Compass Software Technology - Newsletter 07 - April 2013



The concept of Risk and Risk Management is popular in today's business world, and Business Analysts and Economists frequently refer to it, but it is also very important in the Facilities Management and Maintenance sector. At Compass, Risk Management is a key part of the overall solution offered to our customers.

Our Regional Pro2 EAM software package is just part of a total solution we offer to give you complete control over all your plant and equipment assets. Interested? We would love to talk with you.

Regards
Dominic Murnane




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Risk Management

Risk is often defined "as the possibility that an event may occur" and this event could result in loss of service, operational downtime resulting in adverse financial implications for your organization.

By adopting Risk Management practices ensures that your organization identifies and understands all the risk to which it is exposed and this will provide a clear and structured approach to managing the risks identified. The overall solution offered by Compass embraces these Risk Management practices and offers many benefits to your organization including;

  • It saves money and resources. An organization will save on less downtime, loss of service/ loss of business
  • Protects the Facilities Manager from personal litigation
  • Risk Management can protect the organizations assets including plant, equipment and buildings,
  • Protect its staff who are a valuable resource to the organization
  • Protect customers and the general public
  • Risk Management will protect the reputation/brand and the public image of the organization.
  • Reduces the legal liability of the organization and increases the stability of operations for long term planning
  • Protects the environment
  • Adaptability and flexibility. Risk assessment gives organizations the ability to prepare for various circumstances and adapt accordingly to circumstances as they arise
  • Reduce the organizations insurance requirements including premiums and claims.


To be successful at Risk Management organizations must be able to identify risk, understand and quantify the risk involved. An effective Risk Management practice does not eliminate risks but it gives organizations the structure and the tools to minimize or limit losses, limit loss of service and limit damage to assets, staff, general public, the environment and the reputational damage to the organization. A Risk Management programme should;

  • Create value.
  • Be an integral part of organizational processes.
  • Risk Management should be part of decision making.
  • Addresses uncertainty.
  • Be systematic and structured.
  • Risk Management is based on the best available information.
  • Tailored to include and take into account human, operational and environmental factors.
  • Be transparent and inclusive.
  • Dynamic and responsive to change.
  • Be capable of continual improvement and enhancement.


Typically organizations categorize risks so that they can effectively manage these risks to which they are exposed and Facilities/Maintenance Managers are key players in Risk Management programme.

Some of the risks encountered by Facilities/Maintenance Managers on a daily basis include;
  • Poor lighting and visibility
  • Slippery and dangerous surfaces on roofs and floors
  • Access to plant and equipment including the access doors, low ceilings, exposed beams and mounted plant and equipment
  • Safety issues with wall mounted ladders and safety cages
  • Coping with adverse weather including wind, frost and rain in exposed areas


The work flow document on the left shows all the various steps / activities that are involved from start to finish where a callout has been initiated through a Help Desk. As you can see it can be quite complicated, so now a little fun to test you!!

COMPETITION
We have identified 13 Areas of Risk within the workflow document. There is an iTunes Card worth €25 for the person who can identify all 13, or in the event of the 13 areas not identified, the person who identifies the highest number of areas of risk.

Send you answer to: sales@compass-softtech.com with your name, email, company and address.

The competition ends 31st May 2013.

Click here for terms and conditions


A Risk Management programme involves carrying out a Risk Assessment associated with all the business activities in their organization and this is sometimes rated or allocated a score depending on the level of risk involved to that organization. The overall service solution provided by Compass has factored the identified Risks associated with the business activities into the service offering.

There are many different methods/procedures to carry out a risk assessment but the following steps or procedures are often useful;

  • Identification of each of the business activities
  • Identification of each of the business risk categories including Financial, Operational, Compliance, Data Protection and Information Technology Risk and damage to Reputation Risk
  • Each risk category is given a weight of importance in percentile terms
  • Each risk category is assigned a score for the risk identified
  • The risk score is then multiplied by the risk case percentile score to give it a weighted risk score for that activity
  • The weighted risk scores are added to give the aggregate risk score for each business activity
  • The business activities aggregate score are ranked according to their risk score so that management can take the appropriate action to protect the organization

Nowadays in the modern era, technology and the business environment are continually changing rapidly resulting in many changes to business processes and activities. Facilities and Maintenance Managers should accordingly adapt to these changes in their processes and activities and factor Risk into these changes through Risk Management and this is a key part of the overall service solution offered by Compass.





You want to optimise how you operate your Plant and Facilities Maintenance
Let Compass guide and help you to do it.



Compass Software Technology Ltd.

Head Office: Killarney Road, Macroom, Co. Cork, Ireland

Rubicon Centre, CIT Campus, Bishopstown, Cork, Ireland

Tel: Ireland: 026 23616 / 087 607 6565
      Worldwide: +353 (0) 87 607 6565

E-mail: sales@compass-softtech.com
(c) Compass Software Technology 2009 - 2014
All Rights Reserved.
Registered in Ireland - No: 503478

Compass AFM is a trading name of Compass Software Technology Ltd.