Risk scores are commonly used to support risk-based decisions and are usually derived from a semi-quantitative Risk scores were not calibrated Risk scores were not calibrated and aligned with the risk attitude ( For example, choosing a high risk option even if it was free would not be acceptable if the risk tolerance Using risk scores in an automated process may be vulnerable to the " Automation Bias " As risk-based are no different from risk scores.

The risk and compliance problem: Companies are too reactive. High consequence risk rarely occur due to a failure of a single activity but instead occur because of an alignment of vulnerabilities across multiple activities (i.e. systemic risk). To keep up at the speed that risk becomes a reality companies cannot wait for audit findings to make When companies adopt a proactive approach to risk & compliance they will have a competitive advantage

The concept of resilience is gaining traction particularly among those in highly-regulated, high-risk This sounds similar to the objectives of risk management. At one level one can consider resilience as an outcome of effective risk management in the same way also a capability which serves as a defense against the effects of uncertainty in support of existing risk standards similar to quality, safety and environmental objectives or should it be added to existing risk

companies are looking to integrated and proactive approaches to manage all their obligations, reduce risk Analysis can be an effective tool to ensure that you are not over or under investing with respect to risk #riskmanagement #managedsafety

Everything happens in the presence of uncertainty so make sure your process plan is a risk-adjusted plan #riskmanagement

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

More organizations are appointing a Chief Risk Officer or creating management-level risk committees to help lead the organization’s risk efforts. About half of the respondent organizations engage in formal risk identification and risk assessment processes management posture when the next big risk event emerges. overseeing risks assigned to them.

are some industries were using LEAN for process improvement may end up exposing companies to: greater risk Fortunately, many companies in this sector already have the skills to effectively manage risk. They just need to apply these now to manage risk during LEAN improvements. What we now need is a similar management of change process to manage risk during LEAN improvements. The process industry has had decades of experience managing risk and so this is not new to them.

To meet all your obligations at the speed of risk you must be proactive which is characterized by focusing

Those who have been following me might be aware of my presentations on demystifying risk entitled, Lord of The Risks – Defeating the Dragon of Uncertainty. And it is this uncertainty that creates the opportunity for risk. While not fully understanding the risks ahead our team agree to go on the adventure because the stakes One last thing, there is more at risk than you realize.

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

re-actively when issues or problems surface or pro-actively to enhance capabilities or in anticipation of risk In highly-regulated, high-risk industries it is not clear what kinds of choices management actually has Sparrow in his book, "The Character of Harms: Operational Challenges in Control" outlines a risk-based Paying attention to exposing latent risk and the emergence of new risks is critical to success. regulations that have defined how harm and risk-reduction must be done.