Risk Management

Take calculated risks. That is quite different to being rash - George S Patton

THINK Risk assessment 01


Risk Management Defined

The identification, assessment and prioritisation of risks followed by coordinated and economical application of resources to minimise, monitor and control the probability and/or impact of unfortunate events or to maximise the realisation of opportunities. - ISO 31000

Taking risks is an expected part of the role of the frontline manager. These risks, however, need to be considered and controlled within the parameters of relevant legislation, policy, standards and expectations. Frontline managers who know how to identify, analyse, monitor and control risk in a range of contexts are more likely to be efficient and effective in their productivity and performance.

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