Implementation of risk assessment plan
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Implementation of risk assessment plan

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.

  1. A proper check
  2. Who might be affected
  3. obvious hazard taking into account number of people involved.
  4. Precautions
  5. Involvement of employees in the process.

 

 

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