Developing Your Risk Assessment

Developing Your Risk Assessment

Everything, including having a business, comes with its risks. Unfortunately, there is no way to be prepared for all risks; for example, it’s unlikely anybody saw the pandemic coming or even how bad it would affect people and businesses alike.

What you can do, however, is carry out a risk assessment. This means researching what factors threaten your business and then taking the necessary steps to minimize those ticks. Carrying out surveys targeting specific areas of interest can help you obtain data into what is/ can be a risk for your business. From here, you can develop methods to reduce said risks.

What is Risk Assessment?

It is a process that a business conducts in the early stages of planning to consider any threats that the business may face internally or externally. The risks associated with these threats are then studied, and then steps are taken to either completely remove the risk or decrease the risk.

A successful risk assessment does not remove all the risks you may face but rather prepares the tour company to face these risks safely and securely.

Creating Risk Assessment

It is important to establish what or who can pose as a risk, be that the company itself, the employees, or even the consumers themselves can be at risk, for things like cyber attacks, for example.

Once this is done, it is important to carry out risk evaluation, i.e., what can you do as a business to minimize or control this risk. To do this, you may need to ask specific and pointed questions to different parts of the company’s structure. This will you with a broad analysis of the overall risks the company is facing.

Human Resources

Human Resources’ domain is that of the employees of the company. They assess risks that employees pose to the company, from health requirements to employees stealing from the business or abuse of company benefits.

Mainly, HR risk assessment is concerned with employee turnover rates (employee satisfaction) and factors like laws, contract renewal and changes, and staff training.

IT Related Risks

With advances in technology and its countless benefits come associated risks. For example, cyber-attacks have become a major risk to companies globally; they cause data loss and reduce consumer trust in the company.

Questions to ask your IT teams is what steps are being taken to protect the companies IT data, how can the risk of an attack be reduced, is the company insured against an attack, are there steps taken to cut down on data being stored, and is nonessential data removed from servers.

Safety Risks

Even if your business is completely office based there can still be workplace hazards that your employees may face. It is a company’s legal and moral responsibility to minimize risks to employs in the workplace

It is important to ask the employees whether they face noise problems, issues with lighting or temperature, there is any equipment that people need proper training for.

Risk Prioritization

Once you have surveyed these areas of risk, it is time to see which of these risks are the most important to minimize as soon as possible. There are two areas of concern how likely it is that a risk will occur and how drastically it will affect the business.

This way, you can work in an organized manner to cut down on risk factors according to priority. In addition, this allows you to properly administer your time and finances into a risk according to how vital it is to the company’s success.

To help you cut down on time, it will take to create surveys for separate departments; it would be smarter to use premade survey templates. 360 Angles is one of the first survey platforms in the Middle East that provides some of the best survey templates for all occasions. They provide you with data that is inclusive of many perspectives and is holistic.

Related survey templates
Strategic Planning - Steps for Success
Strategic Planning – Steps for Success

One of the most important parts of running a business successfully is to have a strategic plan. They are essential Read more

How to Use Surveys throughout Your Project Lifecycle
How to Use Surveys throughout Your Project Lifecycle

All projects have a set life cycle, from beginning to end. They involve a multitude of phases; each phase is Read more

Best Practices for Creating Good Survey Questions
Best Practices for Creating Good Survey Questions

Creating a good survey wholly depends upon how good the questions you create are. This is common sense but despite Read more

How to Create More Inclusive Surveys
How to Create More Inclusive Surveys

Inclusivity is important in all walks of life, whether you're researching for medical purposes, marketing needs, or to create a Read more

Share this post

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on print
Share on email