The distinctive characteristics of "Risk Based Thinking" can be summarized into four main points, as detailed in the dedicated section. Essentially, the approach translates into a strategic risk management that identifies risks as opportunities involving an extensive dimension of the company beyond assigned roles. These risks can lead to positive actions concerning sales, finance, and many other areas, not just actions driven by compliance with laws and regulatory decrees.

The method of creating value from a mere compliance exercise is explained through an application example, as suggested by the guidelines in ISO 31000:2010 - Risk Management. Understanding this approach is crucial because the value generation resulting from "Risk Based Thinking" is now an internal necessity for companies and will increasingly become a market demand over time.

The first phase involves defining the context, mapping relevant processes, and providing an initial classification of risk categories as outputs: external risks (related to the organization's external environment and hardly influenced internally), strategic risks (impacting strategic decisions and business models), financial risks (linked to inconsistent management with liquidity goals, capital availability, and credit), and operational risks (related to inefficient/ineffective business processes and non-conformities, negatively affecting value creation).

For each risk category, specific risk areas are identified:

For each risk area, specific risks are identified; as an example, let's focus on the Operational Risks family, particularly on 4 Risk Areas: Human Resources, Production, Supply Chain, Information Technology, and map out the specific risks. The same approach can be applied to any other Risk Family/Area.

The next phase of the risk management process involves defining the evaluation criteria to be applied to the mapped risks. There are several criteria found in literature and applied based on the complexity of the assessment required; these can be based on calculation algorithms, two-dimensional matrices, or instrumental measurements. As an example, we present the multi-level two-dimensional matrix criterion, where the matrix elements are the likelihood of the event occurring and the impact:

Probability: expressed as the % likelihood of the event occurring within a 1-year time horizon.

Impact: financial impact on cash flows and net operating margin.

Once the risk evaluation criteria are defined, the assessment of the mapped risks follows with R = P x I, where the overall result is reproducible in a "heat map" (depicting risks R >= 6).

Fig. 2 – Heat Map

In the example provided, the risk assessment with its corresponding "heat map" has highlighted risks significantly impacting financial aspects:

• in supplier management
• in stock availability
• in delivery times
• in human resource management

These areas will therefore be targeted for risk treatment and improvement plans. Attention is also required, albeit less significantly, towards Information Technology where the risk of data alteration, manipulation, loss has been identified.

Thus, risk management, approached with the systemic "Risk Based Thinking" approach, generates value for the company well beyond mere compliance with regulations because it:

1. Increases people's awareness in identifying and addressing risks collaboratively; workers at every level begin to reflect on the potential risks of their daily activities and to pool their know-how.
2. ; viewing risk not only as a negative aspect of business life but also as an opportunity for continuous improvement.; il rischio visto dunque non solo come aspetto meramente negativo della vita dell’impresa ma anche come strumento di opportunità per il miglioramento continuo.
3. Supports decision-making; enables a precise examination of what can grow the company and what could create problems, supporting timely and effective decisions.

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The essential elements of Risk Based Thinking are based on identifying the company's operating context, including its processes and their correlation, using a consistent methodology and evaluation criteria throughout the organization, and fostering collaboration across all business functions to share individual know-how.

Defining the context for Health and Safety of workers involves mapping relevant health-safety processes, focusing on Risk Families and Areas, and subsequently identifying specific risks.

For illustrative purposes:

For each of these Risk Areas:

• Health
  This area encompasses risks related to exposure and contact with harmful agents, which can be chemical in nature (e.g., hazardous substances) or physical (e.g., sources of noise emission, vibrations, ultrasonic waves).

• Safety
  The risks in this area pertain to events that could lead to workplace injuries caused by traumatic contact with tools, machinery, equipment, or mobile devices.

• Organization
  This area includes risks associated with intrinsic work-related events, typically encompassing work relationships, interpersonal dynamics, and organizational aspects. For example, risks related to work-related stress, psycho-social risks.

Specific risks are mapped for each of these risk areas, such as:

The next phase of the risk management process involves defining evaluation criteria that will be applied to the identified risks. Several criteria exist in literature and are applied based on the complexity of the required evaluation; these can be based on calculation algorithms, two-dimensional matrices, or instrumental measurements. As an example, we present the multi-level two-dimensional matrix criterion, where the matrix elements are the probability of the event occurring and the impact:

Probability: expressed as the % likelihood of the event occurring within a 1-year time horizon.

Impact: damage to the health and safety of the worker

Table 3 - Probability of Occurrence

Table 4 - Impact on Health and Safety (Damage)

Having defined the risk assessment criteria, we proceed to evaluate R = P x I for the mapped risks, the overall result of which can be reproduced in a "heat map" (highlighting only those with R >= 6).

Fig. 2 – Heat Map

In the example provided, the risk assessment with its corresponding "heat map" highlighted significant risks to the health and safety of workers:

• in workplaces
• in the use of plants and equipment
• in contact with chemical agents
• in work methods

These are the areas where risk treatment and improvement plans should be directed. Additionally, attention should be given to the risks of noise and work-related stress, although they are less significant.

The application of "Risk Based Thinking" as a daily operational practice in the field of Health and Safety of workers therefore brings significant advantages:

• It focuses on compliance with Legislative Decree 81 throughout the company's lifecycle.
• It facilitates compliance and certification with the voluntary standard ISO 45001 (replacing BS OHSAS 18001), specific to the management system for occupational health and safety.
• It helps prevent events (accidents/exposures) that can harm workers.
• It promotes the identification and development of opportunities for continuous improvement of workplaces and equipment/machinery used.
• It supports timely and effective decision-making by carefully examining what can grow the business and what could pose problems for the health and safety of workers.

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