Risk Control For Best Practices

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Risk Control is a fundamental aspect of risk management and best practices. It is a means of evaluating potential losses and the course of action to be taken to eliminate risks. It involves:

  • Identifying potential risk factors or materials.
  • Assessing technical and non-technical business concepts.
  • Financial policies.
  • Implementing changes to ensure compliance with risk management.

Some important risks to analyze include:

  • Systems Risks: These include damage to servers, inaccessible data and insecure data.
  • Financial and Operation risks: These could be incorrect calculations, inadequate programs and inefficient use of resources.
  • Revenue Risks: There could be theft, inappropriate refunds or non collectible revenues.
  • Purchase and Payroll Risks: These risks involve risk or fraud, purchase for personal use and conflict of interests.
  • Property and Assets Risks: Risk of damage to equipment and other assets or properties.
  • Research Risks: Risk of non-compliance with government policies or research fraud.
  • Safety and Liability Risks: Injuries which could lead to death and severe accidents.

Ensuring compliance with risk management involves the following best practices. These are to be followed in the following order:

  1. 1. Elimination of Risk: After identifying the risks and analyzing them the element of risk must be eliminated or redesigned.
  2. 2. Replacement of Eliminated Element: After elimination, the removed component of the system must be replaced. The replacement must be equally effective as the eliminated element, or even better.
  3. 3. Installing and Engineering Controls: Installing and using additional tools and machines to ensure best practices necessary for risk control. This will ensure isolation of the hazard and compliance with policies to ensure risk management.
  4. 4. Provision of Administrative Controls: This means reducing the exposure of employees to hazardous elements. There will be need for best practices like compliance with operational guidelines to ensure proper administration without errors and lapses. There will also be the need for training and assessment of performance to ensure there are best practices. Ensuring safety awareness and signage is also an important best practice.
  5. 5. Personnel Protection: Use of protective gadgets and ensuring compliance with recommended best practices is important. There must be compliance with guidelines on how to ensure protection while using hazardous machines and equipment. Additionally, there must be standby arrangements for accidents and immediate control of injured personnel.

Risk control ensures successful risk management, internal controls and compliance with best practices.

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