Fri. Jul 12th, 2024

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Implementation Of Risk Based Matrix

The risk based matrix covers statutory compliance and safety, and health. The most important outcome associated with the overall severity category is the possibility of adverse financial impact to any business operation. The other impact factors associated with the business are the possibility of legal or reputational impact, the effect on the daily operation of the facility, and the long term effect on staff. For this risk document, all of the impact factors will be included to ensure all the risk parameters are checked and in constant monitoring.

The risk-based matrix is a useful tool to use when selecting a new facility. A wide range of criteria will be used to evaluate the facility based on its overall degree of risk. When assessing a new facility, you should include using this matrix to mitigate risks and know how you can avert those risks.