1. SCOPE TTS Training Services Ltd is committed to the management of risk as an integral part of its operations to minimise threats to the achievement of its organisational goals and objectives. Effective risk management allows us to:
• Have increased confidence in achieving our goals • Manage risks at tolerable levels • Make informed decisions • Strengthen corporate governance procedures.
2. RESPONSIBILITIES TTS Training Services Ltd is accountable for ensuring risk is managed across all activities of TTS Training Services Ltd. All employees are responsible for managing risk in so far as is reasonably practicable within their area of activity and are required to create an environment where the management of risk is accepted as the personal responsibility of all employees and contractors.
The management of risk is integrated into TTS Training Services Ltd strategic planning and operational process and is fully recognised in the reporting processes.
TTS Training Services Ltd regularly review the risk register to ensure it accurately reflects the risk to the business and controls are in place to mitigate any risks.
3. RISK MANAGEMENT Risk management is the process of making and carrying out decisions that will minimize the adverse effect of accidental losses upon our company. The risk management process is vital to the personal health and safety of employees and the safety of the public. In financial terms, it is vital to our ability to pursue our goals, commence and operate programs, and to perform duties in an efficient and professional manner.
Sound risk management principles and practices are integral part of business operations and key processes. Risks are transparent across the business providing opportunities for involvement across a range of people. Risk Management performance is measured by a combination of ratings. Our risk register is used to record all the identified risks, mitigations and information on the status of the risks based on the impact and likelihood. The risk grades are assessed by taking account of four impact components, (financial, reputation, operations and health and safety) and the likelihood of the risk occurring.
