What is Risk Management?
The process of planning, organizing and controlling the activities of an organization to minimize the adverse effects of accidental losses of that organization, at a reasonable cost.
Why Identify Risk?
Before risk can be managed, it must be identified. The purpose is to determine all of the things that could cause an accidental loss to your business. The process should result in a list of things that could happen, or that could go wrong. By drawing on past experiences, and with the knowledge of accidents that have occurred in other similar businesses or facilities, you can identify the potential for similar losses to your business.
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