What Constitutes a Sound Risk Management Solution?

Everyone everywhere faces a form of risk, regardless of what organization they belong to.
You could be a simple housewife yet still face risk of some sort, like your gas stove either
leaking gas and choking you to death, or having it explode in your face due to a faulty
hose. You could be a bus driver and risk being stabbed by a thief while doing your duties,
or being a victim of a catastrophic traffic accident. We all must be prepared somehow for
risk by coming up with sound risk management solutions. But how do we go about this?

First, you must be aware that a risk management solution must either protect people, assets
or production in an organization. Second, the risk management solution you select should be
proactive and cost-effective. It should also enhance human and systems productivity while
helping achieve corporate performance.

Therefore, coming up with risk management solutions entails the following steps:
– evaluate the potential for risk;
– look into your risk profile and needs;
– customize the policies and procedures of your risk management program so that at
the very least risk potential can be lessened, and at the most completely eliminated (if
– subdivide the risk management program parts into the disciplines where they apply
(such as environmental engineering, mining, fire, and health and safety, among others.)
– attempt to secure the assistance of experts in multidisciplinary fields so that the
program you come up with will take on a holistic approach.
– emphasize teamwork when it comes to implementing the risk management solution you
come up with.

Teamwork above all will help your organization survive the onslaught of risks, particularly
in these increasingly precarious times.

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