How and Why You Should Create Your Own Branded Risk Assessments

What is a Risk Assessment? 

A Risk Assessment is the process of evaluating risks to workers’ health and safety to prevent occupational accidents and other workplace hazards. A hazard can be categorised as anything that has the potential to cause harm and can include work-related materials and/or equipment as well as work methods or practices. A risk assessment should take into consideration these factors: 

  • What could cause injury or harm or a potential accident i.e. identify potential hazards
  • Determine who might be harmed and how
  • Evaluate the risks and work out whether the hazards can be avoided or eliminated 
  • If the hazards cannot be completely eliminated, then what preventive or protective measures can be in place to control the risks and potential damage
  • Record the significant findings
  • Review the assessment regularly and update it if and when necessary
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How is a Branded Risk Assessment different from a Risk Assessment? 

A Branded Risk Assessment is a risk assessment that is specific to a particular brand, company or business and includes strategic, operational, financial, regulatory and legal practices as well as occupational hazards. Brand risk evaluation and planning needs a much more strategic and integrated approach.

How to create your own Branded Risk Assessment: Internal and External factors

The key internal areas where brand risk is usually taken into consideration are:

  • Poor quality in terms of manufacturing
  • Poor customer service/ customer relations 

The key external areas where brand risk is usually taken into consideration are:

  • Consumer behaviour – boycotting the products or services of the company due to change in product or change in social values
  • Capturing of retail space or buying out of stocks by the competition 
  • Opposition to the brand – either by the community or due to political opposition 

What are the benefits of having your own Branded Risk Assessments? 

Brand Risk Assessment must ask the bigger question: What factors (internal and external) can or could affect the sustainability and survival of the brand? This can provide a framework for analysing and minimising risks which then aid in the proper planning and growth for a brand or a business. 

Some of the benefits of having your own branded risk assessment include:

  • Risk assessments reduce the likelihood of injury or accident in the workplace. Safety audits and regular inspections help businesses identify problem areas and work towards improving them, thus preventing potential accidents.
  • Risk assessments save your business money in the long run (were your company to get sued should an accident occur or a lawsuit placed against your company for health and safety negligence). Investing in a risk management system can prevent your business from spending thousands in financial, legal and/or internal costs.
  • Effective risk management protects a company’s resources. Were any major accidental damage to occur, it could have a detrimental effect on the overall process and performance of the business.
  • Risk management improves a company’s brand image. By having a risk assessment system in place, a company shows its employees that it cares for their health, safety and overall well-being. It shows them that they are a valuable business resource. 

Is it easy to set up your own Branded Risk Assessment?

In order to stay compliant with the numerous rules and regulations of Health and Safety, and to protect your brand or business from potential risks, it is crucial to have your own branded risk assessment. This helps take the confusion out of Health and Safety rules and regulations and can be of great use should you be faced with a lawsuit. 

Getting a professional consultancy that specialises in risk assessment to do the needful allows you to focus on your business. Besides, they will know the nitty-gritties of the job and will not leave anything to chance. Some consultancies also offer assessment schemes such as CHAS (The Contractors Health and Safety Assessment Scheme) and SSIP (Safety Schemes in Procurement) as well as have their own software to better manage risk assessments. 

However, if you choose to do the risk assessment yourself, you could even hire a consultancy to do the annual audits and oversee your risk management systems, and offer advice and support. 

In order to set up a complete branded risk assessment for your business, it is important to take into account the following:

  • Qualitative Risk Assessment
  • Quantitative Risk Assessment
  • Generic Risk Assessment
  • Site-specific or Brand-specific Assessment
  • Dynamic Risk Assessment

This will ensure you cover all aspects of assessment and cover all your bases. 

 
To access our unique RAMs software that can create, duplicate, download, and send your health and safety documents. Safely stored in the cloud access at any time. Stay compliant, impress clients and win more business, contact RAMs App today. We look forward to speaking to you. 

sudarsan

Sudarsan Chakraborty is a professional writer. He contributes to many high-quality blogs. He loves to write on various topics.