Curriculum
- 1 Section
- 5 Lessons
- 65 Weeks
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Strategic Risk Management
Strategic Risk Management
Leaders must ensure that risk management is a fundamental part of organisational strategy. This involves identifying potential hazards, assessing their impact, prioritising risks, and implementing appropriate controls. Strategic risk management addresses high-level and systemic risks that may affect multiple departments or the organisation as a whole.
Leaders must consider both operational and organisational risks. These include physical hazards, chemical exposure, ergonomic issues, environmental risks, and psychosocial factors such as stress, fatigue, and morale. Strategic risks may also include regulatory changes, contractor safety practices, and emerging technologies.
Leaders must ensure that risk assessments are comprehensive, regularly reviewed, and aligned with organisational objectives. High-priority risks require immediate attention and allocation of resources. Leaders should also consider long-term risk reduction strategies.
Leaders oversee the application of the hierarchy of controls: elimination, substitution, engineering controls, administrative measures, and personal protective equipment. Leaders ensure that resources are allocated for effective controls and that their implementation is monitored and audited.
Strategic risk management involves continuous monitoring of key indicators, auditing processes, and reviewing incidents to identify trends. Leaders must ensure that lessons learned are integrated into policies, procedures, and future risk assessments.
Effective strategic risk management reduces organisational exposure to accidents, regulatory non-compliance, and reputational damage. Leaders who integrate risk management into decision-making processes create safer, more resilient organisations.