Responsible Risk Management® services

SERVICES

Our services focus on critical and important components of a risk management program. We consider knowledge gaps and complete a robust analysis for the prevention of personnel, material or financial loss. Our aim is to mitigate risk across multiple business units and provide Responsible Risk Management®.

RISK MANAGEMENT SERVICES

Risk is uncertainty and will never be 100% mitigated but proactive, Responsible Risk Management® can result in reduced risk and exposure, better identification of unexpected or undesired events and enhanced control across the organization’s supply chain leading to lower costs and increased profits.

  • Preliminary Assessment;
  • Hazard Identification;
  • Risk Analysis and Estimation;
  • Evaluating the Risks;
  • Due Diligence and Reasonable Care;
  • Incident Reporting, Investigation, Analysis and Actions; and
  • Transfer, Retention and Monitoring of Risk.

RISK MANAGEMENT PLAN

Star-Ting Incorporated collaborates with our clients’ team to close the gaps between strategic level risks and operational risks occurring in the front lines to help them reach their objectives.

  • Scan the environment to support the organization’s goals and risk appetite.
  • Meet regulatory requirements.
  • Align the organization’s mission and risk appetite
  • Plan internal control mechanisms to reduce risk.
  • Increases risk awareness and select methods to treat risk in alignment with risk tolerance of each corporation.
  • Provides high levels of assurance and contribute to organizational confidence.

RISK ASSESSMENTS

  • Identify economic, social, regulatory or environmental risk elements.
  • Cover four quadrants: hazard, operational, financial and strategic.
  • Recognize top threats and prioritize their impacts.
    • External events (economic, political, social, technological etc)
    • Internal events (management decisions, people, infrastructure, processes, technology etc)
    • Inherent and residual risks are analyzed taking likelihood and impact into consideration

Our line of risk assessments includes: Barrier Analysis, Business Impact Analysis, Cost-benefit Analysis, Feasibility Analysis and GAP Analysis and more. Plus, we can customize packages for all your risk management needs.

RISK MONITORING

We help the Audit Committee fulfill their risk responsibilities. Risk management oversight is essential to maintain effectiveness of internal controls and compliance with policy.

  • Information and communication within and between the different levels of the organization.
  • Prouty Approach covering internal and external control techniques.
  • Risk responses monitored and evaluated (e.g. avoidance, reduction, transfer…).
  • Check the effectiveness of control activities, in which policies and procedures are established in order to determine if risk responses are being correctly and effectively performed.
  • Optimize the effectiveness of the risk mitigation plan.

RISK REPORTS

Our reports cover aspects like how to help our clients manage risk for effective asset management to ensure safe and reliable equipment, infrastructure or business process. We report on corporate assets and maintain reliable information in support of your asset integrity program. Other information we provide covers: hazard management, performance management and operational efficiencies. We provide climate change and environmental reports.

  • Assures the board that risks threatening objectives have been identified and managed;
  • Ensures that managers have identified effective controls; and
  • Identifies new opportunities and threats with suggested risk mitigation strategies.

APEGA PROFESSIONAL STANDARDS

“Q: Why do professional members need to understand the principles of risk?

“A: Professional engineers, geologists, and geophysicists deal with the management of risk on a continual and ongoing basis. Professional members make risk trade-off decisions on a daily basis; yet these decisions are usually implicit.

Consequence:

If a professional practice does not properly assess, evaluate, and manage risks, there may be serious occupational health and safety, environmental, legal/financial, and social/reputation consequences. For example, in Alberta in 2005, there were 143 fatalities and 35,460 workplace injuries with a median of seven workdays lost per injury.

Solution:

Most of these losses could have been avoided with an appropriate risk management Program” (APEGA, 2006.)

Source: APEGGA. Sept 2006. Guideline for Management of Risk in Professional Practice.

CONTACT US

We look forward to serving your risk management needs.

 

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