Working at TPP

The QMS

• WHAT IS RISK MANAGEMENT?

  In common use, risk management is the general term used to describe the processes and systems used to deal with risk.

  So understanding risk management, not surprisingly, requires understanding risk.
  
  "Risk" is a very commonly used word with a meaning that continues to evolve. The Society considers that the definition of risk given in first international standard (published in 2009) on risk management ( ISO 31000) "the effect of uncertainty on objectives" is the most useful one.

  This definition makes it clear that the key aspect of understanding risk is understanding the effect of an uncertain event on objectives. So, the "risk" isn't the chance of having a fire (for example) but the chance that value will be destroyed and or income flow disrupted should a fire occur - assuming preserving value and income flow were part of the objective.

  From this, it can be seen that risk is particular to the objectives of the individual, organisation (or even society as a whole). Risk arises because those objectives are pursued against an uncertain background. Although individuals and organisations control their objectives, they cannot fully control or predict all the events that happen in environment in which they operate. It is these uncertain events, overlaid on the particular objectives, which generate risk.

• PPE URL

  PPE is "Personal Protective Equipment".  This is a link to the policy on the QMS.