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A Robust Framework for Risk Management

A Robust Framework for Risk Management

IMC Presentation 45:09 Minutes

by Paul Casto, GE Digital

Asset management is the coordinated activities of an organization to realize value from assets. Guidance in asset management can be found in the ISO 5500X series of international standards.

A key element of any asset management program is risk management. The ISO 31000 International Standard provides risk management guidelines and ISO 31010 provides a standard on risk management techniques. ISO 31000/10 provides a practical framework for rigorous management of risk that practitioners can apply in the normal course of work.

This session provides an overview of risk management tools and techniques that can be used to improve performance, encourage innovation, and create and protect value. It will discuss the principles of risk management and the risk management process including the following topics: risk governance, establish the context, risk identification, formatting risk as Trigger => Event => Impact, categorizing risk, risk analysis techniques, risk matrix, risk evaluation, risk level, risk register, risk treatment plans and monitoring and review techniques. A case study will be included to illustrate the application of the framework, techniques and tools.

Attendees will leave the presentation with a working knowledge on how to apply the ISO 31000 risk management principles and framework.

Learning objectives:

  1. Introduction to asset management (ISO5500X) and risk management (ISO 310XX) standards
  2. Learn about risk management tools and techniques to improve risk management performance
  3. Appreciate risk estimating challenges and improvement techniques
  4. Understand risk governance, identification, triggers, categorization and analysis
  5. Development of risk matrices, risk register and risk treatment plans

This session is designed for anyone interested in risk management and the application of ISO 5500X and ISO 310XX standards. This includes operation managers, maintenance managers and engineers, reliability managers and engineers, and asset management leaders.

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