A Comprehensive Guide to Contractor Risk Management

Risk Management

Find out more about making contractors a safe part of your team with an effective risk management plan.

Keeping workers safe should always be made the top priority of every company, especially if they are involved in heavy industries such as mining and construction, where the chance of an accident occurring is well above the average percentage. Before a new project even starts, a suitable risk management plan should always be formed.

Although there are benefits to hiring contractors, such as a reduction in costs, one of biggest problems involved, making them more likely to suffer from injury, is a lack of sufficient safety training that employers may simply not be bothered to provide. If they are only working for a few weeks or even days, contractors may also see is as unimportant to mention a less-serious injury such as an aching muscle. Employers may have deadlines to meet and don’t see safety training as a necessary process.

The process of risk management can briefly be described as the identification, assessment and control of the risks that each business could possibly or is likely to face. In the ebook, the risk management plan is explained in more detail and organized into 5 key components:

  1. Risk identification
  2. Risk analysis
  3. Risk response planning
  4. Risk tracking and control
  5. Risk monitoring and reporting

One of the main goals of an effective risk management plan is to prevent an accident before it even occurs, often by identifying possible risks immediately, which may have been first discovered through the analysis and reporting of other accidents or injuries.

Certain challenges which could occur are also explored in more detail, along with some of the best practices involved in effective risk management. Online training and the positive effects involved in allowing contractors to learn at their own pace are an important benefit. Others mentioned, include the use of pre-qualification companies to find the most suitable workers and the formation of an accurate pre-job risk assessment.

This ebook contains more information about risk management:

  • The risks involved in hiring contractors, often more prone to injury.
  • Planning a reliable risk management plan.
  • Common problems occurring in risk management.
  • Best practices of risk mitigation

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