Key Components of a Risk Management System

Sextant Readings Solutions - Risk Key Components

Key Components of a Risk Management System

Risk management requires organization support, an assurance framework and the ability to manage a collection of risks and opportunities. An organization that is successful in implementing an effective risk management system will recognize that there is an upside and a downside to risk.

In order to benefit from a robust risk management system, there are five key components that an organization is required to implement. It should:

  • Ensure executive management support and understanding
  • Consider risk in objective setting and decision making
  • Make the management system transparent, inclusive and accessible to all
  • Continually sense change and respond accordingly
  • Ensure that engagement is systematic, timely and sustainable

The Challenges

Ensuring these five key components comes with its own challenges.

Organizations face the challenge of ensuring that the terminology and methodologies are widely understood and consistently applied. All risk must be systematically evaluated, assessed and managed effectively and risk management and understanding must be widely adopted in all disciplines across the organization.

Risk management is an on-going process, and organizations must be ever ready for scrutiny and able to stand up to audit, as well as to ensure that learning from every incident is shared.

The Pitfalls

For effective risk management, organizations must avoid storing information in disconnected systems, formats and locations and make sure that change is managed and communicated effectively. Organizations are also open to exposure from actions that are not assigned or completed while time intensive and error prone reporting processes could be harmful, or even fatal, to the business

Learn about Ideagen Gael’s Risk Management Solutions

Sextant Readings Solutions - Ideagen Gael Risk Management Solutions

Learn more about Ideagen Gael’s Risk Management solutions

To help you understand the challenges and pains around risk management, we provide a number of resources that you can read and view at your convenience.

Have a look at our Success Story to see how we achieved ISO 27001 certification using only our own products and you can also view our Recorded Webinars collection, which cover best practice and ideas for improvement.

You can also learn more about the Bowtie methodology – the visual diagram inherent in the Ideagen Gael Risk product – from the side banner.

Professional Services

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Risk Implementation Professional Services

Establishing risk management processes and a risk culture within your organization helps to create greater resilience. Strong risk management processes and understanding helps your organization capitalize on opportunity, drive business success through delivering objectives and, in doing so, increase stakeholder value.

Our professional services can help deliver successful risk management. Through our consultants and our global partner network, our consultancy ranges in scope from simply providing a software solution through to full facilitation and project management to deliver robust risk management across an organization. We will jointly assess how effective your organization’s current risk management processes are – as well as the level of understanding of risk management within your business. You, working with our team, can determine the status of your risk management, how effective your processes currently are and highlight areas of improvement that we can help with.

Over the last 20 years, our professional services organization has delivered many projects, and our global partner network is professionally trained to provide exceptional levels of customer service and support. This ensures we are well placed to offer international customers a level of service that is second to none.

Our consultants and partner network will be as active in your project delivery as you determine – which could simply be staged progress reviews through to a complete project management and successful conclusion. Initial and strategic reviews with our professional services organization helps to determine the scope of your risk management project, entering consultation to gauge your current risk management situation and reviewing your current level of understanding and consistency to provide a clear picture of what can be achieved. Deliverables and key milestones are identified and highlighted, taking into account resources and constraints along the way.

Risk Integration

Sextant Readings Solutions - Integration

Integration

An effective SMS Information Management solution has the ability and framework to be successfully integrated with other software systems – allowing organizations to link their existing business systems with the risk management solution.

The integration is achieved by utilizing APIs, allowing organizations to seamlessly operate a series of existing systems concurrently with the SMS Information Management solution for increased benefit. Indeed, if there is intelligent data being stored on a standalone system within your organization, it would make sense to integrate this system with a SMS Information Management solution.

An effective SMS Information Management solution can be integrated to ensure your risk management is effective and allowing you to make the right preventive decisions before it is too late. For example, when reviewing a risk control linked to a procedure, The SMS Information Management solution provides you with a summary that highlights key information such as non-conformances, review dates and audit dates and links to documents, assets, incidents and non-conformances to provide the information you need to assess your system.

 

 

Risk Value Creation

Sextant Readings Solutions - Risk Value Creation

Value Creation

Risk management has traditionally focused on Value Protection – taking steps to ensure something undesirable doesn’t happen. Yet the disciplines of risk management are ideal for identifying the contributing factors and how they ought to be managed to optimize performance – Value Creation

Bristow Group Announces Major New Search And Rescue Contract Award In The United Kingdom

Bristow has a 36-year history of providing UK Search and Rescue services – Employment opportunities anticipated for the UK workforce in facilities, aircraft manufacture, and operations – Contract expected to generate approximately $2.5 billion in revenue

HOUSTON, March 26, 2013 /PRNewswire via COMTEX/ — Bristow Group Inc. the leading provider of helicopter services to the offshore energy industry, announced today that The Department for Transport in the United Kingdom has awarded its UK affiliate Bristow Helicopters Limited (Bristow Helicopters) a new contract to provide civilian Search and Rescue (SAR) services for all of the UK. The SAR services contract has a phased-in transition period beginning in April 2015 and continuing to July 2017 and a contract length of approximately ten years.

Under the terms of this contract, Bristow Helicopters will provide 11 Sikorsky S-92 and 11 AgustaWestland AW189 helicopters that will be located at ten bases across the UK. Each SAR base will operate either two S-92s or two AW189s. In addition to the ten bases with 20 aircraft, there will be two fully SAR-equipped training aircraft that can be deployed to any base as needed.

William E. Chiles, President and Chief Executive Officer, said, “We are honored that our affiliate Bristow Helicopters was selected by The Department for Transport to provide this vital service for the people of the United Kingdom. This award will employ 22 of the world’s most technologically advanced and safest helicopters which will dramatically improve the capability to save lives and significantly reduce the UK Government’s costs for the next decade. It is planned that some of the military personnel currently involved in SAR in the UK will join Bristow Helicopters to work under this contract, and we look forward to welcoming them into the Bristow family.”

In early 2012, Bristow Helicopters was awarded a Gap SAR services contract that commences in July 2013, utilizing four, latest technology S-92 helicopters based in Scotland at Stornoway and Sumburgh. The Gap SAR contract is expected to run for about four years until transition occurs for these two bases to the new longer-term contract announced today.

Mike Imlach, Bristow Helicopters Managing Director, said, “Bristow Helicopters has a proven reputation for exceptional UK search and rescue services, having performed such services over 36 years with world-class operations that included unmatched flight safety performance, extensive aircrew training, first class maintenance facilities, supply-chain partners, and project procurement and contract management. Affiliates of Bristow Group Inc. currently operate similar search and rescue services in Australia, Brazil, Canada, Cyprus, Dutch Antilles, the Netherlands, Norway, Russia, and Trinidad.”

Under the terms of this new SAR contract, Bristow Helicopters currently anticipates earning approximately $2.5 billion in revenue. Jonathan Baliff, Senior Vice President and Chief Financial Officer, added, “We believe that these contract terms and conditions are transformative from an operational and financial standpoint for our company. The number of helicopters operated, combined with the revenue and earnings generated under this contract, will create both a larger and lower risk company going forward.”

“The total capital requirement for this project is expected to be approximately $1 billion, much of which is dedicated to the acquisition of 22 of the most technologically advanced, SAR-equipped S-92 and AW189 helicopters ever built. We believe that the financing plan based on our company’s capital strength was an important criterion for the selection of Bristow Helicopters to provide this life saving service which requires a high level of safety and on-time reliability, and at higher service levels and lower cost than previously anticipated by the UK government. We are confident that Bristow Helicopters will provide excellent rescue services to the people of the United Kingdom.”

FORWARD-LOOKING STATEMENTS

Statements contained in this news release that state Bristow’s or management’s intentions, expectations or predictions of the future – including its ability to complete and fund the above-referenced SAR services, the timing for beginning the SAR services, expected revenue generation and whether the SAR services will be beneficial to Bristow’s operations are forward-looking statements. Actual results could differ materially from those projected in such forward-looking statement as result of unanticipated circumstances including but not limited to termination of the contract by the Department or higher costs. Additional information concerning factors that could cause actual results to differ materially is contained from time to time in Bristow’s SEC filings, including but not limited to Bristow’s annual report on Form 10-K and quarterly reports on Form 10-Q. Bristow Group Inc. disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.

ABOUT BRISTOW GROUP INC. Bristow Group Inc. is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated and one of two helicopter service providers to the offshore energy industry with global operations. The Company has major transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Alaska, Australia, Brazil, Canada, Russia and Trinidad. For more information, visit the Company’s website at www.bristowgroup.com.

        Contact: Linda McNeill
                 Bristow Group Inc.
                 (713) 267-7622

Bristow Group is has a long history of supporting Helicopter and rotor safety, compliance, safety assurance, quality management, and safety integration.  As an active member of Helicopter Association International (HAI Safety) and promotes Helicopter Safety Management to the industry

Heli-Expo 2013 Safety Challenge provides insight into safety issues

The Heli-Expo 2013 Safety Challenge provided insights into all aspects of Safety Management from Safety Culture and leadership through Flight Operations and Maintenance to safety analysis and preventative actions.

Well received by al attendees, the Safety Challenge attendance reflects the growing interest in all things related to Safety.

As SMS consultants, auditors (IS-BAO) and solution providers, we extend our thanks to HAI for creating the Safety challenge and for its choice of speakers who imparted their knowledge.

As helicopter organizations begin to implement safety management programs, we support the industry with expertise, leading-edge solutions, mobile safety management access, and integration of FOQA and FRMS to support your safety culture. If we can help you, please call us at 415 689 4SMS or visit us at www.sextantreadings.com.

Proud members of HAI

Proud members of HAI

Trends on Rotorcraft Safety in the current FAA Safety Briefing provides good insight

  • Lee Roskop, an operations research analyst in the FAA Rotorcraft Directorate, has written an excellent article in the current March/April) of the FAA Safety Briefing.

He says “The trend in U.S. rotorcraft accidents in 2012 reinforced the message that the International Helicopter Safety Team (IHST), the government, and the rotorcraft industry groups have communicated for years; that is, too many helicopter accidents occur in three industry sectors: personal/private, instructional/ training, and aerial application.”

He also comments that “The data and analysis from 2012 paint a clear picture of the problem.”

The accident trend continues even though IHST, the FAA, other government groups, and the rotorcraft industry have reinforced the message that pilots and operators need to take steps to ensure safer flights.

See the article at What’s Trending in Rotorcraft Safety?