![]() Positive organizational reputation: Customers and clients want to do business with companies that operate safely, ethically, and fairly.Safe, happy employees: When employees see you’re making their safety and well-being a top priority, they’ll likely want to stick around, which leads to another benefit.Lower risk of non-compliance: Eliminate risks above and beyond compliance requirements to avoid penalties from regulatory bodies.Fewer lawsuits: By preventing incidents, you won’t have to deal with injured or disgruntled employees seeking legal action.Money saved: Picking up the pieces after a cyberattack, break-in, fire, or act of workplace violence is stressful and can cost thousands of dollars a risk assessment costs far less.Being an optimist, you calculate the chances of rain to be only 80 percent. For example, you are planning an outdoor fundraising event in Seattle on the second weekend in February. So why should you bother? The benefits of a risk assessment far outweigh any inconvenience because they can help you avoid incidents, fines, lawsuits, and negative media attention. Multiply the risk event probability by the risk event impact to calculate expected monetary value. Risk assessments cost time and money to conduct. Follow along to identify, analyze, and prevent hazards in your workplace so you can protect your employees and your organization. ![]() To ensure a similar outcome doesn’t happen to your company, we’ve created this step-by-step guide to conducting a risk assessment. Instead, they failed to provide a safe workplace and, for that, faced legal repercussions, steep fines, and a hit to their reputation. They would have understood the possibility of rogue sparks and installed barriers to stop them, or not placed another worker below the grinder’s work station. Had the company proactively carried out a risk assessment, they would’ve identified and been able to avoid this hazard. In addition to the legal settlement, the company was cited with an OSHA violation and fined over $12,000. The flames burned through his safety lanyard, causing him to fall 80 feet, hitting his head on scaffolding on the way down. While working at a facility in Louisiana, the victim was trapped in a fire after a worker used a side-grinder above, sending sparks raining down on him. Conducting an organizational risk assessment has moral, legal, and financial benefits, and can help you prevent these incidents.Ĭonsider this example: in 2022, a refining company agreed to one of the largest wrongful-death settlements in history, paying $104.9 million to the family of one of its workers. Your organization is facing health & safety, HR, fraud, and other types of incidents. Back to the Future: The Importance of Triage and Investigative Protocol. ![]()
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