Expert Insights: Types of Risk
Posted on July 12, 2022 | in Operational Risk
VelocityEHS experts explain the types of risks that are out there.
In my career in the oil and gas sector, I’ve mostly dealt with asset health and safety risk, environmental or financial risk. However, reputational risk is one that I see a lot on corporate risk matrices as well as public hazards. So, this is separated out from the internal health and safety risks. They do define risk between operational and financial, most of the time. But within that context, there are a bunch of different types of risk, and you can manage any of them.
I would recommend, though, to companies, to not just think about risk management as “what are our risks?” It’s more about “have we done enough?” and “are we sure that the things we put into place to reduce or eliminate risk will work as expected?” That’s a better risk management program than just starting out by saying, you know, what are all the different types of risks we have?