Risk, which has been defined as, "the possibility of incurring misfortune or loss," is present throughout any and all organisations.
Elements which may give rise to risk include: • Buildings • Machinery and Equipment • Chemicals and Substances • Employees and Visitors • Public • Management Systems • Geographical Area of Operation • Nature of Work Activity • Nature and destination of products It is important that management understand the magnitude of the risks facing their organisation and are comfortable that they have taken all reasonable steps to ensure appropriate controls are in place. |
A Strategic Risk Review provides the first stage in an organisations compliance with this fundamental tenet of Corporate Governance by identifying and measuring threats to the business and assessing the appropriateness of controls across a wide range of risk areas. |
