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5 Components of Effective Risk Management

8/12/2020

 
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​There are many incidents within the oil industry where adequate detection and mitigation could have reduced the impact of the incident. The goal of the API Spec Q2 standard is to define and control risks within your operating environment. In fact, the standard requires that service supply organizations  “control risk throughout the execution of a service.”  With this requirement in mind, we have outline 5 factors to consider when designing your Risk Management program:
1. Maintenance of equipment and machines
It is a fact that equipment will wear out at some point. It is of great importance to maintain equipment at standard levels. It the responsibility of the company to ensure proper safety measures are in place rather than waiting for regulatory agencies to spot-check their compliance.

2. Training and certification
Employees of should be trained on safety the safety management system. It is of no importance, for example, to have fire extinguishers on the rig if employees don't know how to use them.
 
3. Use of experts
When making operational decisions, experts can help the management by advising it on both short term and long term consequences. Safety engineers should be involved in decisions such as developing new operational workflows and documentation.
 
4. Observing industrial standards
Implementing and maintaining global quality, environmental and safety standard will provide a framework to identify and mitigate risks at the point of operation. 
 
5. Change management
Risks are inherent whenever there is change. Changes that have safety implications should be to thoroughly evaluated, and have a comprehensive hazard analysis performed. It is also of great importance to document the management of change process so that a gap analysis can be performed subsequent to implementation.
In short, managing risk requires proactive and preventive measures to protect your organization’s and customer’s interests. Detection and mitigation of risk potential should be at the core of your total risk assessment strategy.
 
For more information on how Accupoint Software can help you manage your risk mitigation efforts, please email or call us at (800) 563-6250.

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​Accupoint Software is a global provider of innovative compliance management systems to the oil and energy industry.  Our integrated software platforms expand operational awareness, improve process efficiency and streamline complex regulatory and customer requirements.
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Accupoint Software provides innovative compliance management solutions for the oil and energy industry, enhancing efficiency and regulatory compliance.

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