Managing Risk in the Workplace
Author: Leanne Coffman
Business risk generally refers to the effect a threat or uncertainty can have on organizational reaching its goals and objectives. It is a fundamental aspect of an organization's operations and influenced by internal and external factors. Risk management involves identifying potential workplace hazards and implementing measures to control them in an effort to protect both employer and employee interests. For HR, among other things, this involves activities such as ensuring a safe workplace, preventing workplace violence and protecting HR data and systems.
This guide discusses risk management, why it is important and HR's role in managing organizational risk. It also covers the different levels of risk categories, the importance of minimizing loss and ensuring operational continuity, and steps an employer can take to identify, assess, manage and monitor risk in the workplace.