Riskology

A massive component of owning or running an organisation is making sure it is in compliance with external and internal regulations and policies in order to protect it from the risks caused by non-compliance. Compliance risk management is the process of understanding and managing compliance with laws and regulations and helping to better manage the risks associated with non-compliance.

While a risk register is a common feature in most organisations these days, there can be a vast difference in the value it brings. As a basic risk management tool it allows you to identify potential risks and track them for compliance. But it can be so much more.

There’s no doubt that managing occupational health and safety (OHS) is challenging in any workplace—but the aged care sector presents a series of unique circumstances that require prompt and effective management for compliance. 

In the workplace, organisations are required to manage hazards and risks by putting the appropriate control measures in place. Legally, under WHS Regulations, "risks must be controlled by eliminating them so far as reasonably practicable, or if this is not possible, reducing the risks that remain so far as reasonably practicable" (Source: WorkSafe Australia). This means that health and safety managers, or anyone who is responsible for making sure a business is in compliance with these regulations, must determine what is reasonably practicable to protect people from harm. 

These days, undertaking a risk assessment is essential for every organisation. In a nutshell, risk assessment requires you to think about potential events that could affect your business, the consequences that could follow, and identify measures that will help you avoid or minimise any adverse impacts. While this seems simple enough, without the right knowledge and systems in place, your risk assessment may not be effective – which means your business is vulnerable.

So, to help you avoid this scenario, in this article we are sharing the 3 common mistakes we see organisations make when planning and implementing risk assessment strategies – and our top tips to help you avoid them.