Risk management is a process used to identify the extent and nature of the risks involved in the activities carried out by an organisation. It helps you assess your organisation’s activities, develop policies and procedures to mitigate risk, and reduce the likelihood or seriousness of a hazardous incident occurring.
While the process will identify the types of insurance coverage your organisation may need, insurable events are best avoided wherever possible. In addition to an insurance claim, consequences to be avoided by effective risk management include harm to a person, damage to property, your organisation’s ongoing viability being compromised and failure to meet your legislative obligations such as those outlined in:
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