Other industries where risk management is in common practise would be the Finance and IT Sectors. The exciting thing about risk management is that it is entirely a pro-active tool. It gives organisations a method to understand processes in order to identify risks and to establish effective ways to minimise risk before anything goes wrong. It is also an approach that can be used by any organisation in any industry in either the Public or Private sectors. In all recognised Health, Safety & Environmental Standards & Guidelines risk management is an integral part of an effective management system. Please refer to BS8800, ISO14001, and OHSAS 18001. It also is very closely related to 'Quality' continuous

improvement techniques, as reflected in the new international standard ISO9001:2000. The following is an overview of a risk management process described in 4 main stages.

Stage 1 - Understand the process

Stage 2 - Identify the High Risk areas

Stage 3 - Reducing the risk

Stage 4 - Risk Re-evaluation