PIMS User Guides

Risk Management
User Guide

Omega AS
Published: May 21, 2010
Version: 1.2

This user guide provides an overview of features and functionality in the Pims Risk Management module.

Introduction

Risk can be defined as the combination of the probability of an event and its consequences. In all types of undertaking, there is the potential for events and consequences that constitute opportunities for benefit (upside) or threats to success (downside). Risk Management is increasingly recognized as being concerned with both positive and negative aspects of risk. Therefore Pims Risk Management considers risk from both perspectives. In the safety field, it is generally recognized that consequences are only negative and therefore the management of safety risk is focused on prevention and mitigation of harm.

Risk management is a central part of any organization’s strategic management. It is the process whereby organizations methodically address the risks attaching to their activities with the goal of achieving sustained benefit within each activity and across the portfolio of all activities. The focus of good risk management is the identification and treatment of these risks. Its objective is to add maximum sustainable value to all the activities of the organization. It marshals the understanding of the potential upside and downside of all those factors which can affect the organization. It increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving the organization’s overall objectives. Risk management should be a continuous and developing process which runs throughout the organization’s strategy and the implementation of that strategy. It should address methodically all the risks surrounding the organization’s activities past, present and in particular, future.

Main Features

Pims Risk Management does not cover all aspects of risk management but is a tool design to record identified risks including assessments and actions. Main features covered are: