A comprehensive system ensuring high-risk industries adhere to strict safety protocols, featuring risk assessments, training programs, incident reporting, and regular audits to guarantee a secure work environment.
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Business Workflow Step: Risk Assessment Initiation This step involves identifying potential risks that could impact the organization's goals and objectives. It begins with a comprehensive review of internal and external factors such as market trends, economic conditions, regulatory changes, and technological advancements. A thorough analysis is conducted to determine the likelihood and potential impact of each identified risk. This information is then used to prioritize the risks based on their level of severity and probability of occurrence. The results are documented in a risk register which serves as a central repository for all identified risks. The risk assessment initiation step ensures that potential threats are recognized early, allowing for timely mitigation strategies to be developed and implemented, ultimately reducing the likelihood of adverse outcomes.
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