Identifying, evaluating and understanding risks is a very important aspect of business management. Businesses can also suffer dreadful consequences if risks are not appropriately managed. The most widely understood risks are occupational health and safety risks. Most people generally associate the word 'risk' with injury, health risks and death, but there are many other types of risk faced by any business.
It is useful to think or risks as falling into two categories:
- Risk of harm
- Risk of detriment
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