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Risk Aware Newsletter

Advitech regularly publishes information and insights into risk management.

Issue 02 - April 2007

in

Risk Management and the Concept of ALARP

Today, risk management is mandated in OHS matters (eg. NSW OHS Regulation 2001) and required in other areas of business (eg. Australian Stock Exchange's requirements for listing; Institute of Internal Auditors 2000 Guidelines). In the OHS arena the law places very strict obligations on employers to 'ensure safe systems', with defences being centred on foreseeability, preventability and whether it was reasonably practicable to comply. The concept of ALARP - As Low As Reasonably Practicable ' is frequently used in the risk industry as a yardstick for action, and to an extent is embodied in OHS legislation via similar wording. Clearly there is no level at which 'reasonably practicable' can be defined. A helpful starting point is to consider two extremes...

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Issue 01 - September 2004

in

Introduction to Risk Management

Risk management is recognised as an integral part of good management practice. It is an iterative process consisting of steps which, when undertaken in sequence, enable continuous improvement in decision-making. Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity in a way that will enable organisations to minimise loss and maximise opportunities. Risk may be treated variously by avoidance, by transfer, by acting upon causes, and by managing consequences. Any or all of these strategies may be appropriate in particular circumstances...

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