Important Measures to Minimize and Control Risk

The organization must take measures to control the risks when a risk assessment determines people’s risks. A plan must be developed to control the risks and how will this impact the service delivery.

Analyze and prioritize: The risks must be analyzed and the highest risk must be given a priority to be dealt first.

Eliminate and avoid the risks where possible: This is the best control measure to minimize risk. The risk must be entirely eliminated instead of reducing it.

Hierarchy of Control: When planning a risk it is necessary to maintain a hierarchy of risks, the most effective risk must be placed at the top and worked out down the hierarchy.

Risk Financing: Sometimes, taking measures to control risks may be infeasible. Risk financing becomes a means of risk control whenever businesses need to reserve money at worst-case scenarios, if an incident causes to shut down the business. By purchasing insurance the businesses can recover the losses.

By following the above said measures one can minimize and control risk.

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