Managing Risk

The issue of managing risk in business and industry has been highlighted by the recent Turnbull report, the government's pronouncements on corporate killing and increased legislation on workforce management.

There are always risks in business for example significant risks can include market changes, credit, liquidity, technological, health, safety and environmental, reputation and business probity. Business cannot be risk free but significant risks must be identified and managed.

The Turnbull report states that internal control and risk management should be embedded in the everyday operations of an organisation and not carried out as an add-on. This can be achieved efficiently by implementing an effective integrated management system including internal control and risk management. The management system will ensure internal control by detailing the policies and procedures in place to identify and manage all significant risks.

We would recommend the inclusion of Health and Safety, Environmental, Quality and People management systems as part of an integrated management system designed for internal control as these are areas where significant risks are likely. The risks of health, safety and environmental incidents are obvious. Effective quality management can prevent loss of custom, loss of reputation and even litigation. Effective people management is also essential to retain valuable employees, maximise their input, and prevent litigation.

TQA can provide services to implement, maintain and manage management systems to meet all the requirements of internal control and risk management that are tailored to your needs. See Management Systems Services