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Risk management is a critical part of a proactive organisation's strategy to provide a safe workplace?
Wiki User
∙ 14y ago
The termOperational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems, human factors, or from external events.
Benefits of ORM
- Reduction of operational loss.
- Lower compliance/auditing costs.
- Early detection of unlawful activities.
- Reduced exposure to future risks.
In short, yes it is a critical part to provide a safe workplace in a hazardus area or location.
Wiki User
∙ 14y ago
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