to time. As one risk gets managed, another could spring up. This explains just why as an organization, you must keep carrying out risk management throughout your business’ lifetime. There are very many core reasons for carrying out risk management during the lifetime of the business whenever the occasion demands it.

Understanding the risk is the first step

Risk comes in various forms, shapes and sizes. Anyone who understands a business should start by understanding the risks in it first. Risk could be either relative to the business or the industry or it could be specific to the organization.

Any business is prone to what may be called general risks. Like mentioned, it is a risk that comes with an activity involving a certain kind of business. Irrespective of the nature, size and reach of the business or its market, there are risks such as market, changing consumer tastes, shifting market size and trends, geographical location and so on.

Good to know Your Business here Lifetime https://goo.gl/bcNhMz

Views: 34

Comment

You need to be a member of Online Safety Community to add comments!

Join Online Safety Community

Take our poll!

Take our poll!

Latest Activity

Martin walker is now a member of Online Safety Community
3 hours ago
Nakul Pratap posted a blog post

How to become an expert Safety Consultants

If you want safety culture at your workplace, you should have certified safety consultantA Safety consultant is the person who gives advices and aides the employees with respect to health and safety of both small and large size such as manufacturing factories, engineering, construction, mining and so on  Likewise the safety consultant guides you to rectify the solution for issues by enhancing the health and safety standards, policies as well as by limiting injuries and mishaps at work…See More
7 hours ago
Adam Fleming posted a blog post

What do Your Customers Really Think About Your Complaint Handling?

Compliance4All, a leading provider of professional training for all the areas of regulatory compliance, is organizing a webinar on the topic, “Complaint Handling” on February 6. Peggy J. Berry, President & CEO at Synergy Consulting, will be the speaker at this webinar.Please visit http://bit.ly/2GFGiXr to enroll for this webinar.—————————————————————————————————————A complaint says a lot about a product. It helps the manufacturer to reflect on where it…See More
8 hours ago
kate smith posted events
Wednesday

Forum

Technology and Safety 1 Reply

What are the most useful tools to have at your fingertips? -Toolbox Talks-JSA-JHA-Daily Reports, etc. What is falling through the cracks that could be an easy fix? Safety Managers, Coordinators and…Continue

Tags: safety

Started by Drew stone. Last reply by Jen McDade 13 hours ago.

Important of Warning sign 1 Reply

Warning sign is a type of traffic sign that guide a hazard ahead on the road. Having proper warning sign on the road provide a healthy environment.Continue

Tags: Signs, Workplace, Safety, Sign, Warning

Started by healthandsafetysigns. Last reply by Jen McDade Jan 14.

Workers paticipation in safety management 2 Replies

Workers paticipation in safety management is the aspect which is required to be implemented in the OHSAS 18001 2007 version. , I invite our experience community members to share their views on the…Continue

Tags: management, safety, in, paticipation, Workers

Started by SafetyRaja. Last reply by Tara safe Dec 27, 2018.

How to improve safety culture of factories 4 Replies

How to improve safety culture of factories having mostly contract and casual ever changing workers for whom training and monitoring both are major issues. Such qorkers are mainly meeting accidents in…Continue

Started by Harkant Dave. Last reply by Jen McDade Dec 24, 2018.

[General Industry] What is your workplace's policy on headphones? Working on one currently. 1 Reply

I have been tasked to create a headphones (and cell phone) policy for my employer. I am relatively new to this company, but so far they've let everyone listen to headphones and mess around with their…Continue

Tags: general, industry, distraction, music, phone

Started by Kyle C. Johnson. Last reply by Jen McDade Dec 19, 2018.

Badge

Loading…

© 2019   Created by Safety Community.   Powered by

Badges  |  Report an Issue  |  Terms of Service