management systems and compliance - dynamic risk · 2019-07-15 · management systems and...
TRANSCRIPT
dynamicrisk.net | [email protected] |
PRODUCT PAPER
MANAGEMENT SYSTEMS AND COMPLIANCEProduct and Service Paper Enterprise Risk Management Development
METHODOLOGY:
The development of an ERM system as proposed by Dynamic Risk is fact-based and method driven, relying for guidance on appropriate and selected elements of industry recognized asset management and certification programs such as Publically Available Specification 55 (PAS 55) “Standard for Optimized Management of Physical Infrastructure Assets”, International Standard of Operation (ISO) 55000 “Standard For Asset Management” and ISO 31000 “Standard for Risk Management - Principles and Guidelines.” (Refer to Figure 1. Enterprise Risk Management Development Process Diagram)
DESCRIPTION:
An enterprise risk management (ERM) system development comprises a series of processes and linkages that must encompass the present risk management framework and fit within the overall corporate and asset management system and developed safety culture. Dynamic Risk leverages previous risk management studies and models, integrity assessment results and inspection datasets in application with appropriate elements of the consensus industry standards to address the three key elements of pipeline safety: process safety, safety culture and asset management.
PRODUCT PAPER
dynamicrisk.net | [email protected] |
An ERM development includes the following elements:
• Operational Risk
• Risk management framework - An initial core system element; Asset management plan; Identification of threats; Assessment of risk.
• Risk register - Asset family risks are quantified within a risk matrix.
• Mitigation plan - Programs are designed to address the identified threats.
• Enterprise Risk
• Risk register integration - Corporate Risks are aligned with significant asset family risks.
• Dashboard - Summary presentation to identify for stakeholders the top integrated risks across all lines of business.
• Performance measuring - a means of measuring and quantifying levels of performance gaps.
• Continuous improvement - a means of incorporating “lessons learned”.
• Auditing - A means of menu driven reporting for purposes of compliance auditing.
• Investment planning - A consistent risk-based prioritization across all asset families to drive funding and investment.
• Emergency work - Allows for conditional changes within asset families that may drive the requirement for immediate mitigation response.
BENEFITS:
By assessing, managing and integrating risks from both Operational and Enterprise points of view, a pipeline operator can better manage risk and mitigation interdependencies and drive for consistency among all lines of business.
DELIVERABLES:
A fully developed ERM model that considers all lines of business, is driven by available information, knowledge, and analytics, and produces an overview of the enterprise risk through a dynamic dashboard presentation.
dynamicrisk.net | [email protected] |
PRODUCT PAPER
Risk Management Framework
Prior Studies
Available Data, Information , and
Knowledge
Corporate Risk Integration
Challenges and Constraints
USA Headquarters
10001 Woodloch Forest Dr Suite 250 The Woodlands, TX 77380
(832) 482-0606
Canadian Headquarters
Suite 1110 333 – 11 Avenue SW Calgary, Alberta, T2R 1L9
(403) 547-8638
ENTERPRISE RISK MANAGEMENT DEVELOPMENT PROCESS DIAGRAM
TASK 1 Situational
Analysis of Risk Management Practices and
Present Status
ReviewRisk Matrix
Identification of Asset threats
and Assessment of Risk
Align Corporate Enterprise Risks with Significant
Asset Family Risks
Address Identified Threats Within
the Risk Register
Identify Top Integrated Risks
Risk-Based Prioritization
Incorporate “Lessons Learned”
Across All Lines of Business
Menu Driven Reporting
Within a Particular
Asset Family
Within a Particular
Asset Family
Management Driven
Awareness
Assent Management
Plan
TASK 2 Operational Risk
Management Framework
TASK 3 Analytics to
Support Risk Register/
Operational Risk Register and
Mitigation Plan
TASK 4 Enterprise Risk
Matrix ERM RiskRegister Integration
TASK 5 Dashboard Visual
of ERM Results
TASK 6 Investment
Planning Process and Protocols
TASK 7 Auditing and Continuous
Improvement Process
Report Detailed Objectives
and Budget for Tasks 2-7
Risk Management Process Gaps
Status of Risk Management Process and Summary of
ERM Integration Constraints
Current Data, Information, and
Knowledge
Key Current Constraints and Inconsistencies