Home        About          Contact
16

Risk Register

A documented list of all the risks facing an organization and/or an asset.


Purpose of the Risk Register

To help manage risk


Components of the risk Register
A risk register typically includes the following components for each risk:
  • The risk identification number
  • The event
  • The cause
  • The consequences
  • The likelihood
  • The risk score


Examples of Risk Registers
Included below are some examples of risk register items.

Enterprise Risks

Asset Risks

Operational Risks

Project Risks



Process or Deveoping the Risk REgi


Risks by Asset Class
LIsted below are some examples of "events" that could be included in a risk register.

     A.  Facilities
Asset failure, asset degradation, asset invasion, unexpected human behaviour, misinterpretation by humans.

       Asset Failure
  • Power outage
  • Fire
  • Roof leak
  • Burst pipe
  • Environmental spill/contamination
  • IT glitch
      Asset Degradation
  • Differential settlement
      Asset Invasion
  • Bacteria/mould growth - legionnnares in cooling tower; water chemistry, condensate trays, fan filters
  • Agitated asbestos
  • IAQ complaints
  • Asbestos fears
  • Insects and pests
      Human behaviour - interpretation
  • Slip, trip and fall
  • IAQ complaints
  • Asbestos feares
  • Noise and vibration complaints
  • Union strike
  • Misinteruman behaviour - misinterpretation of poorly worded instructions
      Human behaviour - Erratic
  • Union strike

life threatening
major disruption
minor disruiption
inconvenience
negligible     B.  Water
  • one
  • two
    C. Sewer



     D. Transport

The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.
Fig. The relationship between Consequences of Failure (CoF) represented on the vertical (y-axis) and Probability of Failure (PoF) on the horizontal (x-axis) of a criticality/risk matrix.


Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.
Fig. Risk-based decision making is at the heart of asset management and this requires mindful consideration of the relationship between the probability of failure (PoF) and the consequences of failure (CoF). The complexities of these correlations can sometimes be captured on a risk matrix.



I. Care is trying to re-align his building’s magnetic north and thereby use his building as a sundial to cast a shadow to identify all the critical assets
Fig.  I. Care is trying to re-align his building’s magnetic north to geodetic true north and thereby use his building as a sundial to cast the right shadow and identify all the critical assets



The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM)
Fig. The risk spectrum extending along the P-F interval to illustrate the varying strategies in the Pre-P and Pre-F periods. For example, a shift from Time-Based Maintenance (TbM) to Condition-Based Maintenance (CbM).


I. Care is oblivious to the extraordinary events that can totally wipe out his assets and upset the delicate order of things, such as force majeure, acts of God
Fig. I. Care is oblivious to the extraordinary events that can totally wipe out his assets and upset the delicate order of things, such as force majeure and acts of God.

See also:



(c) Copyright Asset Insights, All Rights Reserved - "Insight, foresight and oversight of assets"