risk management techniques · 2019. 8. 26. · •iec 31010:2019 . risk management -- risk...
TRANSCRIPT
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Risk Management
Techniques
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An unwanted event with certain
PROBABILITY and CONSEQUENCE
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Business Challenge
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Governance Challenge:
The Board's Role in
Crisis and Risk
Management
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Risk of reputationThe World..
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Managing Risk – The Business Case
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Realising Reward– The Business Case
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Evolution of Business Risk
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Occupational Health & SafetyRisk Management Standards
• ISO 45001:2018 Occupational health and safety management systems Requirements with guidance for use
• ISO Guide 73:2009 Risk management - Vocabulary
• ISO 31000:2018 Risk management – Guidelines, provides principles, framework and a process for managing risk
• IEC 31010:2019 Risk management -- Risk assessment techniques
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Process of Risk Management
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Types of Risk Assessment Techniques
• Risk identification
• Consequence analysis
• Qualitative, semi-quantitative or quantitative probability estimation
• Assessing the effectiveness of any existing controls
• Estimation the level of risk
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Different methods
1. Look Up methods - Checklist, preliminary hazard analysis
2. Supporting methods - Delphi technique, what if
3. Scenario analysis - Root cause analysis, fault tree, event tree
4. Function analysis - FMEA, FMECA, HAZOP
5. Controls assessment - LOPA, Bow Tie
6. Statistical methods - Markov, Monte – Carlo
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Factors influencing selection of risk assessment techniques
• Complexity of the process/hazards & the methods needed to analyse it
• The nature and degree of uncertainty of the risk assessment based on the amount of information available and what is required to satisfy objectives
• The extent of resources required in terms of time and level of expertise, data needs or cost
• Whether the method can provide a quantitative output
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Residual RiskRisk appetite/acceptance level
ALARP as low as reasonably
practicable
SFAIRPso far as is reasonably
practicable
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Residual RiskRisk appetite/acceptance level
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Integrated response to adverse events
Performance linked matrixRapid escalationCultural transformation underwayBottom up proactive
System
Stage 4
Tone set at the top
Policies, procedures, risk authorities defined and communicatedBusiness FunctionPrimary qualitativeReactive
Top Down approach
Stage 3
Risk Intelligent
Built in decision making
Risk interaction managed withIncentivesIntelligent risk takingSustainable
‘ Risk management is everyone's job’
Stage 5Risk Maturity Model
Ad hocChaotic
Depends primarily on individual efforts, Capabilities and verbal wisdom
Tribal and heroic
Stage 1
Reaction to adverse events by specialist
Discrete roles and established for small set of riskTypically for compliance and insurance
Specialist silos
Stage 2
Unrewarded riskRewarded Risk