Risk Register Implementation and Management – Practical Challenges – a Case Study

Risk is product of likelihood and consequence. Managing risk is a crucial part of Process Safety Management. As an organization there are risks affecting all operations. The risk scenarios range from cyber security, failure of permit to work at a plant to weather conditions affecting operations. The focus of effective risk management is always to be pro-active and mitigate the risk ahead of its occurrence.

In implementing risk register, in a mid-tier upstream oil and gas facility, champions from each functional area were identified and nominated. ISO 31000 risk management fundamental trainings were given to the working group representing each department. In the working group, templates were produced to undertake risk assessments for various activities undertaken by each department using the company’s corporate risk acceptance criteria. The workshop on hazard identification and risk assessment was attended by management and operational representatives from diverse backgrounds. The top risks were then identified, endorsed by Heads of Departments and were communicated to Executive Management through monthly and quarterly review meetings.

Practical challenges were in the following areas a) Ownership of risk registers b) Keeping the risk register information current c) Integrating Operational risks with Enterprise Risk Management and d) Consolidation of information to Executive Management and Leadership teams.

In this case study, risk register implementation and practical challenges are presented.