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high-level guiding principles that shape organizational behaviour - Drives strategic decision-making and risk

This is the world of Operational Compliance – the way organizations operate in high-risk, highly regulated

These systems are unable to keep up and as result increase the level of uncertainty and corresponding risk Unmitigated and Preventable Risk Obligation-based systems tend to assume certainty of the conditions promise-based systems are inherently goal-seeking and when implemented properly should incorporate risk-based

API RP 1173 is risk-based Safety programs are often described as being all about risk reduction and However, it also means using a risk-based approach to achieving safety outcomes given that there are Using a risk-based approach to identify the extent of this tailoring is an effective strategy that is technology, culture, etc.) by the organization to achieve the desired outcomes Identify and evaluate risks (both threats and opportunities) for each obligation Embed obligations, controls, and risk treatment

remember that there are other forces at work: You can’t turn lagging indicators into leading indicators. ( Risk Uncertainty and risk? Insufficient or untapped performance?

cycle, Root Cause Analysis, Toyota Kata, and Lean Startup, offering a roadmap to proactively reduce risks Outcome: By applying the PDCA cycle, you can reduce risks  by quickly troubleshooting and preventing

as: computer, sustainability, environmental, bio-medical, social, cybersecurity, safety, aerospace, risk than ever as we look to science and technology to help address climate change, sustainability, cyber risk

actions to improve the performance of processes PDCA operates as a cycle of continual improvement, with risk‐based This limits the scope of improvements to those events and mostly to the reactive side of equation when risk PDCA should instead be a proactive process for continuous improvement focused on staying ahead of risk

For example, you might prioritize improvements that address high-risk areas or that can be implemented This might involve tracking key compliance metrics, conducting regular risk assessments, and reviewing those improvements to ensure your organization is effective at staying between the lines and ahead of risk

This reduces waste, risk, and overall complexity.

and most often by preventing failure of equipment, processes, systems, and other measures to prevent risk

Increasingly, regulatory and standards bodies are transforming their operations, taking on a more risk-based introduction of regulations and standards that are moving away from prescriptive to performance and risk-based Advancing these goals requires risk-based approaches and the continuous improvement of capabilities to