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Compliance risk are the effects of uncertainty of non-conformance. These impede outcomes. Obligation risk (i.e. opportunities) are the effects of uncertainty of conformance. to optimize risk buy-down and opportunity invest-up plans ISO 31000 Risk Management System - provides a framework to manage risks and opportunities across their life-cycle. When obligation risk is addressed ahead of time it reduces the probability of compliance risk.

The causality model chosen to describe a system often leads to specific methods and tools to address uncertainty and risk. 

If you want to lower your risks you need to foster a culture of integrity across all levels of your organizational outcomes, targets, and goals commensurate with their level of commitment and operational risk This involves continually evaluating performance and effectiveness of risk & compliance programs.

There is never enough time, knowledge, or resources to contend with all the risks that a company faces Therefore, they must choose which risks to address. This is not easy and cannot always be determined by ranking based on risk scores. To know which risks are important you first need to have clearly defined outcomes and objectives. This is because the risks that matter are connected to them.

Three Risks 1. You might say that the COVID-19 risk is now a reality and we are now facing the next risk which is, " Although, there is also uncertainty associated with opportunities as there is with threats. the presence of uncertainty. Risk measures can be put in place to prevent and mitigate the effects of uncertainty when they are negative

In highly-regulated, high-risk industries, to improve meeting stakeholder obligations, LEAN COMPLIANCE uses higher standards to expose risk which is then eliminated or reduced to achieve consistent performance

due to the effects of uncertainty. In highly-regulated, high-risk industries it is not clear what kinds of choices management actually has Paying attention to exposing latent risk and the emergence of new risks is critical to success. most important are the skills to effectively practice goal-directed problem-solving in the presence of uncertainty regulations that have defined how harm and risk-reduction must be done.

When it comes to contending with risk it is important to have an understanding of the nature of uncertainty uncertainty. We call these reducible risks. Aleatory uncertainty has to do with chance. For risk management to be effective it must adequately contend with both kinds of uncertainty. However, in highly-regulated, high risk industries it is aleatory uncertainty that is foremost on everyone's

of The Risks – Defeating the Dragon of Uncertainty. And it is this uncertainty that creates the opportunity for risk. Fortunately, with the help of a wizard (aka risk manager) our team was successful in fighting the Dragon of Uncertainty and reclaimed the Ring of Value. They also have different strategies and tools to help you contend with the dragons of uncertainty: Aleatory

The Center for Chemical Process Safety (CCPS) recently published a monograph that provides insights for managing Process Safety during the COVID-19 pandemic and other similar crises. It incorporates input from many CCPS member company representatives. It is organized by the RBPS elements and human factors impact is addressed in multiple areas. The top three elements of highest importance are: Process Safety Culture, Asset Integrity & Reliability and Management of Change. Occupational safety and health aspects are not the focus in this document. You can download this monograph using this link CCPS also has published a BowTie for Covid-19 analysis which you can also find here #managedsafety #covid

in turn how companies contend with uncertainty and risk. Aggregating risk scores and using heat maps to provide a holistic view of risk has some value. However, these are remnants of a reductionist approach and are limited in identifying and contending with uncertainty of mole whacking will be enough to keep its effects of uncertainty at bay. One way to look at this is that ORM focuses on risk streams (i.e. the propagation of the effects of uncertainty

We expect that as systems improve that the certainty of meeting objectives increases. what often happens is that systems become more complex over time which results in the emergence of new uncertainty which leads to increased risk. #Uncertainty #RiskbasedThinking #Systems #EHSS #Quality #Compliance