Risk ManagementRisk Management can sometimes be forgotten in the hussle and bussle
of going about everyday business.
Risk Management is the management of risks to which the assets, personnel and income of a business are exposed.
Technically Risk Management is a process that involves the following:
a) Identifying risk
b) Analysing risk
c) Quantifying the likelihood and severity of risk
d) Identifying and quantifying a means of risk elimination or reduction
e) Re-evaluating the risk likelihood and severity
f) Choosing to retain or transfer risk
g) Continual evaluation and monitoring
On a practical side this may involve transfer of risk or risk reduction such as looking at stocking densities, changing handling procedures or reviewing feeding procedures. Sometimes with animals a change in luck is all that is needed!