What is risk management?
Risk management is the process of managing your organisation’s exposure to any risks that could harm the organisation or an individual associated with the organisation. It does this by identifying risks and putting in place procedures that will prevent them or reduce their likelihood of occurring. Risk Management, as defined in the Australian and New Zealand Standard AS/NZS 43600:1995, is: The systematic application of management policies, procedures and practices to the tasks of identifying, analysing, assessing, treating and monitoring risk. Simply put, risk management means being aware of potential hazards, and taking steps to remove or minimise them. Risk Management Planning It is a framework or set of processes for organisations that assists them with making choices in respect to the customers they serve, the procedures and policies they adopt and the overall way in which they conduct their programs. Risk management is an integral part of good management. To be most effective, ris
