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05 Principles and aims of risk management > Risk management activities - Pg. 52

52 Introduction to Risk Management consideration within CADE3, such as efficiency of operations. Some organizations have appointed a loss control manager with the specific responsibility of reducing the frequency and cost of accidents to people and of damage to plant and equipment. Sometimes, the initiative will be based on the desire to improve the reputation of the organization by enhanced compliance with applicable rules and regulations, or the ability to demonstrate more ethical behaviour ­ including in the supply chain. Risk management activities Risk management is a process that can be divided into several stages. The IRM Risk Management Standard provides one representation of the stages involved in the risk management process. Alternative illustrations of the risk management process can be found in the International Standard ISO 31000 and in other publications. These standards will be considered in more detail in Chapter 6. Figure 4.1 illustrates the stages in the (hazard) risk management process. The terminology that is used to describe the stages in the risk management process has been deliberately selected, so that the process can be represented as the 8Rs and 4Ts of hazard risk management. Table 4.3 provides more information on each of the stages illustrated in Figure 4.1. ISO Guide 73 and British Standard BS 31100 describe the risk management