Risk Registry

Senior Leadership, the Board and key operational personnel need to understand the risks that can impact the organization, and they need to understand them now. Regulatory bodies have elevated the accountability for risk management all the way to the top, requiring that top executives clearly understand what risks they have and what the company is doing to mitigate those risks.

Put simply, you can't prevent a risk you’re not aware of. While many organizations have effective risk management processes and reporting capabilities at an individual site level, critical knowledge and information captured during those processes in not being aggregated and pushed up the organization, into the hands of executive management. Corporate management often lacks visibility into the risks that could impact their business and therefore lacks the ability to make business decisions that would lower those risks. With global operations, thousands of people and multiple organizational units contributing to the risk profile of a company, the requirement to understand all risks has been difficult, manual and demanded enormous resource effort to accomplish.

Stature for Operational Risk Management provides site, regional, project and global level management with access and visibility into risks and hazards, their impact, and what is being done to mitigate them.

Organizations
Stature provides company management with a central risk register of all significant risks captured across risk assessments, events, incident, audits, etc, regardless of where the risk was identified. The risk register is automatically produced from completed risk assessments, allowing information from different risk perspectives (Operations, HSE, Projects, Audit, Legal, HR, etc) and thresholds (i.e. loss of life, loss of asset availability, legal requirement) to be collected, scored and reported against. Stature allows an organization to aggregate critical risk information and provide it to stakeholders in the form of actionable dashboards, reports and presentations.

Used in combination with corporate strategic goals and plans Stature provides a key tool to help achieve business objectives, meet shareholder requirements and drive revenue and profitability.

Functional Business Units
For business line management Stature provides the ability to easily and accurately understand all the risks within a specific functional area. Whether it’s a risk from a particular operating unit, a line or a department, Stature captures the risk information, aggregates the most critical item and provide that information in the form of dashboards or reports, which are actionable and updated in near real-time.

Stature provides visibility and insight into leading and lagging indicators, KPI’s and potential risks that could impact the business. Finally, Stature provides a clean mechanism to provide accurate and timely information to corporate management on what risks exist and what the business is doing to lower them.

Capital Project & Project Management
The requirements of capital projects or project management vary slightly from the requirements of the business on a whole. Project organizations must manage risks from a unique set of functional areas (Contractors, Tenders, Training, HR, Material, HSE, etc.) in order to meet the two most critical aspects of any project, on-time & on-schedule delivery.

With Stature, project organizations can individually identify, analyze, mitigate and monitor all the risks from the various functional areas and then aggregate those risks into functional and project risk profiles. This empowers them with information to better understand the impact to time and cost. Corporate level management can then look across the profiles of all company projects and get a complete profile of the health of the project organization.

Should a particular item be flagged as high risk, both corporate and project level management can quickly determine where the problem is and what is being done about it through the use of intuitive, actionable risk registers and dashboards.

Stature provides project management and corporate management a real-time profile of their projects, ensuring that they are delivered on-time and on-budget.

Do you want to learn more about how Risk Registers can help your business succeed, please click here and we will get in touch.