Risk Management Assessment
What are Risks?
Risks can come from uncertainty in financial markets, project failures (at any phase in a project’s development, implementation or management), legal liabilities, credit arrangements, accidents, natural disasters as well as deliberate attacks from adversaries or events with uncertain root-causes.
Many projects may come with risks that could potentially threaten the health and safety of staff and personnel. Some of the potential risks to health and safety could include slip and trip hazards, damage to equipment and company property and potentially hazardous scenarios and situations that could put your workers or your project at risk.
What is risk assessment/management?
A risk assessment is a step in a risk management procedure that determines the quantitative or qualitative value of risks related to a concrete situation or a recognized threat or hazard.
Risk management is the more holistic process wherein risks are identified, assessed and prioritized. Risk management also involves deciding on the application of resources to minimize, monitor, and control risks. It also involves maximizing the opportunities for risk reduction and management.
Why is risk assessment/management important?
Risk assessment is an important part of project/business planning and strategy simply because every endeavour, great or small, contains risks in some way, shape or form. These risks can be as great as losing profit or customers or as small as short-term setbacks and failures. Reducing and/or managing these risks will increase the chances of a successful project or business venture.
What can CD&A do for you?
Where your project is concerned, Conrad Douglas & Associates Limited (CD&A) can:-
- Analyze relevant market/industry trends;
- Identify, characterize and assess threats;
- Assess the vulnerability of critical project/business assets to specific threats;
- Determine the risk (i.e. the expected consequences of specific types of attacks on specific assets);
- Identify ways to reduce those risks;
- Advise you on transferring the risk to another party;
- Advise you on avoiding the risk or reducing the negative effect or probability of the risk;
- Advise you on absorbing the consequences of the risk; and
- Assist you in prioritizing risk reduction measures based on the selected strategy.
So if you are thinking about jumpstarting a project or business venture and you are unsure of either the level of risk involved or how to manage the potential risks, contact us today!
Once you retain CD&A, you can be assured of our high level of personalized and professional service. We will gothe extra mile to apply our over four hundred (400) cumulative man years of experience to your project, no matter the size.