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The risk register
The risk register shows all possible consequences resulting from the occurrence of the unwanted event as a separate record in order to demonstrate maximum transparency in risk control.
- A complete register of all consequences including the risks is obtained in one overview.
- By using the filter it allows you to maintain a good overview of the most important areas of focus and keep track of the progress of the necessary mitigating measures in order to reduce the risk.
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The risk register record
Each risk register record contains additional information and can be used as a communication tool towards stakeholders within the company as well as the regulator.
- It shows the clarification on the risk ranking and the description of the potential causes from the analysis.
- The possibility to upload and refer to relevant documents to keep track of on-going improvements and initiatives to reduce the risk.
Within each record all improvements that have been proposed by the Expert Team are listed in a separate tab, both preventive and repressive. This list serves as a mitigation plan to reduce the corresponding risk. Some measures can have multiple appearance in the diagram (= mitigating several threats). Once a mitigation measure is implemented the status is set to complete. Changing the status of an improvement to complete automatically shifts all appearances of that mitigation to complete. The column “Show” gives direct access to the position of that particular mitigation to the bowtie diagram.
The risk matrix directly shows the risk reduction resulting from the mitigations that have been completed (= implemented)
Visualization of risk reduction
In a separate tab the risk reduction is visualized in the risk matrix. The risk matrix is a representation of the risk policy of the company: what risk is acceptable and what is not. The original situation serves as a starting point.
- The original situation is the risk level at the moment of the bowtie inventory.
- The current situation: The blue arrow represent the new situation after implementing certain mitigation measures.
- The potential situation: The black dotted arrow ”Potential situation” represents the maximum risk reduction that can be achieved through implementing of all improvements that have been proposed by the Expert Team during the workshop.
In the figure above the blue arrow indicated that some mitigation measures are already implemented. This results in a shift from orange to yellow. A risk reduction is achieved by the implementation of (part of the) preventive improved (moving to left) or the repressive improvements (moving above).
- It allows you to keep track of any improvements made.
- Keep track of current risk reduction obtained.
- Allows you to find the right balance between costs, safety and asset value.
Within the risk register you can create several charts. The charts allow you to gain a better insight and understanding of several aspects of the risks involved depending on your selection criteria.
- Prioritize the high risks that can be present in a specific asset or on certain corporate values.
- It can be used to show the assets in perspective of each other.
With the risk register you to customize any chart and allows you to save these settings.
The PDCA Cycle encourages you to be methodical in your approach to problem solving and implementing solutions. Follow the steps below every time to ensure you get the highest quality solution possible.
The four phases in the Plan-Do-Check-Act Cycle involve:
- Plan: Identifying and analyzing the problem.
- Do: Developing and testing a potential solution.
- Check: Measuring how effective the test solution was, and analyzing whether it could be improved in any way.
- Act: Implementing the improved solution fully.
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