Risk Management

Risk Management is seen as a bit of a heartache in the energy sector, with firms adopting basic excel spreadsheets to manage their project risks. Our cloud-based system however, is a step away from managing risks on a spreadsheet.

As part of the Prism Apps catalogue our Risk Management system is specifically designed for inclusivity. The step away from spreadsheets resolves issues associated with out-of-date risk documents, unshared documents, and a lack of project inclusivity. Those with access to the module can expect an inclusive experience where all involved are on the same page throughout the project.

Like our other Project Management modules our Risk Management system is fully customisable. Our inhouse software team will work with you to create your ideal risk management tool to keep your project teams unified.

System Features

Replaces clunky spreadsheets
Simple to use and understand
Provides a company wide view of risk
Helps endorse proactivity over reactivity
Efficient and clutter free

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FAQs

What is Risk Management?

Risk management is the process of identifying, analysing and managing risks that could arise during an activity.

There are 3 main components of risk management

Risk identification – simple review of an activity to highlight risks.
Risk assessment – An evaluation of the risks to determine how likely they are to be an issue and also how big an impact they could have if you don’t take steps to manage it.
Risk mitigation – putting steps in place to manage the identified risk.

People manage risks every day but most of the time are unaware that they are doing it.

A very simple example of risk management in everyday life is crossing a road. Following the 3 steps above:

Activity – crossing a road

Risk identification – being hit by car resulting in injury or death
Risk assessment (if no steps are taken to manage the risk) – very high likelihood of being struck by a vehicle with a very high impact in terms of injury or death.
Risk mitigation – stop, assess traffic flow, identify suitable opportunity for safely crossing the road.

In most cases the mitigation steps in this example will significantly reduce the chances of being hit by a car and will therefore have effectively managed the risk of crossing a road.

Case Study

Industry – Oil & Gas

Benefits

Consistent approach across all projects.
Improved communication & management of risks.
Reduction in meeting durations and staff time associated with managing risks.

Feedback

“Prism is easier to use and clearer than managing risks by spreadsheet.”

“The visibility of our risks improved massively using Prism and enabled us to be consistent in our management of the project.“

“Prism is a powerful but cost effective tool for managing risks. The output dashboard is clear and informative and is very powerful for demonstrating how we manage our projects.”