We all know that risk registers are used to gather information about identified hazards and risks, their nature and level of impact to the business, as well as document immediate corrective actions. What is often over looked is the fact that a risk registers are more than just handy lists. They are tools that capture and enable a systematic approach to risk management.
Risks can be identified through by a number of different means. From brainstorming in the boardroom right through to mini risk assessments undertaken by individuals or teams in the field.
It is important to remember that the complexity or severity of the risk should not dictate how the risk is described. All risks should contain enough descriptive to offer an overall understanding of exactly what the risk is. For example “Hazardous chemicals” does not elaborate on what risks are associated with working with chemicals. Instead the descriptive could read “Burn prevention when working with hazardous chemicals.”
Risk Matrix Rating
Once a risk has been identified, risks are rated on the likelihood of an event happening, as well the consequence should an event occur.
Risk ratings in turn are then used to highlight high risk activities, as well as prioritise response or investigative actions. They are then used to ensure adequate measures are undertaken to monitor and maintain control over the identified risk. Risk ratings also help determine which hierarchy of control to use when mitigating or controlling the risk ie elimination, substitution, isolation, engineering, or administrative.
It doesn’t end there with Take2.
After a risk has been identified, rated and controlled (if required), Take2 will automatically transfer the risk’s details to the risk register.
Here managers are able to review and even re-evaluate the risk, implement additional resources, controls or changes, identify new or reoccurring trends and training opportunities, as well as assign close out or corrective actions.
Reviews of risk registers can also help to
- identify potential behavioural trends or environmental issues,
- identify and capture risks that may be subject to legislation or business changes,
- demonstrate to others (regulators, investors, company stakeholders and others) that risks are being managed.
- design controls or mitigation measures to reduce or remove the risk(s) before they occur,
- document better safe work procedures
- achieve safety objectives, and drive continual improvements
Risk registers are so much more than just lists of issues.They are used to offer project or operational visibility, as well as house audit and safety compliance documentation all from within the one location.
Take2.live is a real time safety risk management system, managing risks from site to the boardroom instantaneously. Take2 is the only safety tool that is completed at the work front, which makes us STOP and THINK prior to commencing work. Take our free 30-day trial today!