Risk Management

As defined by AS/NZS ISO 31000:2009:

• Risk: "effect of uncertainty on objectives"
• Risk Management: "coordinated activities to direct and control an organisation with regard to risk"

Risk management is a well defined process that is applicable to all organisations whether driven by legislation, good business practice or simply recognised as a strategy to ensure that you "know what you don't know". Working systematically to identify and select the most appropriate management controls can ensure effective planning and allocation of available resources to assist in the avoidance or mitigation of a possible 'loss' event or situation. It should also be recognised that risk management can also be a pathway to identifying opportunity.

From strategic planning through to workplace implementation, ASTRA can provide the full range of support and expertise to enable and apply the risk management process. Our support extends, but is not limited to:

• Facilitation of 
  • Hazard Identification Study (HAZID);
  • Workplace Risk Assessment and Control (WRAC);
  • Qualitative Risk Model (QRM);
  • Hazard Operability Study (HAZOP);
  • Failure Modes and Effect Analysis (FMEA);
  • Fault Tree Analysis (FTA);
  • Event Tree Analysis (ETA);
  • Barrier Analysis;
  • Bowtie applications; and
  • Layers of Protection Analysis (LOPA).
• System development;
• Development of Risk Management Plans, Policies and procedural documentation;
• Compliance and effectiveness audit; and
• Training.

Experience and capability