Risk Management Process - ENGINEERING MANAGEMENT
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Saturday, June 2, 2018

Risk Management Process

Risk will always be part of everyday life and it is certainly a key aspect of sport and recreation. Without risk, there would be limited opportunities for exploring physical and personal development. However, you can provide a healthier and ‘legally’ safer operating environment for your organization and its participants by adopting sound risk management practices. 

Risk is defined in the Australian New Zealand Risk Management Standard (AS/NZS 31000:2009) as the ‘effect of uncertainty on objectives’. 
A risk is anything untoward happening that can affect your organization’s objectives and operations by creating exposure to potential loss or damage.
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What is risk management? 

Risk management is systematically identifying threats (risks) to your organization and developing ways to minimize them. It helps to determine the most important risks to your organization and to decide how you allocate resources to deal with them. 

The AS/NZS ISO 31000:2009 defines risk management as the ‘co-ordinated activities to direct and control an organization with regard to risk’. 
Risk management is an essential element of governance.

Why manage risks? 
It is important that risks are managed because they could negatively affect key aspects of the organization as well as its overall success. Areas most affected by risk include: 
  • Health and safety 
  • Plant, equipment, environmental costs 
  • Financial position of your organization
  • Confidence by members, key stakeholders, and funders
  • Insurance premiums 
  • Member protection 
  • Reputation, publicity, credibility
  • Compliance requirements.

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