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What You Need to Know About Risk Management

Friday , 7, January 2022 Leave a comment

Even when machines make errors they can be traced back to humans. A human might have made an error programming the machine or setting it up. Making errors is something we shouldn't be ashamed of. These are errors that could be discovered and prevented.

Risk management is the tool that will help you to identify the possibility that errors will occur in your work and will guide you in a systematic way to control them. You can know about different risk management tools via drivingoe.com/solutions/operational-risk-management.

Risk management has three main elements or stages that will take you from identifying the error to controlling them which are risk identification, assessment and control.

The first element is risk identification, which is the thinking you make of what can go wrong in your situation or project. This is a look into the future, where you try to intellectually guess what might go wrong with your project or situation. 

Risk assessment where you try to identify which risks pose more potential harm to your future situation and single them out from risks that even if they occur will have minimal effect. Again you need to use tools to assess risks. Risk control can help you to control risks and avoid errors.

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