Risk Management

An organization’s ability to effectively mitigate and capitalize on risk is a growing differentiator in the marketplace with direct impact to business profit and mission effectiveness. In a world of greater complexity, uncertainty and accelerating change, RMS’s Risk Consulting practice positions resilience as a strategic imperative. Our Risk Management Teams work cross-functionally within Customer organizations to factor risk into strategy, finance, operations, and compliance, while distinctively integrating the traditional disciplines of risk management. RMS supports Customers in defining their strategy, formulating business objectives and managing performance while achieving a balance between risk and opportunity.

RMS's Risk Management Framework is a formalized and systematic process for assessing, managing, and monitoring Risks associated with new Business or new Projects pertaining to HSE or Commercial risks. RMS uses the process to systematically and continuously identify, analyze, and respond to risk and opportunity throughout the project’s life cycle, beginning with the FEED phase through start-up and operation. RMS has taken its extensive industry experience and proven techniques, established a uniform process, and refined the ability to conduct disciplined reviews for identifying risks, defining mitigation strategies, and managing risks appropriately.

The identified risks are qualitatively rated based on the severity of the potential consequences as well as the likelihood of the event, and prioritized accordingly. Mitigation strategies are researched and evaluated for capability, feasibility, cost effectiveness, and preference. Common mitigation strategies include avoiding, transferring, reducing, and accepting the risk and its consequences. Once the preferred strategies have been selected, cost and benefit opportunities are evaluated, detailed action plans are documented along with due dates and responsible parties, and the plan is reviewed and approved by management. To promote effectiveness, risk data are gathered and analyzed as required to provide updates on a routine basis.

The risk management and mitigation plans are developed / updated in conjunction with project cost and scheduling tools to promote an integrated and comprehensive project control baseline. Effective risk management at RMS provides a value-added service by increasing our ability to successfully execute the plan, achieve project objectives, and meet performance goals for our Customers

We help Customers become more risk resilient by addressing..

THESE ISSUES