Riskcom recently presented at the Queensland Mining Industry Health and Safety Conference held at Jupiter’s Gold Coast.
The presentation titled ‘Focusing on the Critical Few – ensuring Control Effectiveness’ was by delivered on 22/08/2018 by Anthony Masciangioli, Director and Darren Head, Principal Consultant, to an audience of over 400 attendees at the conference.
The notion of Risk can often be seen as a disparate set of problems that seem to be unrelated often resulting in Boards, Executives and Senior Managers becoming overwhelmed. Often the business can become exposed as it struggles to address multifaceted issues and competing priorities.
So how best to manage this?
Firstly, it’s paramount to identify and understand the critical risks the business is exposed to. The concept of risk lends itself to the Pareto principle, that is; 80% of a business’ risk profile is related to 20% of its risks (i.e. the critical few). Given this scenario, it is essential for a business to focus on the ‘critical few’ rather than the ‘trivial many’.
The aim of drilling down into the causal pathway of the ‘critical few’ will ensure that effective controls are available to be implemented when required.
For more information or assistance on how to deal effectively with managing risk in your organisation, please contact us