Business risk is a growing concern, especially in today's economy. Business owners need to take control of their companies, assess the risks inherent and determine how to best reduce these risks. It can be safety-related, financial or operational. However, for each potential risk, an effective system of EHS management software can be implemented to reduce risk.
OS is a structured approach to identifying, assessing and controlling risks that emerge during the course of the policy, programme or project life-cycle. It involves a series of well-defined steps to support better decision making through good understanding of its inherent in a proposal and their likely impact.
Identifying possible risks in advance and putting mechanisms in place to minimize the likelihood of their materializing with adverse effects. Having processes in place to monitor risks and access to reliable up to date information about risks.
The right balance of control in place to lessen the adverse consequences of the risks, if they should materialize. Decision-making processes supported by a framework of it's analysis and evaluation.
Most financial risk can be categorized as either systematic or unsystematic. Systematic risk affects an entire economy and all of the businesses within it. Non-systematic risks are those that vary between companies, these risks can be avoided completely through careful planning.