scholarly journals A Formalised Approach to the Management of Risk

2013 ◽  
pp. 263-285 ◽  
Author(s):  
Mike Brownsword ◽  
Rossitza Setchi
Keyword(s):  
Risk Management ◽  
Systems Engineering ◽  
Health And Safety ◽  
Management Process ◽  
Process Definition ◽  
Complex Approach ◽  
Risk Management Process ◽  
Rail Industry ◽  
Industry And Education ◽  
Current Risk

Taking pragmatic, systems engineering approach, this paper identifies a number of fundamental issues that presently arise in risk management, primarily as a result of the overly complex approach conventionally taken in process definition and a lack of coherence within the current risk management vocabulary. The aim of the paper is to enable a fundamental simplification of the risk management process and an improved understanding of the associated terminology. The outcome of this work is a formalised but pragmatic approach to risk management resulting in the development of a conceptual framework and an associated ontology, which emphasises the understanding of people and their environment as part of risk management. The approach has been validated in a number of case studies of varying depth and breadth from the IT domain, defence, rail industry, and education, covering health and safety, business, project and individual needs.

scholarly journals A Formalised Approach to the Management of Risk

2010 ◽  
Vol 1 (4) ◽  
pp. 1-21 ◽  
Author(s):  
Mike Brownsword
Keyword(s):  
Risk Management ◽  
Systems Engineering ◽  
Health And Safety ◽  
Process Definition ◽  
Pragmatic Approach ◽  
Complex Approach ◽  
Risk Management Process ◽  
Rail Industry ◽  
Industry And Education ◽  
Current Risk

Taking pragmatic, systems engineering approach, this paper identifies a number of fundamental issues that presently arise in risk management, primarily as a result of the overly complex approach conventionally taken in process definition and a lack of coherence within the current risk management vocabulary. The aim of the paper is to enable a fundamental simplification of the risk management process and an improved understanding of the associated terminology. The outcome of this work is a formalised but pragmatic approach to risk management resulting in the development of a conceptual framework and an associated ontology, which emphasises the understanding of people and their environment as part of risk management. The approach has been validated in a number of case studies of varying depth and breadth from the IT domain, defence, rail industry, and education, covering health and safety, business, project and individual needs.

scholarly journals Development and Validation of Plain English Interpretations of the Seven Elements of the Risk Management Process

Safety ◽  
2019 ◽  
Vol 5 (4) ◽  
pp. 75
Author(s):  
Garry Marling ◽  
Tim Horberry ◽  
Jill Harris
Keyword(s):  
Risk Management ◽  
Fundamental Problem ◽  
Health And Safety ◽  
Management Systems ◽  
Management Process ◽  
Codes Of Practice ◽  
Management Standards ◽  
Risk Management Process ◽  
Work Health ◽  
Development And Validation

A fundamental problem with risk management standards and other associated guiding documents is that the definitions and descriptors of the seven elements of the risk management process within these documents are commonly at odds with each other and are difficult to understand. An implication is that personnel within and across organisations interpret the process in different ways. This has led to some companies developing their own interpretations of the elements in their risk/work health and safety (WHS) management systems and thereby exacerbating the problem. A standard set of definitions, terminology and language are vital for addressing WHS issues efficiently and effectively to result in better outcomes. This study aimed to develop a set of plain English interpretations (PEI) for each of the seven elements of the risk management process. These seven elements sit between the scant and technical definitions contained in standards (primary and secondary) and the voluminous guidance in the handbooks and codes of practice. The Delphi-technique was used with 20 risk-experts to evaluate, over two iterations a set of draft PEIs—developed by the researchers. These were finally reviewed for readability and understandability by 24 operators/workers. The implications for these new PEIs is that they could be considered for future standards and guidance documents by the ISO Working Group Risk Management Standard and similar committees and used by organisations for their risk/WHS management systems.

scholarly journals Development and Reliability Review of an Assessment Tool to Measure Competency in the Seven Elements of the Risk Management Process: Part One—The RISKometric

Safety ◽  
2020 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Garry Marling ◽  
Tim Horberry ◽  
Jill Harris
Keyword(s):  
Risk Management ◽  
Assessment Tool ◽  
Management Practice ◽  
Health And Safety ◽  
Future Research ◽  
Management Process ◽  
Risk Management Process ◽  
Work Health ◽  
Risk Scenario ◽  
The Individual

Ineffective and inefficient workforce involvement can negatively impact risk management practice for work health and safety (WHS) issues. Often the risk management process is undertaken by a single person, or by teams without a facilitator and without regard to the participants’ levels of competency in the risk management process. This study aimed to develop a tool to assess the competence of individuals in different elements of the risk management process and then review its reliability. This tool, termed the RISKometric, incorporated a 360° performance review method whereby peers upline and downline colleagues and the individual themselves gave competence ratings. The RISKometric was tested using 26 participants. Results showed that a significant positive relationship existed between the feedback given by peers and downline colleagues. Initial results gained from using the tool suggest it is able to discriminate the competence of participants, in each of the elements of risk management, through the opinions of self and others. In future research, we test assumptions through a further two studies. Firstly, that individuals’ RISKometric results are comparable with their performance in a risk scenario exercise; so, providing validity for the tool. Secondly, that a collectively-optimised team (formed using the Riskometric) can perform a risk assessment exercise better than marginally- or sub-optimised teams.

scholarly journals Actualization and ways of system approach to risk management in occupational health and safety

2020 ◽  
Vol 10 (3) ◽  
pp. 93-103
Author(s):  
Andrii Bochkovskyі
Keyword(s):  
Risk Management ◽  
Occupational Health ◽  
Risk Evaluation ◽  
System Approach ◽  
Health And Safety ◽  
Occupational Health And Safety ◽  
Management Systems ◽  
Management Process ◽  
Automated Systems ◽  
Risk Management Process

Substantiation of the need to introduce a system approach to risk management in occupational health and safety management systems and identification ways to implement it. 1. To identify the existing disadvantages of the practical implementation of the stages of the risk management process in occupational health and safety. 2. To substantiate and propose mathematical models for the objective implementation of the Plan procedure of the risk management process in occupational health and safety. 3. To analyze the functionality of existing automated systems of the dangers minimization to ensure the effective functioning of Do – Chek - Act procedures in occupational health and safety. 4. To propose the automated management system of occupational health and safety at the enterprises for objective implementation of Do – Check – Act procedures within the OHS management systems of the enterprises. Analysis of scientific and technical literature and regulations in occupational health and safety, probabilistic and statistical methods, Markov analysis. It is established that the existing methodological approaches to risk management in occupational health and safety ensure for the implementation of only four of the eight necessary stages (stages of risk evaluation) of the relevant process provided by the PDCA methodology. Mathematical models, which allow to set the relationship between occupational health and safety costs and the risk level, as well as to set the probability of not exceeding the accumulation in the employee of the consequence of certain harmful factors impact and occupational injuries at random during the workshift are substantiated and proposed for use.  The main disadvantages of the existing automated systems of risk minimization in occupational health and safety, which are the impossibility of minimizing the negative “human factor” signs and the impossibility of prompt normalization of the parameters of harmful production factors on the employee over time are identified. The automated management system of occupational health and safety, which allows to conduct constant monitoring and prompt correction of parameters of impact on the employee of negative factors within the values set by results of risk evaluation is substantiated and offered for application.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

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