QIAS can help organisations to conduct meaningful risk management exercises across all aspects of the organisation, including:

  • Business operational performance
  • Environmental performance
  • Occupational Health And Safety performance

In basic terms risk management requires an organisation to:-

  • Understand what is occurring within the organisation and what could potentially go wrong.  This is commonly termed as “Hazard Identification”.
  • After hazards have been identified, the level of risk associated with each hazard needs to be determined.  Assessing the level of risk generally takes into account factors such as:-
    • Likelihood of the potential hazard occurring
    • Levels of exposure to the potential hazard
    • Probable consequences if the hazard was to occur
    • Potential to breach legislation that may apply to the potential hazard
  • Once hazards have been identified and the associated risk levels are known, a decision is to be made regarding what can be done to either eliminate the hazard completely, or to reduce the level of risk associated with each hazard, in other words to reduce the likelihood of the hazard occurring and/or to reduce the consequences if the hazard was to occur.

Organisations that have not conducted an effective risk management exercise recently could find themselves exposed to costly situations that could easily be avoided.

Conducting regular Risk Management exercises can be a good preventative measure for most organisations and is an integral part of business improvement.

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