Risk Management

There is a “magnitude” of risk in everything we do and risk management is critical for ensuring success in terms of economic performance, professional reputation, societal outcomes, environmental and safety performance.

Worldwide, there are many risk management standards providing a framework for covering a diverse range, which includes insurance, business continuity, process and workplace safety, environmental, corporate governance, engineering, planning and financial services.

Risk Management is coordinated activities to direct and control an organisation with regard to risk (Ref: ISO 31000:2009 Risk management – Principles and guidelines). It is important to note that risk is different from a “hazard”.

A hazard is “something that can cause harm”, e.g. electricity, chemicals, working up a ladder, noise etc.  Risk is the “chance, high or low, that any hazard will actually cause somebody harm”.

With significant experience in Hazard Identification and Assessment (HIRA), Human Factors and Process Operations, Applied KPI is uniquely positioned to offer Risk Management expertise in Process and Workplace Safety.

Our Risk Management approach comprises:

Gap Analysis

A comprehensive review of existing management policies, procedures and practices.

Risk Identification

Reviewing existing and identifying potential new risk sources for completeness.

Risk Analysis

A detailed review of risk sources and events, their causes and potential consequences, using industry recognised and/or established risk rating criteria.

Risk Prioritisation

Identification and analysis typically reveal numerous actions. It is important to stay focused and have a pragmatic approach with the resources available. Following analysis, collaboration is essential to ensure objectives (Internal, External or Regulatory) are taken into consideration otherwise the new risk will be not managing the existing risks.

Risk Reduction / Management Plan

Having identified, analysed and prioritised it is imperative that periodic review is incorporated. To facilitate the latter, Applied KPI can develop a unique Business or Operations Risk Register that will be integrated into Leadership review meetings. This will provide high-level visibility.