Risk Management Process

What is the risk management process?

  • Identify the risk - The process of systematically assessing each aspect of an event with a view to identifying exposures which can be managed in order to reduce or eliminate them.
  • Analysing the risk - This is simply the process of objectively assessing each risk, the nature and consequence of the risk and whether the risk can be reduced or eliminated.
  • Treating the risk - This is the process of actively reducing or eliminating the identified risk. In most cases this is a very simple process. For example if a track assessment found glass on the track, the treatment of the risk is simply to safely remove the debris from the track to an enclosed waste disposal area.