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Risk Management

Risk Management. John Watt. Overview. An introduction to risk management standards and frameworks.

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Risk Management

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  1. Risk Management John Watt

  2. Overview • An introduction to risk management standards and frameworks. • An overview of organisational management of risk, illustrated in part by experience from the Athlete’s Village case study. How does health and safety risk management integrate with the wider organisational controls?

  3. Overview • How do various stakeholders impact on the process? Risk is dynamic and changes things like budgets, design criteria or deadlines have an immediate impact on its management. Experience from the Athlete’s Village case study will show some ways that such challenges can be met. • Communication with stakeholders means different things at different parts of the project. The Athlete’s Village stakeholder map will be used to show examples of this. It is necessary to have a dialogue with some stakeholders in order to decide what to do, whereas in other cases risk communication is more concerned with changing behaviour as part of a management process.

  4. ISO 31000

  5. Culture? • Embedding risk management involves an environment that can demonstrate leadership from senior management, involvement of staff at all levels, a culture of learning from experience, appropriate accountability for actions (without developing an automatic blame culture) and good communication on risk issues. A structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000(IRM, AIRMIC and ALARM)

  6. CONVENTIONAL RISK HANDLING The knowledge needed for judgements and decisions Who needs to know what, when? Deciding Understanding Management Appraisal Communication Who needs to do what, when? Most risk handling processes do not go beyond these steps Bunting (2007). An introduction to the IRGC Risk Governance Framework

  7. IRGC’S RISK GOVERNANCE FRAMEWORK Risk assessment PLUS Concern assessment Getting a broad picture of the risk Deciding Understanding Pre-Assessment Management Communication Appraisal Is the risk tolerable, acceptable or unacceptable? Characterisation and Evaluation Categorising the knowledge about the risk Is the risk simple, complex, uncertain or ambiguous? Bunting (2007). An introduction to the IRGC Risk Governance Framework

  8. Drivers A structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000(IRM, AIRMIC and ALARM)

  9. Risk management framework A structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000(IRM, AIRMIC and ALARM)

  10. Risk management process A structured approach to Enterprise Risk Management (ERM) and the requirements of ISO 31000 (IRM, AIRMIC and ALARM)

  11. Safety Risk Assessment • Judgements on: • What are the hazards? • What risk events could happen? • How likely are they? • How severe would the outcome be? • Vulnerability?

  12. Some definitions • Hazard – situation which could cause harm e.g. an earthquake fault line; • Risk – the probability that a certain kind of harm is realised • Risk assessment – an essentially technical process of assessing risk • Risk management – a non-technical process of selecting safety measures

  13. Stakeholder Involvement Civil society Actors Affected stakeholders Affected stakeholders External Scientists/ Researchers External Scientists/ Researchers External Scientists/ Researchers Regulatory bodies/industry experts Regulatory bodies/industry experts Regulatory bodies/industry experts Regulatory bodies/industry experts Use existing routines to assess risks and possible reduction measures Maximise the scientific knowledge of the risk and mitigation options Involve all affected stakeholders to collectively decide best way forward Societal debate about the risk and its underlying implications Type of participation Simple Complexity Uncertainty Ambiguity Dominant risk characteristic As the dominant characteristic changes, so also will the type of stakeholder involvement need to change After Bunting (2007). An introduction to the IRGC Risk Governance Framework

  14. Workshop • The development of London 2012 Olympic Games in East London is a project twice the size of Heathrow’s new Terminal 5 to be delivered in half the time. • The biggest construction site in Europe creating thousands of new jobs with a peak site workforce of 9,000. • Transforming previously contaminated land into 110ha of new open space in a benchmark 21st century urban environment and 4,000 new homes. • More than 30 new bridges, 20km of roads and 8kmTens of kilometres of new utilities networks providing electricity, heat, water, sewerage and gas to the legacy communities

  15. From this….

  16. To this by 2012….

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