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May 22, 2017 by Ambient
Importance Of Risk Management And Assessment
We always hear the word 'risk', but when we stop to think about it, what does risk truly mean? In a nutshell, risk is any chance or possibility of something undesirable happening. And when we talk about undesirable events — especially in construction workplaces, we’re talking about accidents that can result in very serious injuries or worse, death, for workers. There’s good news and bad news when it comes to risk. I’ll break the bad news to you first: you can’t eliminate it. If you or your company want to achieve something meaningful, you will need to take risks. As one of the most basic principles of financial management goes, the higher the profit you want to earn, the higher the risks you’ll need to take. The good news – yes, there is good news – is that risk can be managed well so when it comes to pass, you’ll be able to minimize its effects. The practice or process of minimizing risks and it’s potential effects to your company and workers is referred to as risk management.