Risk Management System (RMS)

In the SafetySuite Risk Management System (RMS) risks are recorded against the location hierarchy and may exist at different levels. Corporate risks are managed at the top nodes, business unit risks in the middle, and specific risks at the bottom nodes.

Upon entry of a risk, notifications are sent to the responsible person who can then perform a raw assessment of the risk, determine the untreated financial exposure, identify any controls/contingencies, and initiate further risk management activities.

For each action, control, or contingency an estimated cost and the corresponding reduction in financial exposure is determined. Consequently, at any point in time, the untreated, current, and treated financial exposure is available.

Incidents are related to the risks that caused them. Throughout the management of an incident, estimated and actual costs can be monitored, allowing for further analysis and is helpful in establishing accurate estimates.

Standard reports identify key events that warrant subsequent risk assessments such as the occurrence of incidents, completion of actions, and the incorporation of new controls/contingencies.