In today’s age it can feel like the only real constant is change.
So how does an organisation get from “digitalization of business process” to knowing in advance of emerging risk issues and preventing these risks from turning into the unwanted event?ĭigitalization of just these three operational elements, which when integrated with digital Action Tracking Management takes a significant step toward laying the foundation for real-time risk monitoring and management.īreaking it down let’s look at these “systems” or operational elements. Embedded within these are procedures which define how risk is identified, categorized, ranked and managed to acceptable levels through use of mitigation measures/actions (risk assessment), Other elements within the SMS are specific to Effective Control of Work (e-PTW), which also incorporates the same risk assessment tools, Management of Change (MOC) that covers risk associated with changes to engineering, organizational and procedural controls. This type of solution also allows for integration between processes and establishes a single platform for all users that can scale when needed.Īs mentioned, organizations design and implement comprehensive but costly Safety Management Systems (SMS) – also referred to as Operations Management Systems or Facility Management Systems.
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This same technology connects to multiple data sources and can eliminate the ‘technology debt’ that can create significant hurdles for digitalization effort.ĭigitalization of your Management Systems on its own may sound like a mammoth task, but is very attainable using a flexible, low code tool (meaning sustainable and lower life-cycle cost solutions are ensured) that can cater to your specific operational process and needs.
Luckily, there is technology available to efficiently digitalize and automate business processes across all departmental functions. Unfortunately, while audit processes highlight areas for improvements and are fundamental to the plan-do-check-act (PDCA) cycle of any management system the actions taken are all in arrears and only following detection of deviation. But how do you know in real-time, or even in advance, that there is an escalation of risk and its origin within your organisation? To manage risk, organizations create Management Systems to provide a safe framework within which to operate and rely heavily on compliance of all personnel. RISK, What are you? The Risk Management Poem: Children's Book for all Professionals.Effectively managing your operational risk and mitigating major hazards across a facility relies on continuous monitoring, coordination and integration of several complex systems.īeing able to demonstrate that you are protecting your people, assets, and the environment and staying ahead of emerging risk, while complying with myriad corporate and regulatory requirements means that monitoring and reporting across these operations is becoming even more complex and resource intensive.Schedule Quantitative Risk Analysis (Traditional Method).ISBN 978-0-994.Canada.
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How to Create a Good Quality P50 Risk-based Baseline Schedule.ISBN 978-0-994.Canada.Plan to Schedule, Schedule to Plan.ISBN 978-0-994.Canada.Risk-based Management in the World of Threats and Opportunities: A Project Controls Perspective.ISBN 978-0-994.Canada.He is passionate providing advice, mentorship, education and training through consultation, collaboration, and what he uniquely calls, student-led training. Frago is the Founder of PM Solution Pro, a Calgary consulting, product, and training services firm focusing on project and business management solutions. , PMI-RMP, CCP, Author (120320) About the Author
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What can be some of the possible consequences a passenger might be thinking? A new passenger might be anxious and entertain the thought of the plane crashing.Ī less experienced passenger might entertain the thought that the plane might be diverted to another place due to some emergency or threat.Ī more experienced passenger might say that no real risk is present and that the plane will reach the destination on time.Īn observer's perspective depends mainly on the specific risk identified, plus his knowledge and experience on the subject. Another way of looking at it is by saying it is 50% uncertain. Since risk is widely known to be the effect of uncertainty on an objective, the objective of reaching the destination is only 50% certain. Probability is the certainty or uncertainty of something happening. The statement demonstrates the probability component of risk. It is just a joke to that person but not to him because he is a serious risk practitioner. Mark is boarding a plane and heard one passenger in front remarked in jest that the chance of the aircraft reaching its destination is 50%.
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