Corporate Risk Management
ExpertAssets incorporates a Corporate Risk Management Tool (CRMT) which enables an asset owner to evaluate the risk of maintaining the asset to a certain service level.
Corporate risk refers to the liabilities and dangers that a corporation faces. Risk management is a set of procedures that minimises risks and costs for businesses. The job of a corporate risk management department is to identify potential sources of liability, analyse them, and take the necessary steps to prevent losses.
Corporate risk analysis conducted today may appear very promising however, events such as the onset of a recession, a political change or even a natural disaster that destroys infrastructure or financial situations could significantly change the level and type of risk. For this reason, the corporate risk management tool has been developed.
There have been locations within the UK where a fatal or serious road accident has been attributed to the road condition. This has resulted in these locations becoming a crime scene. In cases such as these, the Highway Manager(s) responsible for the treatment selection process and analysis can be summoned to court on corporate manslaughter charges. If it can be demonstrated that a robust, auditable process is in place for assessing data and prioritising works on the basis of risk, a highway authority can argue that it is has taken reasonable precautions.
In a recent court case, whereby a policy was implemented which was not considered to be auditable, a Council settled out of court and compensation of £16,650 was paid to the plaintiff.
“The solicitors requested that the council send confirmation of their policies for maintaining highways, and found that they were in breach of these policies.” Extract from Case.
CMRT was primarily developed for creating a robust and auditable process for analysing the skidding risk using SCRIM or Grip Tester data. It has since been further enhanced to allow any asset to be analysed for any type of risk using a user-definable risk matrix. It incorporates a transparent and effective management system utilising relevant data within most highway networks to prioritise assets. It produces a risk score for the asset and allocates a set of user-defined actions with defined responses. It justifies to paymasters/management whether or not work should be carried out and results in efficiencies in:
- Personnel time preparing information
- Personnel visiting sites to check data
- Defending any claims against the council
CMRT can be used for any of the assets where risk policy and procedures have been produced, including, but not exclusive for:
- Vehicle Restraint Systems (VRS)
- Structures etc.
SKID RISK MANAGEMENT
The CRMT delivers all requirements in accordance with the Design Manual for Roads & Bridges (DMRB) HD28/15 AND/OR in house (or local) skid policy documentation, and it will deliver all the sites for investigation including:
- Site with low CSC Values
- Sites with poor texture (<0.8mm)
- Removal of sites with spurious results (Values substantially lower than the mean)
- Accident Analysis (HE Crash Model)
This automatic process will then deliver a manageable amount of sites for the Engineer to evaluate at a more detailed level and carry out on-site inspections.
In addition, CRMT has site software which allows the user to transfer data from the main system onto a tablet to record all relevant data for the site being inspected and recording the recommended outcome from the engineer. It will;
- Determine whether a surface treatment is justified
- Determine whether some other form of action is required.
- Determine whether the site should be kept under review.
- Determine whether the Investigatory Level is appropriate. Justification for any change should be recorded.
CRMT considers all attributes and assesses the likelihood of the hazard occurring using any attribute chosen for the process. This is an important added factor As it allows the user to define factors to be used for assessment.
CMRT is extensively configurable, allowing for each user’s specific asset register, risk matrix, processes and service levels to be applied. CMRT is fully auditable and transparent.
To discuss how we can help you, please contact one of our team today.