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Understanding the connection between workplace safety and risk management is the key to OHSA compliance

by , 03 April 2014
When it comes to workplace safety, people throw the word 'risk management' around all the time. But do you really know what it means and what the connection is? Read on to find out so you can comply with the Occupational Health and Safety Act and avoid harsh penalties.

Risk management explained

The Small Business Development Corporation says risk management is a structured approach to managing uncertainty and includes actions taken to:

  • Identify;
  • Assess;
  • Monitor; and
  • Reduce the impact of risks to your business.

This means you must have risk management plan to do this.

The site says a good risk management plan with appropriate risk management strategies can minimise costly and stressful problems.

It adds that there are five steps to developing your risk management plan.

Step 1: Define the risk context
Step 2: Risk identification
Step 3: Risk assessment
Step 4: Risk strategies
Step 5: Monitoring and review

So what's the connection between risk management and workplace safety?


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It's a legal requirement. You must identify hazards and assess risks in your company

Do you know how to compile a risk assessment?

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The connection between risk management and workplace safety is as follows:

When it comes to workplace safety, you're required by law to manage risks. And a risk assessment forms part of your risk management.

The reason?

A risk assessment is a careful examination of what, in your work, could cause harm to employees. The purpose of this assessment is to help you weigh up whether you have enough precautions or whether you should do more.

The bottom line: Ensuring that your employees are safe means you must manage risks.

That's why there's a connection between the words 'risk management' and 'workplace safety.' Now that you understand the connection and the meaning or risk management, make sure you comply with the OHSA.

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