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Regulatory Compliance: Lowering All Occurrences Of Risk
This is the third in a series of five regulatory compliance posts that highlight major challenges for companies. If you don’t want to wait for the next post, please download the complimentary Five Toughest Challenges of Regulatory Compliance whitepaper.
?Effective risk management involves creating processes to lower all occurrences of general liability in the workplace, including accidents and injuries. The first step in risk management is to take a systematic and objective look at the work environment and occupational hazards to prevent accidents that result in damage to facilities, products and people. While similar to the inventory described in Challenge #2, this process also demands a historical overlay.
To manage risk a company should be able to incorporate historical data as well as develop and retain specific risk management actions for future reference. In the event of a risk loss, using risk management historical data to determine where the system failed can help to fine-tune your procedures. You can then make corrections to all aspects of how you manage risk.
Identification is only the first step to reduction and elimination of risks. Ultimately, a risk management strategy must culminate in a platform that helps a company continually evaluate, track, and train all employees involved in the effort. In this way, risk management becomes more than a tactical response to risk— it is a bottom-line contributor that leads to improved efficiencies, increased productivity and increased operational performance throughout the company.