Risk management is assessing potential threats to health and safety and mitigating them. I did not know until today that all companies, even self employed companies must undertake risk assessment to ensure safety of their employees. More shockingly was the fact that as long as an organization has upto 5 employees, proper risk assessement must be done and properly recorded. As I have come to find out, a lot of money goes into lawsuits and insurance and compensations of risks that could have been avoided if proper risk assessement had been done.
I have come to appreciate the importance of risk assessement and what it means to an organization to carry it out. In as much as it may be expensive for an organization to start a healthy strategy on the assumption of the risks that may occur, in the longer term, this will save the company billions or millions or pounds in solving problems that have occured. It is our duty to think of al things that may go wrong. In a way its kinda like inspection of products before they get to the end user, one ensures they are of good high quality and safe for use. In the same way, an organization should be inspected to ensure it is safe for employees to work in without fear of their lives. This is indeed a very important issue to us all.