Financial sector mitigate risk through risk transfer buy using insurance. Engineering and built environment treat risk through risk sharing, reduction, transfer and control.

In the financial sector we have to consider the risk appetite of each Organization.

We propose a risk reduction strategy by identifying the risk of professional incompetence. The department of OSH determines the risk of incompetence of each employee and manager when hiring. The deadlines for reducing the risk of incompetence are set and then a periodic verification of the implementation of the tasks is carried out. The risk at the workplace should correspond to the risk of incompetence of the manager and employee.

In order to avoid the risk that materialized by incompetence of a responsible person you have to build a risk management framework based on RASP structure (Risk-Architecture-Strategy-Protocols). This means that you must draft:

• policies
• roles and accountabilities
• reporting system
• risk assessment tools and methodologies
• protocols for specific risks treatment
• relevant documentation and files keeping for knowledge transfer
• internal audit procedures and last but not least TRAINING and well designed DRILLS and Exercises.

Let's take a look at Five different Risk Mitigation Strategies Used when your organizations ability to mitigate risk depends on you EHS professional, Safety Manager or Competent persons ability to acknowledge and accommodate risk proactively within the scope of work.

1. The "Avoidance Risk Strategy" if a risk presents an unwanted negative consequence, employee may be able to completely avoid injury and illness in the workplace. However stepping away from organizations activities may involve Engineering Controls or designing out the cause of hazardous conditions, in this way organizations can successfully avoid future injury or illness and other consequences. Avoidance is a Very Effective Option.

2. The "Acceptance Risk Strategy" or Hazard substitution: Every product produced has a chance of failing in the hands of your customer. When that risk is at an acceptable level, with sufficiently low estimated field failure rate, then ship the product. The decision to accept risk is in part based on an estimate or prediction that may incorrectly forecast the future. Therefore, and organization field failures establishments must closely monitor performance or establish an early warning systems may be prudent.

3. The "Reduction or Control Risk Strategy" or Administrative controls of FEMA, hazard analysis, FTA, and other risk prioritization tools focus your organization prioritize risk factors. Reducing the probability of occurrence, and the severity of the severity of the consequences of an unwanted product failure is a natural outcome of risk prioritization tools. If it is not possible to reduce the occurrence of severity, then implementing Administrative controls is an effective option. Which detects unwanted events prior to failures occurring during use of the product, or service. Team members can avoid unwanted failures using detection and root causes analysis.

4. The "Control, or Transfer Risk Strategy" or Risk Transfer shift the burden of each risk consequence to another party. This may include giving up some control, yet when something goes wrong your organization is not responsible. Sadly this approach will not protect your organizations brand image if the product or service is associated with it. For Example: if a power supply vendors pays for all damages due to failures, the customer only knows that your product has failed and caused damage. Please used this approach with cation.

5. The "No Blame Safety Strategy" As Safety Professionals around the world agree that "No one wants to be blamed for a workplace injury or illness" and that's why this non-punitive no blame learning environment liberates EHS professionals, Safety Managers and Competent persons effectiveness in high hazard industries, empowering employees by removing the fear of reprisal from employers. linking well with an organizations Near Miss Reporting Systems. By far the most effective and cost efficient safety strategy available and the lease used due the lack of skilled, knowledgeable safety practitioners with real world experience.