Question

Manage risk

A8.2

Why should employees be invited to participate in risk management consultations? (100 words)

Answer in your own words.

Answer 1

Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events

or to maximize the realization of opportunities.

WHY EMPLOYEES BE INVITED TO PARTICIPATE IN RISK MANAGEMENT CONSULTATION

• Inviting participation from employees , particularly , makes them feel valued and valuable.
• If their ideas and opinions are recognized and utilized they will generally be motivated to continue contributing to give improved ideas.
• Consultations and involvement will motivate the employees and encourage them to contribute to continuous improvement in the organization.

Employees are the group who deal with the process and day -to- day operations of the business and are often in a good position to recognize risk factors and assists with the design and development of control risk.

Employees are the first people who are at risk, so they are entitled to an opinion on how work are design, developed, monitored and assessed.

Helps in easy implementation of risk management consultations.