VSL helps companies and authorities to identify, analyze, and reduce risks in their operations. Proactive risk management can reduce distress and save money.
What is risk and how can we manage it?
Risk is the possibility that something undesired will happen. The level of risk is a combination of the probability of an undesired consequence and the severity of that consequence.
Risk management is our measures to identify risk factors, assess their impact, and develop ways of reducing or even eliminating that impact.
The probability can be reduced by for instance replacing fault-prone machinery, changing work processes, or training the personnel. Consequences can be limited by devising plans and procedures for critical situations and conducting exercises where they are tested.
Dynamics of risk management
Risks change dynamically. New tasks and changing legislation affect what is considered as an acceptable level of risk. Staff turnover and new organization change the ability to handle undesirable situations.
What was an acceptable level of risk and a sufficient ability yesterday may be poor performance today. Risk managment must be dynamic.