Tag Archives: Risk Assessment

A Case Study on Fisher & Paykel Finance

Fisher & Paykel Finance’s consumer lending application Core Risk Assessment module had reached the end-of-life. The company needed to replace the legacy system to improve scalability, maintainability, ease of configuration and enhance the customer buying experience. Solution : Using the Agile project management methodology, Datacom worked closely with the Fisher & Paykel Finance Information Services team to deliver a robust and easily maintained replacement system that manages concurrent requests. Click here to read more…

“The enhanced risk assessment system has made a huge difference to our business. Customers’ applications are now accurately processed faster in-store, making it easier for them to buy things. Our business growth ambitions are supported by the concurrent processing and assessment of multiple customer applications. We worked collaboratively together with proactive communication, regular progress reviews and timely attention to resolve issues as they arose resulting in a quality, problem free implementation.”Colin Smith – CIO, Fisher & Paykel Finance

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Case Study on Audit Planning And Evaluation

For several decades there has been increasing interest in the audit and assurance profession in developing audit methods and standards that improve our ability to address the possibility of detect significant financial statement fraud. In the standards arena, SAS No. 82, Consideration of Fraud in a Financial Statement Audit (AICPA 1997), was promulgated in 1997. This audit standard requires CPAs to assess and document the risk of fraud during audit planning and to document changes to audit programs resulting from that assessment.

Unfortunately, both practice development and academic research have been handicapped by a lack of a rigorous framework to facilitate assessment of audits in contexts where the potential for fraud is significant. The purpose of this paper is to develop a framework to assist audit planning and evaluation given explicit consideration of the possibility of fraud. The model development is based on an evidential network that has two major sub-networks: one to capture risk and evidential relationships for a conventional financial statement audit and another to capture the risk and evidential relationships for SAS No. 82 fraud risk assessment. Read more..

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Case Study on Emapsite

Emapsite delivers location information and services and solutions that integrate that content to professionals to support decision making across a wide range of applications. Our customers use our services in such diverse areas as site selection and planning, risk assessment, brownfield development, landscape planning, environmental impact assessment, engineering and construction, renewable energy developments, natural resource management, transport planning and asset management. Find out more..

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Case Studies in Air Canada – aircraft turnround

The ‘turnround’ (ground handling) of an aircraft on the ramp is a complex and busy activity. Numerous people from various companies are all working in close proximity in a congested and hazardous environment. Their tasks, on occasions, are further hampered by such things as poor weather conditions, noise and time constraints.

An Aircraft Handling Manual will detail how to perform a task e.g. opening a cargo hold door, however it will not identify any additional risks that may be generated by others (e.g. service providers) working in the same area. The Aircraft Handling Manual can only be considered as a reference tool to performing a task and it is only through the process of joint risk assessment, task analysis and agreed processes and practices that the whole turnround can be safely managed. Click here to read more…

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Case Study on Making A Hard Sell Easy

In the late 1990s when Damian O’Sullivan was working in resource development at Melbourne’s Swinburne University he discovered a colleague developing a computer-based training program. “I looked at it and thought, ‘Man, that is just crazy; that is the future’.” O’Sullivan was so inspired that he decided to try it himself. He applied for funding to develop a CD ROM on risk assessment for CitiPower; he won the funding and the contract. So began Intuitive Training Solutions, his first business consultancy based on computer training. He says: “I thought: ‘Here’s a way to make a living’.” Click here to read more…

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A Case Study on Integrated Risk Assessment

A Case Study about Integrated Risk Assessment

Overview: The project that we analyzed was a space station payload facility that consisted of four racks of experimental equipment. The project was in the early stage of Phase B development and was due to report to a program review committee that would make a recommendation for proceeding into Phase C/D development. The customer wanted to have its own independent assessment available to the review committee for the purpose of substantiating its project maturity statements and data. The project requested an uninterested peer organization to contract with the Futron Corporation for the purpose of insuring independence of the assessment.

The Futron Independent Assessment Team (IAT) visited the project’s site to review and collect project data. The data gathered were system requirements data, configuration data, work breakdown structure (WBS), schedule, program and project management plans, and input data for cost estimates. The purpose of this review was twofold; (1) to understand the project in enough detail to perform the technical risk and the most-likely cost and schedule estimate, and (2) to evaluate the project’s maturity in order to assess management risk. Keep reading…

Case Studies on Compliance Risk Assessment

A Study about Compliance Risk Assessment

A critical control is a control that will prevent or detect an error in the event that all other controls fail. If there isn’t a critical control in the process you may need to test all the controls in your narrative. If the critical control encompasses the prior controls you will only need to test the critical control and not the individual control.

Refer to the Guidance Manual and/or Case Studies for an example of how to complete the narrative template. The narrative should be for the procedures in place at the end of the current fiscal year. If your College’s procedures are changing during the fiscal year, document the new procedures that will be in effect at the end of the current fiscal year, rather than the old procedures. Keep reading…

A Case Study on Risk-Based Maintenance of Ethylene Oxide Production Facilities

A Case Study about Risk-Based Maintenance of Ethylene Oxide Production Facilities

Abstract: This paper discusses a methodology for the design of an optimum inspection and maintenance program. The methodology, called risk-based maintenance (RBM) is based on integrating a reliability approach and a risk assessment strategy to obtain an optimum maintenance schedule. First, the likely equipment failure scenarios are formulated. Out of many likely failure scenarios, the ones, which are most probable, are subjected to a detailed study. Detailed consequence analysis is done for the selected scenarios. Subsequently, these failure scenarios are subjected to a fault tree analysis to determine their probabilities.

Introduction: Over the past few decades, maintenance strategies progressed from the primitive breakdown maintenance to the more sophisticated strategies like condition monitoring and reliability centered maintenance. The paradigm shift was partly motivated by the sharp increase in the degree of mechanization, automation, and complexity of industrial equipment, and partly by the need to implement new maintenance strategies which would increase the effectiveness and profitability of the business. Another link in this chain of progress has been recently added by the introduction of a risk-based approach to maintenance.

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Case Study on Risk and Reliability

Case Study about Risk and Reliability

Executive Summary: The risk and reliability assessment of the Exploration Systems Architecture Study (ESAS) was an integral element of the architectural design process. Unlike traditional turnkey assessments used to evaluate results independently derived by designers, the risk assessment approach used in this study allowed designers to examine risk trades concurrent with the design process.

This approach resulted in an architecture that met vehicle and mission requirements for cost and performance, while ensuring that the risks to the mission and crew were acceptable. This integrated approach to risk-informed design gave designers a risk-centric view of mission architecture and vehicle design to complement their traditional performance-centric view.

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