Creating and Implementing a Risk Framework Based on ISO Guidelines

Opus developed an effective and dynamic risk management framework to ensure risks were minimized and managed appropriately.

Esquimalt Graving Dock (EGD) requested the development of a Risk Management Framework based on the principles outlined in the Treasury Board Secretariat (TBS) Framework for the Management of Risk and the International Standard ISO 31000:2009 - Risk Management Principles and Guidelines.

Opus conducted an assessment and gap analysis of current risk management methodology applied in the management of the EGD. Next, the team developed a clear and detailed Risk Management Framework to address gaps and ensure ongoing effectiveness of risk management at the EGD utilizing principles of the TBS Framework and the ISO 31000:2009 Guidelines.

Opus worked with the EGD to ensure that principles of risk management were effectively integrated into the EGD operations and planning processes. Opus developed detailed Risk Management Plans identifying specific risk responses, actions and responsibilities required to effectively manage risks associated with EGD operations. This included the development and implementation of procedures for the risk mitigation, monitoring, communication, evaluation and continual improvement components of the risk management process.