According to the Oxford dictionary, a risk assessment is “a systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking.”
Risk Assessments are a legal requirement for UK businesses. Many companies still use outdated paper systems. Risk assessment software can pinpoint a risk or hazard in your workplace, help you take preventive measures to suppress the foreseen risk and remind you when the assessments need to be updated and reviewed.
Businesses need to ensure they have all the tools in place to form an effective, flexible and modernised strategy. Risk management software is a key part of ensuring this stability and should be considered when forming the business strategy. This type of software has fully automated capabilities to enable you to save valuable time spent on paperwork. Risk management software simplifies the system of risk reporting, analysing, and data sharing throughout the organisation.
Organisations need to create a risk management strategy from day to day operations to major global events. The traditional manual processes just don’t cut it in 2022. Using a digital system for your risk assessments can fully automate processes that can save considerable time and resources. The real business value from risk assessment management software is the improvement in the quality and efficiency of risk decisions across the business.
Some benefits of switching to risk management software are:
Risk Assessment Communication
If your risk data is not read and fully understood by all staff who need it, it is essentially useless. Using software like OpsPal can tell you immediately who has read the risk assessments they need to. This facilitates the effective communication of data to the right people.
Recognise early signs of future risks
The work environment is increasingly volatile, businesses need to be proactive in identifying and mitigating potential risks. The focus of the leadership teams can be on the higher risk areas rather than spending too much time on lower risks.
Improve regulatory compliance
A huge advantage of using risk management software in your business will ensure up-to-date compliance to the industry standards. Having all risk assessments kept digitally with proof of who has read what and ensuring they are renewed when needed helps businesses should they need to prove their compliance in court.
Give management team full visibility of every incident
A modernised and fully integrated risk management system provides a central dashboard to allow managers full visibility of how risk events may be interconnected and impact one another. This gives managers a much clearer picture of their responsibilities, increases their input and control, giving them ownership over the whole process. A digital system makes it easy to review risks or make amendments following an accident or incident.
Integrate risk-awareness throughout your business
The challenge in business is ensuring every employee is engaged and aware of risks. Using a digitised system makes it easier for employees to read and agree to the appropriate risk assessments.
To keep up with the constantly changing risk environment, businesses need to use a digitised system to bring all risk information together, analyse it and format it in a way that is user friendly and understandable for business leaders. A good system will save time in data collection, facilitate report creation and prevent chasing staff for updates.
A key aspect of risk management is to learn from previous experiences and improve. Using a risk assessment management system cannot put an end to all risks, it can, however, minimise the impact and accelerate a more effective organisational response.
For more information about OpsPals’ Risk Assessment app please get in touch, email Craig@opspal.com to arrange a consultation and demo.
