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Your technical risks are diverse and complex and this can be hampered by a  lack of appropriate resources and structural analysis. This can then lead to development of financial and legal risks.

Not fully managing your risks can have many consequences such as:

• Financial loss
• Litigation
• Criminal action
• Negative publicity
• Business operational problems

Australian Standard AS/NZ 4360 offers a systematic and formal approach to managing risk. The benefits of risk management include improved:

• Trust
• Environment
• Business image and publicity
• Quality and productivity

The essential elements of risk management include:

• Risk Identification
  
  An audit is usually a common approach to identify the hazards and threats.
   
• Risk Analysis
  
  Establish the risk severity by understanding the likelihood and consequences of each identified risk is important. This allows a priority ranking of the risks. Control and treatment options can be developed with due consideration of the costs of reducing the risk.
   
• Communicate and Consult
  
  It is crucial to advise all stakeholders and unify their perceptions. Outrage management plans should also be developed.
   

CETEC has the complete skills to assist with risk management.

To give us feedback on this article or to ask how CETEC can help you then contact us here.