Risk Management for a Leading Energy Company

A leading transportation, distribution and generation energy company, operating primarily in North America, selected Standard Model Partners to implement its risk management implementation over multiple years. The first wave of this project included a standard framework for enterprise risk management, along with its largest business unit, followed by on-boarding all other business units and corporate functions.

Project Goals

  • An objective to be leaders in safety and reliability
    Systematically integrate a framework across contexts, practices, and processes
  • Enhance the understanding of risk among decision-makers
  • Enhance the ability to attain expected and desired risk profile(s)
  • Enhance the clarity and defensibility of risk communications
  • Enhance the allocation of scarce capital and human resources
  • Enhance the efficiency and effectiveness of risk treatment
  • Replace existing spreadsheet tools and automate manual processes

Solution

In three stages, we delivered a standard option for enterprise risk, followed by project risk management standards, and risk treatment optimization processes, tools and techniques.

The solution enables:

  • Structuring risk source, consequence taxonomies for improved risk identification and analysis
  • Improved risk assessment techniques with qualitative and quantitative consequence dimensions and risk criteria
  • Consistent recording and management risks and risk treatment throughout the organization
  • Workflows and validations by authorized users

Project Metrics

Risks Migrated from Legacy Systems

Risk Analysis Consequence Dimensions and Criteria

Structured Taxonomies for Risk Sources including Root Causes, Hazards and Threats

Structured Taxonomies for Control Hierarchies and Controls

Stakeholder Groups across Enterprise Risk, Project Risk, Cybersecurity, Asset, Department and Program Risk Management

Enterprise, Project, Asset, Program and Department Risk Management

We provide structured, systematic, and timely risk information for decision makers, from enterprise risk to site level risk assessments, incident reporting and conformance assessments.

Improve the quality of risk analysis for department, asset, project and program risk.

 

Enhance the ability to compare current residual risk assessments with real incident metrics

 

Optimize expected residual risk estimates and evalaute treatment options for an optimal treatment effect

 

Compare and select projects based on the expected risk return on investment

 

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