Risk Management for Infrastructure and Equipment- myassignmenthelp

Question: Discuss about theRisk Management for Infrastructure and Equipment. Answer: Introduction The study is based on the development of the risk management system for a new company which has not yet stated its operations. It should be focusing on the broader view and knowledge on the risk management system. It should also be describing the features of risk management system have it in order to develop comprehensive RMS for the new company to flourish in the future and for developing sustainability in the business (Freeman et al. 2013). It should also be evaluating the different types of business risk issues which should be highlighted in the study. It is also trying to focus on the development of the mitigation strategies for the business risk issues to be evaluated for the study as well. The new company which is selected for the study is Impressive Rail. The company is basically setting up the interstate rail passenger operations in Australia. The operation of the company should be including a fleet of second hand locomotives and the passenger carriages. It also contains the major maintenance facilities and the offices and passenger handling facilities at the capital city railway stations. The trains should be operating he scheduled services and all the facilities, the infrastructure, equipment and the track access will be leased. Concept of Risk Management System The risk management system is basically the system which is useful in order to identify and assess the relevant risks associated with any project or with the company under study (Mahboob et al. 2015). The risk management system is also defined as the system which contains the activities like the policy making, safety, decision making for the identification and the management of the risks or business issues evaluated from the study. According to Van der Schaaf Lucas and Hale (2013) risk management system is the system which is useful in controlling and managing the possible risk identified and assessed by the top management of the company in the development of the RMS. A risk management system has basically two components which involves the risk assessment and the risk management. The risk assessment is basically similar to the safety assessment which is the element of the risk analysis and the risk assessment as well. These are the terms which could be alternatively used. The risk as sessment is basically useful in gaining ideas of the inputs to be given along with the decision making to be made easy for the risk managers working on a particular project decided by a company (Hopkin 2017). This will help in making the decision makers to become much more logical and informed before taking any kind of decisions. From this section it is summarized that there has been then different definitions of risk management system were assessed and evaluated. It is also summarized that the importance of the risk management system were evaluated in this section as well. It also summarizes that how the decision makers use the risk management system in order to make effective decisions. Features of Risk Management System Developed The main elements of a risk management system has been depicted below Risk Analysis- This is the method by which the risks are examined in a detailed manner which includes the quantification of the risks associated with any project. This ensures that the risks are determined to the extent, the how the components of the risks are related with each other and which are the prioritized risks to be ensured as well. The sub elements of the risk assessment could be the preparation for the risk analysis, the process for the analysis of the risks and conclusion. Risk Analysis- The risk analysis is the component which is varied from simple to complex. The risk analysis is composed of five sub stages which involve the system definition, identification of risks, the exposure to the results after analysis, the likelihood of risks and the last is the estimation of risks. Conclusion and Recommendations- In this stage there is the synthesis of the information to be done on the main risks involved including the consequences and the type of risks identified, the causes and the factors influencing the risks and the estimated risks as well. Phase 2 Risk Evaluation The risk evaluation is composed of the different sub stages. In the first stage there is the development of the risk evaluation criteria. The second stage should be the comparison of the estimated risks against the risk criteria. The next step should be the prioritizing of the risks to be included. The next could be the proposal for the risk management measures or the strategies. From this section it is summarized that the components of the risk management system has been evaluated. It is also summarizing the different stages involved in the development of the risk management system. It summarizes the key stages of RMS which includes the risk analysis and the risk evaluation. It summarizes the key sub stages of the risk analysis and the risk evaluation as well which is important for the assessment and managing of the risks involved with any project. Description of the business risk issues It is important to understand the fact that risk management system is developed in order to identify any business issues or the risks associated with a project. In this study the project is basically the development of the risk management system for setting up of the interstate rail passenger operations in Australia. So the main idea of developing the RMS is to identify and assess the types of risks involved in developing the rail passenger operations. The description of the different business risks has depicted below Safety Issues- The safety issue is considered as one of the most important issues connected with rail. The new company Impressive Rail should be concerned with the safety issues of the passengers travelling interstate in the second hand locomotives and the passenger carriages used by the company. It is seen that there are numerous and repetitive train accidents to be taken place in rail. The accidents and falling of the trains from the tracks has been the most common safety issues which has been experienced both by the top management of the company as well the passengers travelling in the passenger carriages. The next safety issue which is highlighted could be the using of the materials for the development of the tracks. The tracks are important in providing the highest safety to the passengers. So it is quite obvious that the tracks are developed with high quality and superior technology in order to reduce the accidents and derailments of the trains (Loosemore et al. 2012). The next safety issue will be the lack of infrastructure built for the travelling of the trains from one place to the other on tracks. The next safety issue could be the use of inflammables while moving on trains from one point to the other by the passengers. The issue coming from the use of dangerous and explosive materials moving through trains is also one of the most highlighted issues. Economic Risks- It is import at to develop the fact that there is the need of the roper and estimated budget to be developed for the development of the risk management system. The low and non estimated budget could increases the priority and likelihood of the risks involved. OHS Risks- The other common issue which is brought up for the rail operations could be the OHS risk. The occupational health and safety risk is very much common in rail operations. There are often incidents of death cases like running down by trains of the workers or staffs working in maintenance of the tracks (Glendon Clarke and McKenna 2016). There are often cases of accidents where the passengers could work over the tracks could lead to severe injuries or even death for them as well. The next OHS risk could be the level of trespassers and the level crossings and there have been the risks of accidents and severe injuries for the staffs working over there (McNeil Frey and Embrechts 2015). There are serious injuries to be found for the trespassers as well which is under the category of OHS risk. The risk to the high voltage electricity, the use of the heavy machineries and equipments in lifting as well as moving on tracks could lead to accidents and injuries for the rail staffs (Ersh ov and Zavialova 2017). The poor working conditions for the maintenance staffs along with the rail workers. The working on tracks at night sometimes leads to occupational hazards in rail operations. The other OHS risks could be the slips and trips of the rail workers while working on tracks are the issues which have been highlighted in the study. Regulatory and Compliance Risks- The other major issue which is highlighted in the study could be the regulatory and the compliance risks involved for Impressive Rail. It is quite obvious that there could be the regulatory and compliance risk to be taking place due to the safety policies and procedures are not properly developed which causes disturbance in the management of any company (Larson and Gray 2013). The safety legislations and the risks management requirements need to be aligned in order to identify and control the risks assessed by the top management of Impressive Rail. The improper development of the safety management systems could be the issue related with the compliance of managing and controlling the risks which is included in the risk management systems and the procedures as well. This section is summarizing the different types of issues which is involved with the rail operations in general as well in Australia. It also summarizes the issue which should be included in the development of the RMS so that the safety officer could be able to understand and evaluate the issues. Strategies developed in mitigating the issues The highly maintained tracks along with the equipments used for making the tracks are important. The next safety issue could be the facilities to be provided to the passengers during the travel. The passengers need the best of the facilities in order to prevent from any kind of uncanny situations as well the accidents. There is the development of the GPS system and the track change system to be installed in the drivers area inside the rains so that they can understand the route or the direction (Profillidis 2016). There is the need of using proper IT systems inside the trains and compartments so that it should be provided passenger safety (Sadgrove 2016). There is the need of installing fire extinguishers inside all the rain compartments in order to provide safety against fire (Qing et al. 2014). There is the proper alarm system to be installed inside the trains and speech recognition devices should be installed inside as well (Reason 2016). It is also important that there is the nee d of proper infrastructure and high condition of the tracks to be maintained in order to move the trains safely on the tracks. There is the need of analysis of the budgetary requirements to be done so that over budget should be eliminated for the new company as there might be huge los to be taken place if the money is not invested at the right place (Evans 2013). The mitigation of the OHS issue involves the use of the high visibility clothing, the safe working process used on tracks. It also involves the safety culture inventions to be developed. The use of the different symbols and the other trackers helps in providing occupational safety to them (Macchi et al 2012). The use of the clear signage and the use of the CCTV when provided staff training and the proper security services to be given by the company and this is included in the RMS for Impressive Rail. The mitigation for the regulatory and the compliance risk should include the proper development of the safety management procedures and systems so that the risks could be controlled and assessed (Haimes 2015). This section is summarizing the types of strategies which are going to be used by the company in RMS for elimination of the risks associated with the study. This also summarizes that the safety and the OHS issue is the highest concern for the rail operations in Australia. Conclusion From the study it is evident that this study is to develop a comprehensive risk management system which is useful in studying and assessing the types of business risks which a company should face off. This indicates the development of detailed risk management report presented it to the top management of the new company. It is concluded that Impressive Rail will be developing a comprehensive RMS by which they can be able to control and assess the risks associated with the rail operations in Australia. References Ershov, A. and Zavialova, O., 2017. The general conceptual approach in development system of risk management EurAsECcustoms. Evans, A.W., 2013. The economics of railway safety. 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