Risk Lifecycle Management

Enterprise Risk Management is currently a fractured process due to multiple, isolated systems for risk assessment, mitigation and monitoring, risk visibility, management of change, incident management, and action tracking.

Without a process that links the entire risk lifecycle, critical lessons learned and best practices aren't captured for the benefit of the entire company. Without visibility into the critical risk assessment processes, companies are left focusing on conformance to regulations rather than the performance of their processes.

The result is that common goals of risk management such as environmental protection, health and safety, loss prevention, business continuity, and effective selection of projects and investments, are compromised.

Some of the resulting challenges include:

• Poor Visibility. How do you manage what you can’t see? Risk is assessed within the plants, but that information isn’t available to leadership.
• Poor Hazard Identification. If a hazard isn’t identified, its associated risk can’t be mitigated.
• Poor Risk Assessment. For identified hazards, there is no consistency to assessed risk.
• Incomplete Mitigations and Controls, or regression in controls.
• Inaccurate assessment of risk during management of change.
• Incidents and the resulting identification, assessment, mitigation and control solutions never become lessons learned for deployment in sibling or future facilities.
• Redundancy in multiple risk management silos - environment, health, safety, operations - leads to excess work and hidden risks such as a safety risk that indicates an environment consequence.

The solution is an approach to risk management that doesn’t just emphasize analysis and governance of risk, but also emphasizes the capture of risk management lessons learned best practices, and ties them into a continuous improvement process that leads towards the ultimate goal of zero incidents.

Dyadem’s Risk Lifecycle Management solutions provide a knowledge-driven continuous improvement platform for risk management via:

• Knowledge-driven risk assessment and mitigation
• Scalable, Effective Management of Change
• Visibility into Risk via a Global Risk Registry
• Closed-Loop Incident Management to Ensure Prevention
• A common platform to link all risk management actions and processes