Risk Registers Structuring Data Collection to Develop Risk Intelligence
Document Type Article
Abstract
This paper presents the results of the development and implementation of a company-wide risk register, based on a clear set of data structures. A case study from an electricity generation company is presented and the process followed is described. The results of the case study indicated areas where the concept of risk registers could be extended to make better use of existing data and to support continuous improvement of risk management. Six key areas are discussed (1) aggregation of risks across the business, (2) supporting controls over mitigation measures, (3) improved estimation of event likelihood, (4) integrating with critical asset registers, (5) improving risk communication, and (6) linking with day-to-day operational practice. The paper concludes with a framework for placing risk registers at the heart of Process Safety.