Scaled Management Systems

Loss prevention and risk management – Part 1

Part 1: Introduction

Management commitment is the foundation of a strategic plan targeting loss prevention and risk management.

Management has the responsibility of either manufacturing products and / or supplying services which generate profit.

If an organisation, its assets, infrastructure and / or personnel are negatively impacted by hazards then profits are rapidly eroded.

Therefore, loss prevention and risk management need to be equally and as skilfully managed as corporate social responsibility [CSR], finances, inventory, production, quality, and services using sophisticated management techniques.

And although work health and safety [WHS] is important, it is one of many critical elements in the risk management equation. Adopting an holistic strategy provides a greater perspective of a business’s exposures.

This series of articles will provide an outline of the key elements within a strategic loss prevention and risk management programme.

Disclaimer

These articles do not specifically discuss life safety or third-party liability issues.

The information contained in these articles is not intended to imply that every possible hazard has been identified or no other hazards exist.

SMS specifically disclaims any warranty or representation that compliance with advice supplied in this article will guarantee an organisation’s operations safety or place it in compliance with any law, or regulation.