Author: Paul Casto, CMRP
A key element of any asset management program is risk management. The ISO 31000 International Standard provides risk management guidelines and ISO 31010 provide a standard on Risk Management techniques. This session provides an overview of risk management tools and techniques that can be used to improve performance, encourage innovation, and create and protect value. We will discuss the principles of risk management and the risk management process, including the following topics: risk governance, establishing context, risk identification, formatting risk as Trigger=>Event=>Impact, categorizing risk, risk analysis techniques, risk matrix, risk evaluation, risk level, risk register, risk treatment plans and monitoring and reviewing techniques. A case study will be included to illustrate the application of the framework, techniques and tools. Attendees will leave the session with a working knowledge on how to apply the ISO 31000 risk management principles and framework.