MANAGING THE RISKS
Managing The Risks
Knowing what your risks are and staying in front of them is essential for minimizing the stress and the financial impact it will and can have on your company as well as any disruption that it will cause. Allowing risks to escalate and not being able to identify them may be destructive for a company.
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The goal of risk management is to identify, analyze, evaluate, resolve, monitor and review any potential risks items before they become threats to your organization. When developing a risk management plan for your HR activities, there are a number of areas that are important. Some of these areas will include short term projects while others will be considered long term projects.
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Risk management should be a primary component of your quality assurance process that minimizes financial risk due to sub-standard work performance. Overtime, the cost associated to poor scheduling, exposure to workplace litigation, benefit regulations and administrative errors can come to be hefty price as well as a lengthy process which can be complicated. By managing the risks and being proactive it will not only help the company by saving the extra money and time that can be dedicated towards the employees but it also shows that the company is responsible and observant preventing things from escalating. If risks are not handled with the correct measures and in a timely manner not only it possibly costly but if drastic enough it may put the company at risk of closing its doors for good.