The Essential of Risk Mitigation

The Essential of Risk mitigation

Monday 02 Aug 2021

  • Duration: One Week
  • City: Madrid
  • Fees: Classroom: 4300 GBP / Online: 1950 GBP

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Introduction

Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events—occurrences that have a negative impact on the project. Identifying risk is both a creative and a disciplined process. The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong. All ideas are welcome at this stage with the evaluation of the ideas coming later.

The Bowtie methodology is used for risk assessment, risk management and (very important) risk communication and awareness. The method is designed to give a better overview of the situation in which certain risks are present; to help people understand the relationship between the risks and organizational events. The method also provides a structure to systematically analyze a hazard.

Risk in Bowtie methodology is elaborated by the relationship between hazards, top events, threats and consequences. Controls are used to display what measures an organization has in place to control the risk, and for those who are familiar with the concept, get risks to As Low As Reasonably Practicable (ALARP). It also helps identify where and how investing resources would have the greatest impact.

 

Who should attend?

Operations, QHSE (Quality, health, safety & evironmental) Supervisors, management staff as well as SIMOPS (simultaneous operations) Coordinators.

Course Content

Day 1

  • Introduction
  • The benefits of effective risk mitigation
  • It’s never happened/will never happen to us
  • Me, a risk manager?
  • The balanced view
  • Risk management has its uses
  • The risk mitigation process

Day 2                                    

  • Identify hazards, top events, threats, consequences, preventive and recovery barriers, escalation factors and escalation factor barriers
  • Discussion of Bowtie methodology key terms:
  • Brief history and rise to popularity.

Day 3

  • Risk Assessment related methods:
  • Construct and label key components of a bowtie diagram by hand / puzzle exercises.
  • The use of barriers and controls in management system documentation.
  • Application of bowtie in managing hazards from operational activities.

Day 4

  • Describe the Hazards and Effects Management Process (HEMP):
  • Risk evaluation
  • Overview of ALARP, ALARP in bowtie, puzzle exercises.

Day 5

  • Risk Assessment implementation:
  • Implementation, monitoring, revisions and change management.
  • Describe the relationship of bowtie diagrams to Internation Organisation for Standardisation (ISO) 17776 and ISO 31000 standards:
  • Bowtie reporting and outputs, diagram reporting, hazard register reporting.
  • Risk Assessment – Bowtie Post Assessment Test, Closing/Assessment/Evaluation:
  • Identify hazards associated with working at height, dependence on equipment hazards.
  • Your future development
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