When your business relies of your engineering systems to function, you can’t take any chances. Riskenomics is a modelling system to manage risk and prevent interruption of service.
It has several core applications for critical engineering managers.
Bespoke engineering critical system model
We work with our sister company, engineering specialists BSCM Operational Risk, to model the way your infrastructure is configured and how it operates, and make recommendations to reduce operational risk, or put additional contingencies in place.
The model can also be used for the identification of single points of failure, impact analysis and training and planning with IT teams.
Banks, trading floors and data centres around the world have built their Critical System Model using BSCM Operational Risk and Riskenomics.
Risk review and risk register
We start with our sister company, BSCM Operational Risk, auditing and modelling your current hard and soft systems and processes and the associated levels of risk.
For the hard systems, BSCM Operational Risk will develop a bespoke critical systems model, building the meta data that creates your risk register. You then decide which items to action and which to accept, including steps to minimise potential impact, recording these decisions in the risk register. For the soft systems, we use a standard model, which has a set reference manual, tracking and audit tools.
You can upload all evidence and undertake remote audits, see all risk in context and prioritised workflows. Once you have the models in place and your initial risk review completed, you can then continue to audit and manage your risk register in house.
You can either develop the capacity model as part of the Critical System Model, or as a standalone model (which we can develop for you if required).
The capacity model:
- Shows the impact of additional loads
- Allows you to set capacity thresholds and alerts
- Lets you check latest readings – wherever you are, whatever the time
Riskenomics can also take a feed directly from your power management systems and/or building management systems, so there is no duplication of effort and no scope for input error.
Operational performance risk
Riskenomics is an effective and flexible system to measure and manage operational performance in your business whether that be for one site or thousands.
The model used is a standard model which we have designed and built, based on industry best practice standards, as determined by CIBSE.
However, Riskenomics also allows you to add your own operational procedures into the model, giving you a flexible and customised solution ideal for your business.
The model incorporates a dashboard that gives “at a glance” management information, as well as an audit procedure which is based on British Standards Institute best practice.
Riskenomics is fully flexible and delivers many critical business advantages. From a management perspective, it provides a clear and “at a glance” instant current status reports along with any areas that need to be addressed, with all the data easily drilled down into via a user-friendly web dashboard.
Riskenomics allows you to view widespread themes across the whole business, raise awareness of the impact of system failure and show where you have mitigated against operational risk. It also provides the opportunity to run “what if” scenario planning.