Risk Workshop and Risk Register - 1375 Words

Risk Workshop and Risk Register (Research Paper Sample) Content: Risk Workshop and Risk RegisterName:Institution:Risk Workshop and Risk RegisterThe British Petroleum (BP) operates a high-risk business that involves highly flammable products. Risk management is therefore of vital importance to the company than others that may require the same systems in place. Risk awareness and readiness is there an integral part of the company, which follows that the company is committed to avoiding past errors such as the March 23, 2005 explosion at the Texas City Refinery that left 15 workers dead (Hunter, 2008). It is therefore imperative that effective risk assessment and mitigation measures are put in place to deal with the overarching responsibility of the company to ensure the safety of both its employees and the public. The process of a risk workshop and development of a risk register are therefore important to BP in establishing the course of managing the companyà ¢Ã¢â€š ¬s risks, in which these controls are provided below.Pre-Workshop A ctivitiesThese include elements such as identification of stakeholders expected to be part of the workshop. Once this is done, it will be prudent to devise a communication and consultation plan that can be integrated into the development process. The other activity is to determine the number of workshops necessary for and dependent on the project. Following this, a discussion of the workshop organization to include details such as dates, venues, room setup, equipment required, and the invitations is important and finally the evaluation of the extent to which the pre-workshop meeting was effective in achieving its objectives (HSE, 2009).Risk Workshop AgendaDAY 1 Time (min) Morning 1 Introduction to workshop 5 2 Confirmation of project objectives 15 3 Review of the scope of the risk process 30 4 Setting up of rules and guidelines to streamline workshop activities 30 5 Briefing of project members on risk management 15 6 Drafting expectations and outcomes 30 Afternoon 7 Risk an alysis and review * Reviewing current risks 20 * Analysing risks using the Risk Breakdown Structure 20 * Reviewing draft risks 20 * Analysing constraints and assumptions to determine more risks 15 * Identifying further risks using a Standard Risk Checklist 15 8 Justification of risks 10 9 Standardizing terms used to describe identified risks 20 DAY 2 Time (min) Morning 10 Recapitulation of previous dayà ¢Ã¢â€š ¬s activities using an assessment scheme 10 Assessment of risk probability and impact 20 Categorizing risks 20 Afternoon Nomination of Risk Owners 15 Conclusion 5 Adopted from Practical Project Risk Management: The ATOM Methodology by Hillson and SimonRelevance of Risk Workshop Agenda ActivitiesThe significance setting up this pre-workshop activity table is to provide a clear map that guides the workshop participants to achieve the expected outcomes in a timely and resourceful manner. Each activity in the pre-workshop activities map is relevant to achieving set goals for varied reasons. The relevance of an introduction to the workshop is to provide the project members with an insight into the project goals, scope, and an acquaintance to other project members. Through this activity, the workshop can commence with every project member actively engaged. Confirmation of project objectives and the review of the scope of risks are important steps that provide project members with an overview of pressing matters in the workshop. In this case, the objective of the project is to develop tangible outcomes for the BP risk management needs.Every workshop or seminar has the need of ground rules that define conduct and behaviour of members during the entire event. The importance of rules is to set standards for how discussions and opinions should be carried out and aired. The relevance of rules is to obtain and maintain orderliness, which helps in timely delivery of outcomes. Briefing of project members on risk management is intended to assist and auto mate the thought process, which leads to drafting of outcomes and expectations. The risk analysis and review process requires the most input and is quite important is setting up current and new risks that are considered to be the most pressing in the company. These are then justified and standardized as an indication of the agreed resolve requiring appropriate course of action and control measures. This step is quite consistent with those of risk probability and impact assessment as well as risk categorization. The objectives of these activities are to produce a list of risks to be considered for management and mitigation. Nomination of Risk owners is the final activity before closing of the workshop, which often helps in preparing a risk register.Risk RegisterProject Number:Project Title: Client:Project Manager: Risk Ref. RBS Ref. WBS Ref Risk Owner: Risk Type: (T/O) Risk Status: Active/Closed/Deleted/Draft/Expired/Occurred) Risk Title: Risk Description: Cause of Risk Effect on Obj ectives Objective Impact RatingNil/VLO/LO/MED/HI/VHI Impact Description Employee safety under high-risk conditions (risk of explosions or suffocation) Time VHI Severe impacts leading to more than six (6) months corrective and risk mitigation measuresNormal business operations are unable to resume because of large losses Cost VHI Physical injuries and deaths of both employees and public resulting in more than $1m compensation settlement Quality VHI Event or incident leading to the loss of lives or permanent incapacitation of employees or publicIncludes impact causing large number of casualties and permanent psychological incapacitation Probability RatingNil/VLO/LO/MED/HI/VHI Other VHI The product type of the BP makes the risk of explosions causing death and injuries to employees and the public very high. Petroleum is highly flammable thus this risk remains the greatest faced by BP costing time and money Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Environmental effe cts Time VHI More than six (6) months to contain leakage of petroleum from a plant to the public Cost VHI Risk mitigation measures costing more than $1m Quality VHI Extremely toxic leakage affecting off-site locations with adverse impacts to the environment requiring external intervention Probability RatingNil/VLO/LO/MED/HI/VHI Other VHI The risk of negative environmental impacts from release of toxic materials to the natural environment are very high because petroleum is highly toxic to living organism Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Customer Experience Time MED Unsatisfactory customer service related to less than optimum treatment and/or inadequate information leading to short-term effects of less than 7 days Cost LO Legal suit against BP resulting in compensation of $1k-$10k Quality LO Unsatisfactory customer service related to less than optimum treatment and/or inadequate information, which includes treatment without dignity and respect and can be readily resolved Probability RatingNil/VLO/LO/MED/HI/VHI Other LO BP maintains high level of customer service delivery thus any risks associated with customer experience are lowFollowing employee training, the level of this risk is low supported by the history of BPà ¢Ã¢â€š ¬s commendable customer relations (BP, 2015) Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Adverse Publicity (Negative Publicity) Time HI Risk Workshop and Risk Register - 1375 Words Risk Workshop and Risk Register (Research Paper Sample) Content: Risk Workshop and Risk RegisterName:Institution:Risk Workshop and Risk RegisterThe British Petroleum (BP) operates a high-risk business that involves highly flammable products. Risk management is therefore of vital importance to the company than others that may require the same systems in place. Risk awareness and readiness is there an integral part of the company, which follows that the company is committed to avoiding past errors such as the March 23, 2005 explosion at the Texas City Refinery that left 15 workers dead (Hunter, 2008). It is therefore imperative that effective risk assessment and mitigation measures are put in place to deal with the overarching responsibility of the company to ensure the safety of both its employees and the public. The process of a risk workshop and development of a risk register are therefore important to BP in establishing the course of managing the companyà ¢Ã¢â€š ¬s risks, in which these controls are provided below.Pre-Workshop A ctivitiesThese include elements such as identification of stakeholders expected to be part of the workshop. Once this is done, it will be prudent to devise a communication and consultation plan that can be integrated into the development process. The other activity is to determine the number of workshops necessary for and dependent on the project. Following this, a discussion of the workshop organization to include details such as dates, venues, room setup, equipment required, and the invitations is important and finally the evaluation of the extent to which the pre-workshop meeting was effective in achieving its objectives (HSE, 2009).Risk Workshop AgendaDAY 1 Time (min) Morning 1 Introduction to workshop 5 2 Confirmation of project objectives 15 3 Review of the scope of the risk process 30 4 Setting up of rules and guidelines to streamline workshop activities 30 5 Briefing of project members on risk management 15 6 Drafting expectations and outcomes 30 Afternoon 7 Risk an alysis and review * Reviewing current risks 20 * Analysing risks using the Risk Breakdown Structure 20 * Reviewing draft risks 20 * Analysing constraints and assumptions to determine more risks 15 * Identifying further risks using a Standard Risk Checklist 15 8 Justification of risks 10 9 Standardizing terms used to describe identified risks 20 DAY 2 Time (min) Morning 10 Recapitulation of previous dayà ¢Ã¢â€š ¬s activities using an assessment scheme 10 Assessment of risk probability and impact 20 Categorizing risks 20 Afternoon Nomination of Risk Owners 15 Conclusion 5 Adopted from Practical Project Risk Management: The ATOM Methodology by Hillson and SimonRelevance of Risk Workshop Agenda ActivitiesThe significance setting up this pre-workshop activity table is to provide a clear map that guides the workshop participants to achieve the expected outcomes in a timely and resourceful manner. Each activity in the pre-workshop activities map is relevant to achieving set goals for varied reasons. The relevance of an introduction to the workshop is to provide the project members with an insight into the project goals, scope, and an acquaintance to other project members. Through this activity, the workshop can commence with every project member actively engaged. Confirmation of project objectives and the review of the scope of risks are important steps that provide project members with an overview of pressing matters in the workshop. In this case, the objective of the project is to develop tangible outcomes for the BP risk management needs.Every workshop or seminar has the need of ground rules that define conduct and behaviour of members during the entire event. The importance of rules is to set standards for how discussions and opinions should be carried out and aired. The relevance of rules is to obtain and maintain orderliness, which helps in timely delivery of outcomes. Briefing of project members on risk management is intended to assist and auto mate the thought process, which leads to drafting of outcomes and expectations. The risk analysis and review process requires the most input and is quite important is setting up current and new risks that are considered to be the most pressing in the company. These are then justified and standardized as an indication of the agreed resolve requiring appropriate course of action and control measures. This step is quite consistent with those of risk probability and impact assessment as well as risk categorization. The objectives of these activities are to produce a list of risks to be considered for management and mitigation. Nomination of Risk owners is the final activity before closing of the workshop, which often helps in preparing a risk register.Risk RegisterProject Number:Project Title: Client:Project Manager: Risk Ref. RBS Ref. WBS Ref Risk Owner: Risk Type: (T/O) Risk Status: Active/Closed/Deleted/Draft/Expired/Occurred) Risk Title: Risk Description: Cause of Risk Effect on Obj ectives Objective Impact RatingNil/VLO/LO/MED/HI/VHI Impact Description Employee safety under high-risk conditions (risk of explosions or suffocation) Time VHI Severe impacts leading to more than six (6) months corrective and risk mitigation measuresNormal business operations are unable to resume because of large losses Cost VHI Physical injuries and deaths of both employees and public resulting in more than $1m compensation settlement Quality VHI Event or incident leading to the loss of lives or permanent incapacitation of employees or publicIncludes impact causing large number of casualties and permanent psychological incapacitation Probability RatingNil/VLO/LO/MED/HI/VHI Other VHI The product type of the BP makes the risk of explosions causing death and injuries to employees and the public very high. Petroleum is highly flammable thus this risk remains the greatest faced by BP costing time and money Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Environmental effe cts Time VHI More than six (6) months to contain leakage of petroleum from a plant to the public Cost VHI Risk mitigation measures costing more than $1m Quality VHI Extremely toxic leakage affecting off-site locations with adverse impacts to the environment requiring external intervention Probability RatingNil/VLO/LO/MED/HI/VHI Other VHI The risk of negative environmental impacts from release of toxic materials to the natural environment are very high because petroleum is highly toxic to living organism Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Customer Experience Time MED Unsatisfactory customer service related to less than optimum treatment and/or inadequate information leading to short-term effects of less than 7 days Cost LO Legal suit against BP resulting in compensation of $1k-$10k Quality LO Unsatisfactory customer service related to less than optimum treatment and/or inadequate information, which includes treatment without dignity and respect and can be readily resolved Probability RatingNil/VLO/LO/MED/HI/VHI Other LO BP maintains high level of customer service delivery thus any risks associated with customer experience are lowFollowing employee training, the level of this risk is low supported by the history of BPà ¢Ã¢â€š ¬s commendable customer relations (BP, 2015) Date Risk Raised: Date Risk Closed/Deleted/Expired/Occurred Adverse Publicity (Negative Publicity) Time HI