8 Ways To Improve Risk Management At Work
Risk management isn’t just some fancy talk. It’s the real deal, keeping both your business and your team on the safe track. Whether you’re steering a massive ship or a small business, taking charge of risk is a big deal. This position was reechoed in a recent UK survey where over 90% of respondents say risk management is becoming more crucial for achieving organisational strategic goals. So, buckle up and dive into these nine real-world strategies to boost risk management and create a secure and thriving workplace.
- Be crystal clear about your remit
Think of this as your compass – clarity is the name of the game. It’s like setting the rules of engagement, stating what’s yours and what’s not. Have you ever heard that 70% of organisations are tangled in risk chaos due to communication hiccups? That’s a study from the Chartered Institute of Procurement and Supply (CIPS), shedding light on the need for proper risk management. Therefore, it’s best to put things in black and white so everyone knows where they stand. That’s how you spot risks in their earlier steps.
- Spot trouble before it knocks
Imagine being the fortune teller of your workplace. That’s the kind of vibe you need in workplace risk management. Research by the Health and Safety Executive (HSE) UK, revealed that stress, depression, and anxiety affected 914,000 workers in 2021 and 2022, negatively impacting productivity. But here’s the hack – nipping burnout in the bud isn’t just above saving mental health; it’s about keeping productivity and money intact.
Meanwhile, risk experts sort risk into categories, like organising your closet. It’s all about sorting it into the known or unknown risks. Prepare for both and line them up based on how bad they can get and how likely they are to show up. That’s when your battle plan can be most effective.
- Take responsibility and ownership
Risk management is a team sport, and guess what? You’re the captain. But it’s not just about you – it’s about inspiring your crew to step up and partake in this safe voyage. Unfortunately, this isn’t the case in many organisations, and employees often feel senior management isn’t sold on risk management. If this is the case in your small business or you’ve noticed early signs that your business isn’t appreciating risks and their potential effect on them, consider swooping in and leading by example. This way, you can create a culture where everyone’s in on the risk-busting movement.
- Power up your employee knowledge and skills
Picture this: you’re handed a map to navigate a maze. That’s what proper training does for your team. Inadequate training is like throwing a dart blindfolded. Accidents and injuries are on the list, and the associated costs can be colossal. Consider this statistic: workplace injury cost the UK economy an estimated £7.6 billion in 2019 and 2020 alone. Fortunately, you can spare your business the cost and troubles by providing regular training for your team. For instance, a manual handling training program can help your employees become more aware of the risk, helping them become less careless and encouraging them to be cautious to protect themselves from severe injuries. This step will be especially essential if your business requires a lot of heavy lifting and physical activity. Adopting such strategies is like dodging risk and giving a high-five to boost employee confidence and engagement.
- Create communication channels
Secrets are no good in risk management, and negative communication at work can be a real buzzkill. Whether it’s those hushed gossip sessions, those passive-aggressive remarks, or even a full-blown showdown, it’s like throwing gasoline on the fire of employee conflict. Now, here’s the kicker – even if you’re all about leaving your personal stuff at the door, this conflict isn’t leaving without a trace. Unless you want your employees to be in battle mode and watch workplace productivity take a nosedive, open communication channels and encourage everyone to spill the beans. Also, allow everyone to do it without fearing a fallout. Poor communication can easily be the villain in your risk management. So, allow potential risks to come out of the shadows by creating an open and encouraging environment. This way, you can tackle these issues before they take over the workplace.
- Learn from previous mistakes
History isn’t just about dusty old books – it’s your ticket to foreseeing what’s coming. Dig into the past and see those incidents and near-misses for what they are: lessons. Learning from your slip-ups is like getting a backstage pass to better manage risk. Here’s the best part: those mistakes won’t become repeat offenders. That’s where historical data and case studies come into play. Think of it as gleaning wisdom from the past to ensure those blunders don’t make an encore appearance. Ultimately, you don’t only prevent mishaps from repeating; you shape the entire workplace and make it even safer.
- Be on constant watch and have a contingency plan
Here’s the thing about risk management – it’s not a one-off activity. It’s a show that’s always on. So keep your risk strategies under a microscope, adapting them to the ever-changing scenes albeit preparing for the unexpected. Life throws curveballs, and so does business. That’s where a killer contingency plan comes in. An in-depth Business Continuity Institute (BCI) study revealed that a supply chain disaster hit 72% of businesses in 2020. A well-laid-out contingency plan? It’s your ship’s anchor in rough seas – you’re steady even when things get rocky.
- Seek an expert’s touch
Sometimes, you need a seasoned pro to steer the ship. That’s where the risk management consultants come into play. Enlisting experts is like calling in reinforcement for modern risks that need a special touch. But here’s the magic – they won’t only uncover these risks. They’ll whip up a master plan to reduce the damage or straight-up dodge these risks. It’s like having a guardian angel for your business’s safety.
Risk management isn’t just a checklist. It’s your Northstar in this world of unpredictability. By taking the above steps, you’re not just avoiding pitfalls – you’re shaping a workplace that’s strong, safe, and ready to take on whatever comes its way.