10 Ways to Improve Risk Management at Work

1. Be clear about your remit

Any gaps in responsibilities across your business present an increased opportunity for risk

2. Identify risks early on

It's never too soon to start thinking about risk.

3. Be positive

Not all risks are negatives, so don't only focus on the downsides

4. Describe risk appropriately

As part of the risk assessment process, creating a risk 'string' is good practice, distinguishing between cause and effect

5. Estimate and prioritise risk

Use a risk matrix to assess and prioritise all known risks.

6. Take responsibility and ownership

Risk management works best when everyone is empowered to speak out and take action.

7. Learn from past mistake

Past trends can inform better decision-making going forward

8. Document all risks in a risk register

Remember to document who is responsible for what and appoint a risk owner too

9. Use appropriate strategies to manage risk

Use the 4Ts model to decide how best to manage risk

10. Keep monitoring & reviewing

By being proactive and regularly monitoring your exposure, you will be ready to act when the time comes.

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