2023 Schedule
A Practical Approach to Managing Risk![]() Presenter: Paul Casto
APM Industry Principal, GE Vernova
Description:
Reliability, maintenance, and asset management is about creating value to meet an organization’s targeted business outcomes. Central to success in this area is risk management. Risk must be identified, quantified, mitigated, and managed. There are international standards that offer practical guidelines for managing risk. ISO 31000 provides risk management guidelines, and ISO 31010 provides a standard on risk management techniques. These standards, along with the application of industry best practices, provide a practical framework for rigorous management of risk that practitioners can apply in the normal course of work. This session provides an overview of risk, along with practical tools and processes that you can use to manage risk. We will review tools and techniques that can be used to improve performance, encourage innovation, and create and protect value. We will also discuss the principles of risk management and the risk management process, including the following topics: risk governance, establishing the context, risk identification, categorizing risk, risk analysis techniques, risk matrix, risk evaluation, risk level, risk register, risk treatment plans, and monitoring and reviewing techniques. Class exercises will be used to make this session practical and interactive. Attendees will leave with working knowledge of how to apply the ISO 31000 risk management principles and framework, as well as the practical application of tools for asset criticality, estimating risk, and building a risk register. There are six learning objectives for this presentation: understanding Introduction to Asset Management (ISO 5500X) and Risk Management (ISO 310XX) standards; becoming familiar with risk identification and quantification techniques; learning about risk management tools and processes to improve risk management performance; appreciating risk-estimating challenges and improvement techniques; understanding risk governance, identification, triggers, categorization, and analysis; and developing criticality, risk matrices, risk register, and risk treatment plans. About the Presenter:
Paul Casto is an asset performance management industry principal at GE Digital and is a leading practitioner in asset performance management, reliability, and maintenance improvement methodologies. Paul is also the current chair for the Society of Maintenance and Reliability Professionals (SMRP). He has hands-on experience in asset management, reliability, maintenance, operations, and engineering in the chemical, oil & gas, metal, mining, and construction industries. His current areas of interest include enterprise risk management, application of maintenance best practices, advanced predictive technologies, machine learning, and reliability analytics. Paul holds multiple degrees and certifications in maintenance, reliability, and asset management. His current academic work is in enterprise risk management applied to value at Boston University. |