Risk Management

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!