Risk Awareness Week takes place during the third week of October, and takes place from October 17 to 21 this year. It’s held online by a team of risk experts, to educate non-risk professionals and communities about potential risks and the necessary measures implored to manage them. This year, there is an impressive lineup of risk management, speakers, and experts that come together to share their different findings and studies on decision making, risk management, planning, and project management. They hope to shed light on non-risk professionals and interested participants through a series of engaging workshops and presentations.
History of Risk Awareness Week
So you may be wondering, what exactly is risk awareness and how can we access it? According to several sources, risk awareness is the recognition and assessment of potential risks and their possible impacts, and how they can be managed.
The risk management process teaches us how to recognize and identify risk, as well as how to design risk responses using risk management tools and methodologies. It was established as a scientific field about 30 to 40 years ago. Since then several methods have been deduced to manage risk. Though risk management as a scientific field is less than half a century old, it’s been around for longer than 2,400 years. The Athenians assessed risks to the best of their capabilities before making decisions.
In the 1970s and 1980s, more advanced analysis techniques became available, and since then, improved procedures have been developed.
The necessity of raising awareness has become increasingly obvious in recent years, which is why programs like Risk Awareness Week are so vital. The dangers that our modern society face are becoming increasingly complicated. If you’re a non-risk professional, or part of an organization that is quite unfamiliar with these concepts then this week will benefit you.
Risk Awareness Week timeline
Two famous mathematicians Pascal and Fermat write to each other about different games of chance — these letters are believed to be the origin of the probability theorem.
Actuaries are those who accumulate and analyze statistics in order to determine insurance risks; the earliest ones begin to appear in England.
Following the Second World War's losses, risk management becomes more prominent as risk managers look for additional ways to maintain safety, such as through training programs and other similar initiatives.
The Risk Awareness Week initiative is developed with the aim of raising awareness.
Risk Awareness Week FAQs
How can we improve risk awareness?
There are several ways we can improve risk awareness. We can start by educating all our employees on how to better manage and mitigate potential risks, and communicate what preventive methods can be taken.
What is risk acceptance?
This is when a business person or institution acknowledges there are risks but the potential loss is not great enough to spend money to prevent it. It is also known as “risk retention.”
What are risk environments?
This is the social or physical space in which a diversity of components may increase the chances of harm, most likely induced by the environment. Some examples include radiation, toxic waste, heavy metals, pesticides, e.t.c.
How to Observe Risk Awareness Week
I'm sure we all know someone who would benefit from learning about risks and improving their knowledge. A fun approach to commemorate this day is to send out pertinent material, such as emails or newsletters, that might help them with their planning and management.
This month, there is most likely going to be an abundance of information about risk awareness and management. So, if you're interested in knowing about risks and decision-making, this is your opportunity to educate yourself and heighten your level of awareness.
Organize a seminar
We encourage businesses to educate their staff on the different types of risks that they may face in the workplace and the ways these risks can be managed. You could even go as far as organizing a community workshop and creating special interactive and informative activities.
5 IMPORTANT RISK MANAGEMENT FEATURES
Risk managers need to be taken seriously
Risk managers should have senior leadership in any organization — this sets a tone of importance for all the staff and gives those in charge the necessary authority.
Risk management systems should be flexible
There are new methods of risk assessments every day and for this reason, companies should be willing to adjust their practice when the need arises.
The data received has to be reliable
Be it through external sourcing or internal analysis of a community or company, all data concerning risk management must be credible.
Risk factors should be considered everywhere
From Silos to hospitals the safety of employees should be a priority in every organization and there should be frequent communications
Bigger organizations have higher risks
Institutions with bigger volumes in staff numbers and capacity have reasons to be wary and take necessary measures to ensure efficient risk management.
Why Risk Awareness Week is Important
It raises awareness about risk culture
Take the long-term view and consider the long-term risks. This will help society plan toward success each day.
It gives us ideas of how to manage our risks
This week we learn to recognize potential hazards and risks that may occur in the work environment. This will help us to put plans in place in case those risks arise.
It educates us on how to make better decisions
To make rational decisions, we need accurate data for proficiency. Risk Awareness Week helps to deliver the different options for risk management and response.
Risk Awareness Week dates