When should my company review its risk assessment? (2024)

FAQs

When should risk assessment be reviewed? ›

Companies should review their risk assessments and risk management practices once every 3 years, or: Whenever there to any significant changes to workplace processes or design. Whenever new machinery, substances or procedures are introduced. Whenever there is an injury or incident as a result of hazard exposure.

It is at your discretion to decide when a review is deemed necessary, but risk assessments are a working document and, as your business experiences change, this information should be recorded and updated. As a guide, it is recommended that risk assessments be reviewed on an annual basis.

The rule of thumb is that you should schedule a risk assessment for at least once a year. This way, you know when it has to be done, when it was last carried out, and when it will be updated.

You must review your risk control measures:

when new equipment, materials or work processes are introduced. if a new problem is found. if consultation shows a review is necessary. if there is an injury or near miss.

Risk assessments need to be reviewed in light of any new equipment or procedure adjustments so that hazards can be identified and control measures implemented. You should be keeping a log of all accidents or injuries that occur in the workplace or as a result of work activities.

You may think that your premises have not changed over the years, but even subtle alterations can make a difference when it comes to safety. To ensure that your environment is protected, we would advise that after you have had a professional fire risk assessment conducted, that you review the document every year.

Companies should review their risk management plans every couple of months for specific projects, and annually for organization-wide plans. These evaluations should also be performed whenever there are major changes in legislation, business tasks, and team dynamics, or any time the plan has become inadequate.

When should a company review its safety plan with all employees? ›

Employers should review plans with employees when initially put in place and re-evaluate and amend the plan periodically whenever the plan itself, or employee responsibilities, change.

REVIEWING YOUR FIRM-WIDE RISK ASSESSMENT

For most firms this might require an annual programme of review by senior management. In particular, you must regularly consider whether you have identified all the money laundering and terrorist financing risks present in your firm.

Review risk registers in every team meeting. For risk registers to function properly, project managers may review them at team meetings, check them at the end of each phase of a project life cycle and adjust if necessary. This can allow for collaboration between departments and ensure realistic and achievable goals.

Review your assessment and reassess if necessary

After any significant change within the workplace or process in question. After an accident or ill-health incident has occurred. After near-misses have been reported.

The workplace is constantly changing. New equipment is introduced, new processes are developed, and new people are hired. All these changes can introduce new hazards or can change the risks associated with existing hazards. It is important to review risk assessments regularly to ensure that they cover these changes.

A guide to time frames are as follows: Level 1 – Low as per risk matrix – Timeframe one to four months. Level 2 – Moderate as per risk matrix – Timeframe one to three months. Level 3 – High as per risk matrix – Timeframe one to two months.