You Have Identified a Risk — What Now?

You should be able to identify the risks facing your facility. The question is, what do you do about a risk once it is identified? Whether it be a property exposure, liability for negligence or otherwise, or regarding business operations, management must determine the extent of the risk by examining the following: 1) its potential severity (possible impact on the corporation functioning and possible seriousness of a resulting injury), and 2) the likelihood of the risk or injury occurring. After determining the extent of the risk, four control approaches are available.