Synergi® Risk Management™

How it works

The Synergi® Risk Management Module is designed to reflect the RM process on various levels of the organisation. A number of practical tools and methods are in place to support the identification process, as they will depend on scope, objective and the entity to assess. Risk assessment methods range from organisation-wide Enterprise Risk Assessments (ERA) to HAZOP and Preliminary Hazard analyses (PHA), addressing potential hazards for a process or project, to more detailed FMEA studies addressing systems and equipment. Identified risks are categorised as strategic, financial, operational, technical etc before evaluated in the risk matrix. A scenario-based evaluation of risk level as a function of probability of occurrence and potential severity of impact is the most commonly used method. Risks are evaluated both on an inherent and residual basis. A risk-response strategy needs to be agreed for each individual risk to accept, avoid, reduce or share it. Actions are identified and evaluated depending on the risk appetite, cost/benefit analyses and the degree to which responses might be effective in terms of reducing the potential impact and/or probability.

Results of systematic Risk Management

Synergi was initially introduced as a means to foster learning, experience transfer and performance improvement in the conventional safety management area. The Risk Management process has brought additional value by:

• Improved documentation of risks and acceptable strategies for dealing with them
• Demonstrating duty of care and effective corporate governance
• Reduced insurance premiums
• Improved opportunity identifi cation
• Improved visibility of ongoing management process
• Enhanced emergency and contingency planning
• Improved stability in delivery of products and services
• Enhanced corporate memory and improved public image

Peer companies in a number of industrial sectors are gaining valuable experience from holistic Risk & HSEQ Management in Synergi. Companies are able to reduce indirect costs by improving the efficiency and effectiveness of the operational risk and event management processes and their direct costs by reducing the overall risk level, thus preventing loss from unexpected events