iQS can assist both large and small enterprises with conducting risk assessments, initiate risk reducing measures, and create plans for risk management.
In order to control the safety it is important to know which risks are acceptable, and gain an overview of the impact unwanted incidents. In addition to this, we need to know the cost and effects of risk reducing measures. Because of this, risk assessments form a significant basis for good risk management.
A risk management process may include the following activities:
- Definition of acceptable risks (acceptance risk criteria)
- Risk analysis – mapping of the risk profile
- Evaluation of risk levels – comparison of risk profile with acceptance criteria
- Identification of possible risk reducing measures and their effects
- Selecting actions
- Implementation of actions
- Ensure that actions are executed accordingly after plan
- Monitor that the situation is as expected
- Update actions when conditions are changed or new information affect earlier conclusions or expectations
Actions to reduce risk may involve technical and procedure/policy changes.