Why Risk Management?

Why do we need to manage risk in our business? The following are a few of the main factors why risk management is required in your business: 

•      Need to comply to minimum requirement of the Law 

•      To provide a desirable, safe and healthy environment to work in 

•      We have a moral obligation to look after our people and the environment 

•      To have an informed, trained & responsible workforce 

•      It assist in keeping up the business’s reputation 

•      To increase profitability by:

	Reducing unnecessary cost/losses to the business due to incidents/accidents
	Reducing time lost due to incidents/accidents
	Reducing insurance cost (premiums, excess)

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