Implementation of risk assessment plan and systems are necessary for reducing the effect of the risks faces by an organization. Purchasing the correct insurance policies for the risks will transfer the all risks to the insurance company.
Original or first risk assessment plan is never perfect one and it has to be constantly and continuously changed in order to fit into the current conditions prevailing. With the experience and results of actual loss occurred will necessitate constant changes in the original plan and decisions to be made to deal with the risks.
Outcome of risk analysis and risk assessment plans must be updated from time to time in order to evaluate whether the previously adopted methods are still applicable and effective as the possible risk level changes continuously with the business environment changes. In the event risks are not properly assessed and prioritized it is time wasting in dealing with losses due to risks that not likely occur. Wasting too much time assessing unlikely risks can redirect resources which could be utilized gainfully.
Events which are unlikely to happen but if the risk is unlikely to occur it is better to retain the risk and deal with the result in the event loss occur. Prioritizing the risk assessment processes giving too much importance can keep a company from completing a job or even getting started. This is also correct in the event work is suspended such time risk assessment process is completed.
Risk assessment is the technique for measuring, monitoring and controlling the operational risks on a company. A risk is defined as a possible event or circumstances that can have negative influences on the organization. Its impact is on the survival of the organization and resources, products and services and customers. Generally every possible risk can have a pre-formulated planed in order to deal with its possible results to ensure unforeseen event in the event risk becomes a liability.
Putting risk assessment plan into practice will make a difference and it will look after the employees as well the business. It is necessary to make a written document of risk assessment plan an share it with the employees. It should be prepared in simple language and instructions to daily, weekly and monthly check lists for the employees. Risk assessment plan is not perfect one but it should be sufficient for the time being. Following areas of the risk assessment plan should be constantly monitored.