What is Human Resources Risk Management?
A risk assessment is the process of analyzing the specifics of different risks faced by an organization. It should be completed immediately after identifying what those risks are. When you’re an HR professional, the risks you’re most concerned with involve the people and processes at your organization – that’s a lot to take on.
The hallmark of a healthy enterprise risk management (ERM) system is the ability to assess risk in a uniform fashion. Standardizing your HR risk assessment is easy with LogicManager’s comprehensive HR Risk Assessment solution package.
Human Resources Risk Management Risks
As the business landscape changes today at an increasingly rapid speed, so do the risks associated with human resources. Today, a common HR concern is finding resources. If you’re an HR professional in charge of managing personal protection equipment (PPE) distribution in today’s pandemic, it’s critical to understand the risks associated with having low quality or not enough PPE.
Employee distrust can quickly create a toxic environment, which can lead to employee churn and unproductivity. You’re especially at risk of these losses amidst today’s polarizing times and the See-Through Economy, where you will be judged harshly by employees and customers alike based on how you plan and react to crises. With increased transparency and insight into the behaviors and actions of businesses, it is critical that you are exercising good governance practices. Having strong HR practices will protect you against you against reputation risk.
Every company has their own unique set of HR risks. Maintaining a healthy workplace culture, preventing worker injuries and employment-related lawsuits, protecting network security, turnover rates are among a few of the most common. Regardless of which ones are most critical to your business, it’s equally important for everyone to understand what those risks are.