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Why Manage Risk?

Every director and manager knows that at any given time, unexpected events arise in the laboratory. Unfortunately, the negative unexpected events can have a serious impact on the effectiveness as well as the financial welfare of the laboratory. Some of these negative events can have such devastating consequences that the sheer risk of them occurring cannot be left to chance. Such impacts can be avoided or dealt with systematically through the process of risk management.

The challenge is to assess and control risk in an appropriate and cost-effective manner. By using risk management strategies, the laboratory can approach risk in a structured and calculated manner.