The current risk management standard is AS ISO 31002018 that allows the businessman to understand and manage the risk involved in business activities. It helps to plan for the risk that may arise in the near future. The planning done as per the guidelines allows to increase the chances of opportunities for the business and reduce the chances of threats. The process allows to identify the risk, track the existing risk, evaluate the effectiveness of the risk on the business and monitor the risk mitigation process.
The information can be sourced on the website of Australian Council at https//www.standards.org.au/standards-catalogue/sa-snz/publicsafety/ob-007 where the risk management policies are clearly framed.
The ISO 31002009 are linked with AS/NZS 43602004. There is a constant iteration between the steps followed by AS/NZS 43602004 and ISO 31002009 framework and is accepted at the global level. The strategies in the standards allow to avoid risk, eradicate the source of risk, reduce the chances of risk with proper strategic planning of finances and operations and enhance the chances of opportunities.
Rules and regulations implemented in business protect the workers, consumers, and suppliers and the business as well. It ensures the working of the business being fair and according to the norms of the government. Further, business is responsible for ensuring the health and safety of employees. Therefore, it is essential for the business to comply and implement the laws in the organization to avoid any unforeseen circumstances related to the risk of court case and closure of the business. Without the legislation, the working of business becomes chaotic. It provides stability, certainty, and uniformity in the business. The impact of legislation on business can be observed by ensured work safety, proper wages, and identification of legal risks.
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