XRISK
Xodus Group’s web-based risk management application developed by experts in technical safety and risk. XRISK is designed to collate and integrate data relating to risk assessments into a central risk register. It generates controls, assigns and tracks actions and creates an auditable record. Its powerful risk graph plots managed and unmanaged risks in terms of likelihood versus severity and displays the cost implications. XRISK is characterised by clear graphic visualisation of risk elements. Users with secure access to the system can set e-mail alerts, access and control an action register, and can also generate reports based on a wide variety of criteria. Of particular value to renewable energy specialists are the conceptual Hazard Identification (HAZID) and project execution functions. XRISK as a project management tool Project and Health, Safety, Environmental and Quality (HSEQ) engineers and managers will find XRISK geared to their needs. To deliver a successful project outcome, all risks need to be assessed and managed. Traditional risk management techniques, where actions arising from risk reviews are captured in individual documents and spreadsheets and then shared by e-mail, are slow and inefficient. XRISK’s browser-based interface enables project managers to build clear and, above all, auditable risk management plans, enabling actions to be assigned, tracked and managed. With user-customisable lists of standardised risk controls, XRISK eliminates the need to reinvent control strategies. While XRISK allows managers to describe risks in purely qualitative terms, the tool also includes cost / benefit analysis features based on relevant quantitative data (for example, probability of occurrence versus potential cost of losses). These figures can be used to calculate total risk exposure. The simple display offers managers a clear overview of the status of individual risk types and overall risk exposure. Simple visual cues indicate the degree of specific exposure, or the extent to which a given risk has been mitigated. XRISK outputs reports on:
- Uncontrolled risk exposure (as a ranked list of uncontrolled risks)
- Critical controls (as a ranked list)
- Controlled risks (ranked list of residual risks)
- Cost / benefit analysis of controls
- Multi-risk evaluations
- Further actions that could be taken to reduce risk
- Further research requirements (to define risks more fully) and Boston Matrix reports indicating level of risk versus level of manageability for the purposes of management reporting.
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