How Risk Management as applied to SAFETY, SECURITY , and SANITAION affect the

Operation of a Business

Submitted to:
Ma’am Ren ren

Submitted by:
Aliezel Ebale
BSHM 1 BLK 3

March 4 , 2020
What is risk management? A risk can be defined as an event circumstance that has a negative
effect on your business, for example, the risk of having equipment or money stolen as a result of
poor security procedures. You must decide on how much risk you are prepared to take in your
business. Some risk maybe critical to your success. However, exposing your business to the
wrong types of risk maybe harmful. Your risk management plan should detail strategies for
dealing with risk specific to your business. Its important to allocate time and resources to
preparing your plan to reduce the likelihood of an incident affecting your business. You can
develop a risk management by following this step, identify the risk, assess the risk, manage the
risk, monitor and review the risk. Risk management is a process in which businesses identify,
assess and treat risks that could potentially affect their business operations. Risk management is
an important element in organizational management, weather in the private or public sector. It
enables risk and opportunities to be actively monitored and controlled. Systemic and
comprehensive risk management provides a reliable basis for decision-making processes. Other
important benefits of risk management include: creates a safe and secure work environment for
all staff ad customers. Increases stability of business operations why also decreasing legal
liability. Provides protection from events that are detrimental to both the company and the
environment. This are some business risk categories such as:

Strategic – decision concerning your business objectives.

Compliance – the need to comply with laws, regulation, standards and codes of practice.

Financial – financial transaction, system and structure of your business.

Operational – your operational and administrative procedure of a business.

Environmental – external events that the business has a little control over such unfavourable
weather or economic condition that relates the business.

Reputational – the character or goodwill of the business transaction.

Others include health and safety, project, equipment, security, technology, stakeholder
management and delivery.