What is Risk Management?
Risk is inherent in everything we do managing a project, determining work priorities, purchasing new systems and equipment, making decisions about the future or deciding not to take any action at all. We manage risks constantly, sometimes consciously and sometimes not. The need to manage risk exists in all organizations and applies to all functions and activities within an organization.
Managing risks involves both hazards and opportunities. Managing risk means identifying and utilizing positive opportunities to improve performance as well as taking action to avoid or reduce hazards. Over the longer term, the only alternative to risk management is crisis management – and crisis management is costly, time consuming, and potentially embarrassing.
Risk can be considered, formally or informally, for any decision. Typically, risk management would be appropriate when planning and making decisions about noteworthy issues. For example, when considering changes in policy, introducing new strategies and procedures, managing projects, spending large amounts of money, managing internal organizational differences or managing potentially sensitive issues.
Risk management influences a broad range of initiatives including:
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□ Strategic, operational and business planning;
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□ Asset management and resource planning;
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□ Business interruption and continuity;
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□ Change: organizational, technological and political;
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□ Design and product liability;
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□ Directors’ and officers’ liability;
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□ Public policy development;
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□ Environmental issues;
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□ Ethics, fraud, security;
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□ Resource allocation;
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□ Public risk and general liability;
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□ Feasibility studies;
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□ Compliance;
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□ Health and safety;
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□ Human resources;
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□ Operations and maintenance systems;
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□ Project management; and
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□ Purchasing and contract management.
For enquiries regarding Risk Management Services, please contact:
Dave Foley, FCIP, CRM
Consultant, Risk Management Services
902-453-2351
E-mail: david.foley@interuniversity.ns.ca