Understanding Risk Assessment Part 1
When taking on projects in the construction industry, you should utilize a risk assessment process. In this two-part article, a South FL contractor lawyer will discuss how construction firms can integrate this procedure into their business model. Remember, at Cotney Construction Law, we assist construction firms with any of their legal needs. This includes assessing the safety and health standards of jobsites and ensuring that clients are compliant with the regulations set forth by the Occupational Safety and Health Administration (OHSA).
What is Risk Assessment?
According to dictionary.com, risk assessment is defined as “a systematic process of evaluating the potential risks that may be involved in a projected activity or undertaking.” In construction, this process means that you are analyzing your surrounding environment, determining the risks that are present, the consequences associated with these risks, and the likelihood of this risk occurring. After you evaluate this information, you can develop a better understanding of the potential risks and formulate the best course of action to mitigate or eliminate these issues.
How Risk Assessment Helps Your Construction Business
Before you take on a new process or divert from the system you have in place, a risk assessment can benefit your business in the following ways:
- Detect hazards effectively
- Evaluate the risk and who is impacted
- Develop a strategy to reduce these risks
- Prevent serious injury from occurring at your jobsite
- Ensure you are compliant with OSHA standards
Ideally, the risk assessment process can be scaled out beyond just monitoring the health and safety of your projects. For example, a business can evaluate everything from safety measures to project needs to the financial resources needed for a project and the environmental impact their building process will have in the future. For more information related to integrating a risk assessment process into your business model, please read part two.
If you would like to speak with one of our South FL contractor lawyers, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.