Risk Management

Risk Management

Risk Identification

Risk is an intrinsic part of facility operations and complete risk management is essential to protect safety and reliability outcomes. Operational risk can be defined as uncertain outcomes during facility operations and maintenance activities. The uncertainty consequence can be minimised or the likelihood of occurrence could be reduced by applying risk analysis and risk management specific to facility operations and risks.

Hazard awareness and identification, together with risk scenario are the key inputs to start conversation about risk management activities to ensure that analysis is relevant to the facility and robust for different dynamic operational conditions.

Independent Risk Management without production or cost pressures is essential to ensure reliable operations, and facility leaders must set high safety standards and risk tolerance levels.

Risk Controls

Operating facility or project risk identification, analysis, evaluation, treatment to develop trusted risk management is essential for high reliability organisation. In addition effective methods to communicate newly identified risk to facility staff and promotion of persons responsible for risk management can enable effective risk management.

Risk controls based on the structured risk analysis are recommended to facility management for endorsement and the risk register can be updated to ensure the risk management is recorded.

Additional risk review can include situational awareness, internal and national standards requirements, operating philosophy, execution risks and others to ensure that risk controls are complete.

Key risk controls must be protected by facility authority together with adequate budget as these risk activities are essential to maintain the risk level as low as reasonably practicable.

Risk Recommendations

Development of clear recommendation with effective risk control and risk mitigations either temporary or permanent for project or facility management team is the key deliverable. The risk management procedures follow the intent of the International Standard, ISO 31000:2018 Risk Management - Guidelines.

Accepted risk management by facility management must be monitored and reviewed periodically as some risk controls may degrade overtime and risk control may no longer be effective. Periodic review of risk register is recommended.