Risk Management

Risk management is a critical piece of organizational sustainability. Organizations expose themselves to avoidable negative impacts by failing to thoroughly record and assess operational risks. Effective Risk Management programs provide the justification for operations or budgetary change, while protecting employees, customers and stakeholders.

The Solution

The EXP Risk Management System (RMS) is a centralized risk management tool to execute and maintain a global risk portfolio. Our centralized RMS facilitates the process of identifying and gathering risks, applying a set of criteria, and implementing standardized weighting systems. All risks are evaluated in an exact and equal manner, which enables proper allocation of resources to mitigate or accept each risk.

Integration

The EXP RMS is integrated into all products on the EXP platform. Risks identified during Incidents, Observations/Hazard Spotting, Audits, Environment, Quality and Management of Change can be promoted to the RMS for centralized assessment and administration.

Action Items & Work Flow

The EXP RMS contains a flexible workflow to ensure that risks are assessed in a timely manner. Our integrated Action Items Management System is used to assign and track actions/controls to reduce risk severity or probability.

Application Components

Hazard Register – Centralize all identified hazards
Risk Register – Centralize all identified risks
Controls Register – Centralize all identified controls
Risk & Control Mapper – Map risks with controls
Risk Weighting – Assign severity, consequences, probability, and likelihood to risks
Action Items – Integrate Action Items Management to assign and track corrective or preventive requirements
Assessment – Manage frequency Review and Approval
Reporting – Real-time reporting of risks and weighting
Integration – Fully integrated into EXP platform products: Incidents, Observations/Hazard Spotting, Audits, Environment, Quality and Management of Change

Functionality & Highlights

Global – Single system for all risks, assessments, hazards, controls, severity/consequences, probability/likelihoods, and action items management
Workflow – Automate notifications throughout the Risk Management process flow
Metrics – Management Dashboards and real-time reports
Security – Extensive security options available
Interfaces – Data import and export capabilities (both manual & automatic)
Transparency – Enhance transparency and management decision making
ROI – Reduce costs and streamline operations through consolidation and standardization
Compliance – Reinforce and strengthen internal controls, programs and processes
Integration – With EXP System such as: Incident, Observations, Audit, and Action Items. For more information about the benefits of Integration click here.