How to identify and reduce risk within an organisation

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Businesses are a great venture when they are successful, but they don’t come without their risks. If these are considered and handled properly, your business will continue to thrive and grow. Below are some tips on how to reduce risks within your organisation.

Break it down

It can be difficult identifying risks within your business, especially if you are new to joining the organisation or just starting out your own company. By breaking down potential risks within the company into manageable chunks, it can make the identification process easier and you can stop a risk before it happens.

Identify the hazards 

Think to yourself, what are the most obvious things that could go wrong? Write these issues down on paper and prioritise them from most impactful to least impactful. These can be based on things to consider around your business strategy or day to day activities completed by your business, such as operating machinery or team events.

There are many categories that your business could face risks with, such as financial, safety, operational, competitors, legal and political and so on. Break the business down into these different areas and list possible weaknesses with each one. This way, you will know which area of the business needs considering first.

Provide proper training 

Could your staff be putting themselves or others at risk due to not having the proper training? Make sure you sit down with your employees on a regular basis and discuss their skills. You may find that your employees need some extra training or resources to do their job efficiently.

Having the right skills and knowledge, as well as ensuring that this knowledge is up to date, will result in a proactive workforce with safe procedures and less chance of risk.

For example, if you work in the education industry it’s important that your staff have regular training sessions and so that they can manage their workload and are providing students with the right information. You’d also need to ensure that your staff have access to all necessary resources when dealing with risks themselves.

Another example would be if your company involved warehouse operations. It would be vital that your staff know how to safely use any machinery that they need to operate in order to complete daily tasks and that they are able to lift correctly in order to not cause themselves any physical damage.

Communicate

Communicating with your employees is an easy and effective way to minimise the number of risks in a workplace. Informing your staff of any potential risks, whether it be to them, customers, or others within the business, will keep them aware that the situation is being dealt with and let them know if there’s any hazardous areas to avoid for the time being.

By being transparent with your employees about any issues that could affect them, this will allow a greater sense of trust between you, them and the overall business.

You should also provide your staff with suitable breaks with seating to avoid staff burnout and any mistakes due to tiredness, along with health and safety booklets and first aid equipment should a risk happen.

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