Combination of Factors to Assess a Company’s Risk Management Practices

The goal of the Project is to understand the combination of factors that would give an understanding of how well a company understands its risks, and how well they are managing the risks. We are interested in factors to assess companies, not their actual risks.

Context Analysis Tools For Industrial Companies

Tools and philosophies to analyze operations and physical assets are well understood within these types of organizations, but business analysis and corresponding tools are not globally understood and used traditionally. However, with the emerging importance of global asset management standards such as ISO 55001:2014, and emerging risks in organizational contexts, business analysis is becoming more important and accepted in these organizations. This Project seeks to create a suite of business analysis tools, based on established practices that could combine with asset management maturity, to define the context of asset dependent firms. This type of analysis is most often required when implementing or reviewing an Asset Management System (a management system for asset management at the enterprise level). Project Details: 1.- Develop a process to define risk factors in the internal context of the organization based on the 3 lines of defence. Corresponding Tools and Templates should be developed. 2.- Develop a process to define risk factors and external stakeholders in the external context of the organization. Corresponding Tools and Templates should be developed. 3.- Create a relationship between business analysis tools and asset management maturity assessment tool to determine an overall analysis package for the organization. 4.- Test the external context analysis developed on a municipality or a Crown Corporation whose information is publicly available. Project Goals/Deliverables 1.- To define business analysis processes that would be suitable to asset-intensive firms. 2.- Create corresponding tools that can easily be applied to multiple sectors and industries. 3.- Align business analysis tools with established business practices and tools. 4.- Promote the use of proven business practices to support operational practices. Resources Greeman Asset Management Solutions will provide familiarization training in asset management principles, outlining operating context of asset dependent firms, provide the opportunity to review an asset management maturity assessment tool, guide the selection of two suitable organizations, and generally be available to answer questions, review project deliverables etc.