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What is Risk Management audit?
The objective of Risk Management is to help identify and document the organization's risks in critical business processes and the internal controls within each process to mitigate those risks.
For all businesses, there are risks that exist and need to be identified and addressed in order to prevent or minimize losses. Risk is the threat that an event, action, or non-action will adversely affect an organization’s ability to achieve its business objectives.
Risk management must control identified risks to help the company achieve its performance and profitability targets, prevent loss of resources, ensure reliable financial reporting, and ensure compliance with laws and regulations, avoiding damage to its reputation and other consequences.
The objective of bizSAFE Level 3 & Star Audit is to assess organizations' compliance with WSH (Risk Management) Regulations and bizSAFE Requirements. This audit is applicable to those organizations who are going for bizSAFE Certification.
The audit will be conducted by MOM Approved WSH Auditors employed by MOM Approved WSH Auditing Organizations.