I’d like to share some tips on finalising it. Firstly, some useful links on risk analysis.
First a useful analysis on the use of risk matrices…
Second, a very helpful guide for small businesses produced by the West Australian Government.
There’s heaps more examples and discussion around, so if you want more go back to Google. Beware though, as there is a risk of procrastination while reading up thoroughly on risk management 🙂
Ok so now you know your risks? What’s next? Look for low hanging fruit, simple ways of reducing the likelihood or impact of the risk. For example, we don’t have control of the likelihood of storms and power failure but we can reduce their impact. Simple steps like having torches, battery operated radios and external phone and tablet chargers may be enough for some businesses. Others may need a generator. Think of the last time you went camping? What did you take and use?
The likelihood of other risks may be reduced, for example slipping on a wet floor is less likely if spills are immediately cleaned up and cleaners put out warning notices on areas of wet floor. What low hanging fruit can you pick?