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  2. 2012
  3. March
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  5. RISK MANAGEMENT MATURITY LEVEL - Master
 


Welcome to the Wind Energy Update

Offshore Wind Risk Summit 2012

Risk Management Maturity Level Assessment Survey



 
 
Risk Management

Maturity Level Assessment Survey




To be successful, an Offshore Wind Farm Project must incorporate a strong Risk Management Programme that provides ‘Risk Intelligence’, meaningful information which ensures the right decisions are made at the right time.  

As a starting point, Offshore Wind Farm Projects must begin by assessing their unique Risk Management Maturity Level, or ‘Capability To Perform’ risk management strategies.  Only then can realistic targets and action plans that effectively manage risk be implemented.

Consisting of 9 multiple choice questions benchmarked against industry best practices, the following survey has been created to make a preliminarily assessment of your organisation's current Risk Management Maturity Level.

At the conclusion, you will have a preliminarily assessment ranking of either 'NOVICE', 'INTERMEDIATE', or 'EXPERT' Risk Management Maturity Level including an overlayed summary of all other responses compared to yours.

If you have questions about the survey or procedures, you may contact us directly on +44 (0) 758 345 2246 or email at [email protected].  

Thank you, as your time and support is very much appreciated. 

Lita Cuen, CEO, LC RISQ & Associates

Please start the survey by telling us what your native language is...

What is your first language preference:
 
 
 
Do you represent:
 
 
 
Is your role / Position?
 
 
Risk Management Principles, Policies & Methodologies
 
 


RISK MANAGEMENT PRINCIPLES:
Represent an organisation's ability to add value and be an integral part of the organizational risk management process such as: 1. Involvement of Stakeholders, 2. Organizational Objectives, 3. Reporting, 4. Roles and Responsibilities, 5. Continuous Improvement

RISK MANAGEMENT POLICIES:
Represent an organisation's commitment to risk management, clarifies its intentions and provides general direction

RISK MANAGEMENT METHODOLOGIES:
Represents an organisations risk management methodology and framework, i.e., ISO 31000:2900, COSO, AS/NZS 4360:2004, COBIT, etc., of which its risk management processes can be efficiently performed
 
 
 
Please select one answer that best represents your organisation's risk management principles, policies and methodologies


 
No formal risk management principles are in place
 
No formal risk management methodology is in place
 
No formal risk management policies have been established
 
Fundamental risk management principles, policies and methodologies are in place and being followed
 
Have a risk management methodology in place but may not be following it
 
Have risk management principles in place but may not be following them
 
A formal best practice risk management methodology is being effectively followed
 
Have risk management policies in place but may not be following them
 
 
 
Risk Management Capabilities & Processes
 
 
 


RISK MANAGEMENT CAPABILITIES:
Represents an organisation's capability to actively perform the risk management process and achieve its risk management strategies

RISK MANAGEMENT PROCESSES:
Represents an organisation's ability to effectively identify, assess, mitigate, communicate and manage its risks

Organisations that continuously improve their risk management capabilities in building strong risk management processes have at least a 70% better probability of reducing their overall Offshore Wind Farm risk exposure
 
 
 
Please select one answer that best represents your organisation's risk management capabilities and processes


 
Risks are not identified
 
Risk management process is not ‘formalised’ or providing value
 
Risks do not have mitigation plans
 
Some risks are assessed
 
Some risks have mitigation plans
 
Risks do not have contingency plans
 
Some risks have contingency plans
 
No formal risk management capabilities or processes are in place
 
Some risks are identified
 
Have well-established and effective risk management capabilities supporting a formalised risk management process
 
Risks are not assessed
 
Only selective projects are using the risk management process
 
 
 
Risk Management Information System (RMIS) Data Capture & Assessment Tools
 
 
 


Organisations that capture, analyse and manage their critical risk information within a 'real-time' web-based analytical relational database ensure confidence and credibility of the risk data being managed
 
 
 
Please select one answer that best represents your organisation's risk management data capture and assessment tool

 
Risk management data cannot be verified
 
RMIS is successfully tracking, assessing and communicating risks
 
No risk management data capture and assessment tool in place
 
Have in house ‘home-grown’ risk management data capture and assessment tool (MS Excel, MS Access, or other)
 
Have an inadequate Web-enabled RMIS
 
 
 
Risk Reporting
 
 
 


RISK REPORTING:
Is key to adding value and is the one element that brings it all together and in many cases, stands between success and failure of the risk management process

Organisations that have open risk reporting have a 60% greater probability of effectively managing their risks across multiple layers within its business infrastructure
 
 
 
Please select one answer that best represents your organisation's risk management reporting capabilities


 
Do not formally report on risks
 
Only report on risks on an ad hoc basis
 
Only report on selective project risks
 
Report on risks for senior management meetings
 
Actively reporting all risks on a regularly scheduled basis
 
Only report on risks for required board reviews, steering committees, development internal audits, etc
 
 
 
Risk Management Knowledge, Skill Sets & Expertise
 
 
 

RISK MANAGEMENT KNOWLEDGE:
Represents an organisation's familiarity or practical understanding of the risk management process

RISK MANAGEMENT SKILL SETS:
Represents an organisation's qualifications and current abilities to perform risk management in a competent manner

RISK MANAGEMENT EXPERTISE:
Represents an organisation's demonstrated in-house ability to apply risk management skills, knowledge and experience
 
 
 
Please select one answer that best represents your organisation's current risk management knowledge, skill sets and expertise level


 
Proactively hire risk management subject matter experts (SME's) as needed
 
Do not have internal risk management knowledge
 
Do not have internal risk management skill sets providing risk management support
 
Do not have internal risk management expertise providing risk management support
 
Risk management knowledge, skill sets and expertise are not available throughout the organisation
 
Have dedicated fully funded resources providing risk management expertise and support
 
Occasionally hire risk management subject matter experts (SME's) to assist with the organisations risk management process
 
Have internal risk management expertise providing ad-hoc risk management support
 
 
 
Risk Management Training
 
 
 


Organisations that incorporate risk management training continuously improve their risk management performance and return on investment
 
 
 
Please select one answer that best represents your organisation's current risk management training efforts


 
Conduct customised risk management training tailored to the organisation
 
Conduct risk management training on a regularly scheduled basis
 
Have very limited risk management training available
 
Conduct formal full day risk management classroom training
 
Have formalised risk management training available to all within the organisation
 
Conduct half day risk management workshops
 
No risk management training being provided
 
 
 
Risk Management Communication
 
 
 


RISK COMMUNICATION:
A main goal of risk communication is to improve decision making, reduce anxiety around risks and raise awareness of risks which key stakeholders are not engaging

Incorporating effective risk communication in the Offshore Wind Farm Project Lifecycle eg. development, construction, operations and maintenance which collaboratively communicate, meet and share accountability of all their internal and external risks, improve on-time deliveries by up to 30%, reduce inventories by 20% and increase productivity by 50 - 75%
 
 
 
Please select one answer that best represents your organisation's risk management communication ability


 
No risk awareness or communication exists within the organisation
 
Some risk management meetings are taking place
 
Key external suppliers also actively participate in the organisations risk communication efforts
 
Risks are communicated on a regularly scheduled basis
 
Risk meetings occur throughout the organisation on a regularly scheduled basis
 
Risks are not communicated
 
Some risks are communicated but not on a regular basis
 
 
 
Risk Management Performance / Return On Investment (ROI)
 
 
 


Organisation's that proactively identify risks, develop effective mitigations, incorporate tight controls and institute effective contingency planning greatly improve their risk reduction efforts by 75%
 
 
 
Please select one answer that best represents your organisation's risk management performance and return on investment


 
Organisation actively measures and improves their risk management performance which results in a direct cost savings
 
Little or no attempt is taken to learn from past risks, or lessons learnt
 
Some risk management key performance indicators (KPI's) are being used
 
Some risk management performance is being measured and acted upon
 
Risk management return on investment is realised repeatedly within the organisation
 
No risk management performance is being measured
 
Organisation supports a risk – aware culture
 
No risk management key performance indicators (KPIs) are being used
 
Strategic organisational decisions are being made based on competent risk management past performance results
 
 
 
Risk Management Support From Senior Management
 
 
 


Please select one answer that best reflects your organisation's senior management attitude and participation


 
Senior management is actively involved and understands the organisation's ‘risk profile’
 
Some senior management involvement in risk management meetings occur
 
No Senior Management support or endorsement of the risk process is provided
 
No positive risk culture exists
 
Senior management proactively supports the risk management process
 
Senior management provides risk management resources
 
Senior management doesn’t make risk management a requirement
 
 
 
Thank you for completing

the

Offshore Wind Risk Summit 2012

Preliminary Risk Management Maturity Level Assessment Survey



Based on your response, your overall Risk Management Maturity Level Score is:

0.0



If your score is between 63 - 80, you are considered by industry Best Practices as operating within a ‘Novice’ risk management capability level:

The probability of your organisation experiencing a critical failure resulting in major cost overruns and missed unrecoverable timelines is substantial


If your score is between 81 - 90, you are considered by industry Best Practices operating within a ‘Intermediate’ risk management capability level

The probability of your organisation experiencing avoidable cost impacts and unessesary schedule delays due to inconsistant risk management processes is greatly increased


If your score is between 91 - 100, you are considered by industry standards operating within a ‘Expert’ risk management capability level

The probability of your organisation experiencing cost savings and ahead of schedule completions is significantly enhanced
 
 
 
Thank you very much for your time and effort to complete this survey

We acknowledge and appreciate your time and participation in this very important information gathering initiative

If you would like more information about how a more in-depth, customised Risk Management Maturity Level assessment can be developed for your organisation, please contact:



Lita Cuen, CEO, LC RISQ & Associates
Tel: 1 (310) 406-5684 US
Tel: + 44 (0) 758-345-2246 UK
Fax: +1 (310) 988-2913
E-mail: [email protected]
www.lcrisq.com
 
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