Page 120 - Petrosphere - Loss Control Management (LCM) Training Manual V 1.0

119 Module 14: Roles of Safety in Risk Management Loss Control Management (LCM)

Safety’s Contribution to Risk Management

• Conduct of “holistic” risk identification and
measurement – part and whole; top to bottom

• Risk prioritization
• Periodic updating of risk register

• Audit of loss preventive and control programs

• Ascertain risk transfer mechanisms are in place
and updated

• Ensure risk awareness and compliance to risk
management policies at all levels

Benefits of Risk Management
• Protection of assets & business

• Improved reputation/image

• Improved
customer/stakeholder/employee
confidence
• Compliance with corporate
governance/regulators/auditors

• Good marketing tool
• Assists management decision making
process - improved security & peace
of mind

• Avoidance of liability
actions/penalties/fines

• Rationalizes insurance
cover/premiums

• Provides direction for management

PETROSPHERE INC.
www.petrosphere.com.ph | info@petrosphere.com.ph