DIKENSON ENTERPRISES LTD

RISK MANAGEMENT
PROCEDURE

DOCUMENT OWNER APPROVED BY DOCUMENT # REVISION # DATE

SARAH SINGH RODNEY SINGH

HSSE-PRD-021 0 3RD AUG 2021

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TABLE OF CONTENTS

TABLE OF CONTENTS .........................................................................................................................................................................2

1 INTRODUCTION .........................................................................................................................................................................3

1.1 PURPOSE ................................................................................................................................................................................... 3

1.2 SCOPE ....................................................................................................................................................................................... 3
1.3 KEY ABBREVIATIONS ................................................................................................................................................................. 3
1.4 DOCUMENT REVIEW ................................................................................................................................................................. 3

2 KEY DEFINITIONS .......................................................................................................................................................................4

3 ROLES AND RESPONSIBILITIES ...................................................................................................................................................4

3.1 MANAGING DIRECTOR.............................................................................................................................................................. 4

3.2 PROJECT TEAM LEADS/SUPERVISORS ....................................................................................................................................... 5
3.3 HSSE MANAGER ........................................................................................................................................................................ 5
3.4 EMPLOYEES AND CONTRACTORS ............................................................................................................................................. 5

4 PROCEDURE ..............................................................................................................................................................................5

4.1 KEY REQUIREMENTS ................................................................................................................................................................. 5

4.2 ESTABLISH THE SCOPE AND CONTEXT ...................................................................................................................................... 8
4.3 IDENTIFY HAZARD/RISK ............................................................................................................................................................ 8
4.4 ASSESS RISK .............................................................................................................................................................................. 9
4.6 EVALUATE RISK ....................................................................................................................................................................... 10
4.7 TREAT/CONTROL RISK............................................................................................................................................................. 10
4.8 CRITICAL CONTROLS AND ACTIVITIES ..................................................................................................................................... 14
4.9 MONITORING OF RISKS AND RISK TREATMENTS .................................................................................................................... 14
4.10 RISK REGISTER......................................................................................................................................................................... 14
4.11 REVIEWING OF RISK ASSESSMENTS AND RISK REGISTERS ...................................................................................................... 15
4.12 COMMUNICATING RISK INFORMATION ................................................................................................................................. 15

5 TRAINING REQUIREMENTS ...................................................................................................................................................... 16

6 RELATED DOCUMENTS ............................................................................................................................................................ 16

APPENDIX 1- DIKENSON ENTERPRISES LIMITED’S RISK MATRIX ....................................................................................................... 17

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1 INTRODUCTION
Risk management is part of every manager’s day to day responsibilities – it should inform judgements about the
appropriateness of policy options or service delivery methods and as such should be integral to both strategic and
operational management.

The term “risk” in this procedure document is intended to encompass all risks facing DEL including Health, Safety,
Security and Environment.

1.1 PURPOSE
This procedure document provides detailed guidance to DIKENSON ENTERPRISES LTD (DEL) managers regarding the
operation of the Risk Management System outlined. It highlights the processes to be followed and the responsibilities of
the managers and staff involved. The procedure is intended to ensure compliance with the Risk Management Strategy
and facilitate a consistent approach to risk across DEL.

1.2 SCOPE
These Manuals forms part of the HSSE Management System and covers all DEL activities carried out at any of their
locations in the field or office; this includes activities carried out on DEL’s behalf by contractors and subcontractors.

1.3 KEY ABBREVIATIONS

DEL Dikenson Enterprises Limited

ALARP As low as reasonably practicable

JSA Job Safety Analysis

HSSEMS Health, Safety, Security and Environment Management System

1.4 DOCUMENT REVIEW

Any user of this document who encounters a mistake or confusing entry is requested to immediately notify the Author
as detailed on the cover page.

The Author will review this document at least annually. Triggers for further reviews may include:

• Changing company activities and locations.

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• Reviews or audits which identify shortfalls in this procedure.

• Revisions or changes to HSSE requirements by DEL or the Trinidad and Tobago Government.

2 KEY DEFINITIONS
TERMS DEFINITIONS
Aspect The organisation shall establish and maintain procedures to identify the environmental aspects of its
activities, products and services that it can control and over which it can be expected to have an influence, in
order to determine those which have or cannot have significant impacts on the environment.

Hazard Anything with the potential to cause harm, including ill health and injury, damage to property, products or
the environment, production losses, increased liabilities or a combination of these.
Impact Any change to the environment, whether averse or beneficial, wholly or partly resulting from an
organisation's activities, products or services.
Likelihood Number of occurrences of an event or outcome per defined period of time
Plant and Includes-any machinery, equipment, appliance, implement and tool; and any component of any of those
Equipment things; and anything fitted, connected or related to any of those things.
Residual Risk Risk remaining after risk treatment/controls. Residual risk may contain unidentified risk.
Risk The combination of likelihood of occurrence of harm and the consequence/severity of that harm. Risk=
Likelihood x Consequence
Risk Acceptance The informed decision to accept risk. Risks accepted should be subject to monitoring and review.
Risk Analysis The estimation of risk associated with the identified hazards.
Risk Assessment A systematic process of organizing information to support a risk decision to be made within a risk
management process. It consists of the identification of hazards and the analysis and evaluation of risks
associated with exposure to those hazards
Risk Control Actions implementing risk management decisions.
Risk Evaluation Process of comparing the results of the risk analysis against risk criteria to determine the level of risk and
whether it is tolerable or not.
Risk Management The systematic application of HSE management policies, procedures and practices to the tasks of assessing,
controlling, communicating and reviewing risks.
Risk Monitoring Monitoring of risk management procedures, particularly risk treatment/control processes, to assess whether
they are effectively implemented and achieving their planned aims.
Severity Extent of a loss, harm or damage.

3 ROLES AND RESPONSIBILITIES

For an HSSE Risk Management strategy to be successful it must be driven from senior management level, as this is the
management level responsible for making organizational decisions.

3.1 MANAGING DIRECTOR

• Ensures that an effective risk management system is in place that supports DEL in achieving its objectives.
• Ensures that staff within DEL complies with the requirements of this procedure.
• Ensures that DEL has identified its relevant risks and that suitable controls have been implemented and are
monitored for effectiveness.
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• Participates in corporate strategic risk assessments as required.

• Determines the risk owner for identified corporate strategic risks.

3.2 PROJECT TEAM LEADS/SUPERVISORS

• Ensures that staff within their department complies with the requirements of this procedure.
• Participates in Annual Risk Assessments as required.
• Provides guidance and advice as to the accuracy of risk assessments, controls and treatments conducted
within their area of expertise.
• Accepts responsibility for the implementation of treatments for risks that they have been identified as the
owner of.
• Determines the level of acceptability of a risk that they are responsible for.
• Ensures that monitoring and measurement processes are in place and effective for risk that they are
responsible for.
• Provides feedback and participate in regular risk reviews as required.
• Informs the Managing Director of identified Extreme residual risks and their method of control.
3.3 HSSE ADVISOR
• Ensures that DEL’s Risk Management System is implemented and monitored for effectiveness.
• Participates in risk assessments as required, including strategic and operational assessments.
• Ensures that strategic and operational risk assessments are reviewed and updated accordingly.
3.4 EMPLOYEES AND CONTRACTORS
• Complies with the requirements of this procedure and any instructions given in associated training. Participates
in operational and strategic risk assessments where required.
• Conducts JSAs where required and ensure that identified risks are controlled.
• Complies with identified risk treatments and controls.

4 PROCEDURE
4.1 KEY REQUIREMENTS
DEL undertakes business in a profitable and sustainable way that is consistent with the needs of our stakeholders, and
does not endanger the health and safety of people or the environment.

Risks that affect DEL– that arise as a result of DEL’s activities – shall be identified, analysed and evaluated.

Risk management techniques shall be used to ensure that risks are either eliminated or controlled to a level that is
considered As Low as Reasonably Practicable (ALARP), see Figure 2. The achievement of this goal shall be commensurate
with DEL’s social and moral obligations and the business need for undertaking the risk.

DEL will accomplish this by:

• Identifying reasonably foreseeable risks caused by, or that affect DEL

• Analyzing and evaluating the risks
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• Reducing any unacceptable risks, or ceasing the operations that create them
• Implementing risk treatments to reduce risks to a level so that the exposure to risk is consistent with Dikenson
Enterprises Ltd’s social and moral obligations and its business requirements
• Regularly monitoring risks and their controls to ensure they are in place and effective
• Communicating risk information to the relevant parties.

The process of risk management being used at DEL is in accordance with the AS4360 Risk Management Standard. This is
summarized in Figure 1.

To assist in ensuring that risks within all levels of DEL are identified and managed, three discrete approaches to risk
management are employed within DEL:

• Operational Risk Management

• Task Risk Management (JSA’s)

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Fig 1.Risk Management Process

Establish the Scope & Context

• The strategic context
• The organisational context
• Risk management context
• Develop criteria
• Decide the structure

Identify Hazard/Risk

• What can happen?

• How it can happen?

Assess the Risks

Communicate and Consult

• Determine existing controls

Monitor and Review

• Determine likelihood
• Determine consequence
• Estimate level of risk
• Prioritise risks for further action

Accept risks

Treat the Risks

• Identify & evaluate treatment options

• Prepare and implement treatment plans

Record Results

Determine suitable location for information and

populate relevant risk register or assessment report.

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4.2 ESTABLISH THE SCOPE AND CONTEXT

The scope and context sets out what is to be included within the risk assessment and what issues impact on it. In some
cases the scope and context of the risk identification and assessment is clearly defined by the risk management activity
being undertaken.
The scope and context shall determine the category of risk assessment being undertaken as well as the level of the
business that is being assessed, such as strategic or operational activities.
The scope and context should take into consideration any relationships to other risks that are being managed within the
corporation.

4.3 IDENTIFY HAZARD/RISK

It is critical that risk identification is carried out effectively to identify all sources of risk that are relevant to the
assessment. There are a number of approaches that can be used for risk identification that will depend on the nature of
the assessment being undertaken.
The following areas should be considered when identifying the risks to be assessed:
• Our HSSE Policy Statement
• Legal or other compliance requirements such as codes of practice, standards or guidelines.
• Regulatory or stakeholder feedback.
• Previous hazards or incidents and identified root causes.
• Results of previous internal or external audits.
• Changes to business operations or the introduction/alteration of new plant/equipment or processes.
• The areas of ‘impact’ that might arise from Dikenson Enterprises Limited’s activities, products or services.

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4.4 ASSESS RISK

Risks should be analysed in terms of the credible worst case consequence of the risk and the likelihood of the credible
worst case consequence occurring.
When analysing a risk, the qualitative assessment process should be used where the assessment team uses its
knowledge and industry experience to best determine the consequence and likelihood.
The agreed consequence and likelihood values are placed into a relevant risk matrix to determine the risk ranking. DEL’s
standard risk matrix is shown in Appendix 1.
Where a different approach is required, such as the most likely consequence for example, this decision shall be
documented in the scope and context of the assessment and agreed to by the assessment team.
Where a risk may have more than one impact (Health, Safety, Security and Environment for example) then the
assessment team can analyse each area or consequence group individually and provide a risk ranking for each. This too
shall be clarified in the scope and context of the assessment.
It is important to determine the relevance of each risk in order to understand how best to treat them. Each risk
identified shall be assessed and ranked to determine its level of severity.
Determine the Inherent Risk
Each risk shall be analysed for inherent risk where the ranking shall be calculated under the assumption that the risk is
uncontrolled.
Identify the Existing Controls
Controls that are currently in place and effective for controlling the identified risk shall be identified. When determining
existing controls, the following should be taken into account:
• Legal and other requirements,
• Existing monitoring, inspection, auditing or maintenance programs,
• Existing business planning processes that impact on the identified risk,
• Existing engineered controls, procedures or other requirements that are in use
• Relevant post event controls such as emergency/crisis management, incident investigation or media
campaigns
• Any interaction with relevant internal or external stakeholders,
• Other controls identified by the assessment team.

Determine the Residual Risk

Once the existing controls have been identified, the residual risk shall be calculated. This is the level of risk remaining
provided the existing controls are in place, effective and those exposed to the risk are aware of these controls.

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4.6 EVALUATE RISK

Risks shall be evaluated once the residual risk ranking has been identified. This will provide direction to the risk owner
and ensure that suitable treatments are identified, approved and implemented to reduce the level of risk.
Table 1 describes the action to be taken depending on the level of residual risk identified.
Table 1: Action to be taken based on evaluation of residual level of risk

LEVEL OF RESIDUAL ACTION

RISK

Extreme Risk is intolerable Activity, product, service or issue relating to this risk should cease
immediately. Significant and urgent risk treatments are required to treat and remove
risks from extreme area of matrix. Continual monitoring of action/management plans
and risk treatments to be conducted by risk owners. The Risk owner shall inform the
Managing Director and the Audit and Risk Management Committee of identified
Extreme residual risks and their method of control.

High Risk is unacceptable Risk is to be considered unacceptable and needs to be reduced.

Risk treatments are required to treat and remove risks from high area of matrix.
Routine monitoring of action/management plans and risk reduction measures to be
conducted by risk owners.

Moderate Risk should be reduced Monitoring of activity, product, service or issue by relevant
management group with action plans in place to treat and reduce the risk to As Low
As Reasonably Practicable (ALARP). Action/management plans to be monitored to
ensure completion. Controls to be monitored to ensure they are in place and
effective. If risk cannot be reduced, then risk owner is to make a decision to accept
risk and monitor controls to ensure they are in place and effective.

Low Risk is acceptable Risk is to be accepted and monitored to ensure controls are in
place and effective.

4.7 TREAT/CONTROL RISK

Risk treatment shall include consideration of means to:
• Eliminate the risk altogether
• Reduce the consequences if an event were to occur, and
• Reduce the likelihood of an event occurring.

Risks shall be treated so that there is a reduction in the residual risk to a level that is considered As Low as Reasonably
Practicable (ALARP). Figure 1 defines the relevance of ALARP in terms of risk reduction.

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Fig 2. Definition of ‘As Low As Reasonably Practicable’ (ALARP)

Increasing Task based, operational or strategic risk level

Risk cannot be justified save in

Generally Intorrerable or extraordinary circumstances.
Unacceptable Region

Drive risks towards the broadly

ALARP or acceptable Acceptable Region.

region
Residual risk acceptable only if
further risk reduction is
impracticable.

Broadly Risk reduction not likely to be

Acceptable required as resources likely to
be grossly disproportionate to
region the reduction achieved.

Negligible Risk

The implementation of risk treatments shall consider the following

• Who will be affected

• Any awareness requirements including changes to induction or training programs
• The timeframe for successful implementation
• The cost of successful implementation
• The ability to monitor and measure the effectiveness of the control
• The impact on internal and external stakeholders as a result of successful implementation.

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For health, safety, security and environmental risks, the hierarchy of controls, shown in Table 2, shall be considered
when implementing treatments.

Controls higher up the hierarchy are preferred to controls lower down because of their greater effectiveness in reducing
the consequence and hence the level of risk.

Identified risk treatments shall be supported by an action or management plan that documents the necessary steps
required for successful implementation. The plan shall include defined steps for implementation, accountabilities,
timeframes for completion and any other resource information that may be required.

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Health and Safety Environment

Eliminate Eliminate the activity that allows the risk Avoid the use of the chemical, waste or
to occur. activity that leads to the impact.

Substitute Substitute the product or process to Substitute the product or process to minimise
minimise the risk. For example, change of the risk. For example, change of a chemical or
a chemical or process such as use of fall process such as use of fall prevention rather
prevention rather that fall protection. that fall protection. Substitute a product or
Substitute a product or process to process to minimise the impact or pollution.
minimise the impact or pollution. For For example, waste reuse, change of
example, waste reuse, change of chemicals, use of alternative energy or energy
chemicals, use of alternative energy or recovery.
energy recovery.
Isolate Place a barrier or lock to prevent access Establish a physical barrier between the
to the source of the risk. Barriers or lock natural environment and the pollution, for
must be physical, for example, guarding example, bunding, filtration, catalytic
or lockout devices. converters or recycling.

Administrate Use procedures, training, supervision, Use procedures, training, supervision,

preventative maintenance, auditing, preventative maintenance, auditing, signage,
signage, inspections, tagging and flagging, inspections, tagging and flagging, or measuring
or measuring and monitoring. and monitoring.

Personal Protective Use PPE as necessary for the risk, for ------
example, face masks, gloves, high
Equipment (PPE) visibility clothing etc.

Table 2: Hierarchy of Controls for Health and Safety, and Environmental Risks

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4.8 CRITICAL CONTROLS AND ACTIVITIES

DEL’s risk management procedure enables the identification of critical controls and associated critical activities arising
out of DEL’s operations. These identified critical controls and activities are then transferred to DEL Critical Activities
Listing and further analysed. (See DEL’s Identifying Critical Controls & Activities Procedure)

4.9 MONITORING OF RISKS AND RISK TREATMENTS

Monitoring of action/management plans developed to ensure the implementation of risk treatments, shall be in
accordance with the categories documented in Table 1.

Once a risk has been reduced to ‘As Low as Reasonably Practicable’, the risk owner shall determine if it is to be accepted.
Existing controls of accepted risks should be monitored for effectiveness. A number of processes can be used to monitor
the effectiveness of a control. These include but are not limited to:

• Auditing
• Asset, equipment or workplace inspections
• Calibration programs
• Training or awareness programs
• Contract planning, monitoring and review
• Job Safety Analysis
• Incident Investigations
• Hazard reporting and correction
• Regulatory compliance monitoring
• Emergency or crisis exercises.

The owner of a risk that has an inherent ranking of Extreme or Very High, shall ensure that the review of the risk include
a review of the effectiveness of existing controls and approved risk treatments.

4.10 RISK REGISTER

The outcomes risk assessments shall be recorded in a risk register which details as a minimum:

• The reference number or identifying tag associated with the risk assessment

• The name of the person/s that carried out the risk assessment

• The date the risk assessment was carried out

• The risk assessment revision number

• The critical task the risk assessment was carried out to assess

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4.11 REVIEWING OF RISK ASSESSMENTS AND RISK REGISTERS

A risk review or review of a risk register shall be conducted under the following circumstances:

• At regular intervals to ensure consistency and accuracy of DEL’s risk management program
• When changes to our Statement of Corporate Intent or Corporate Strategies have occurred;
• Where changes to legal or other compliance requirements such as codes of practice, standards or guidelines
may impact our the operations of DEL
• Upon receipt of regulatory or stakeholder feedback that may impact the objectives of the corporation;
• Where incident investigations have identified the failure of existing controls or the failure to manage risks to the
corporation
• Where external audits have identified gaps in our governance processes or systems failures.
• Changes to business operations or the introduction/alteration of new plant/equipment or processes.

4.11.1 A risk review shall determine:

• The accuracy of the risk description

• The relevance of the risk information in relation to the scope and context of DEL’s operations
• The adequacy and effectiveness of existing controls (including the addition of implemented risk treatments
• Whether the agreed target risk has been achieved
• The new residual risk ranking based on the success of the implemented risk treatments
• Whether the level of risk is considered to be acceptable;
• Any new risk treatments if the risk is not acceptable
• A revised target risk based on the additional risk treatments identified

The review shall ensure that successfully implemented risk treatments are classified as existing controls on the relevant
risk register and that these controls are being monitored for effectiveness.

The person initiating the review shall ensure that the risk owner and the function head if necessary are informed of the
circumstances of the review and that nature of the review is clearly understood by all parties

Dikenson Enterprises Limited’s nominated Functional Heads shall review the risks in each Department strategic and
operational risk register that are applicable to their area of expertise

4.12 COMMUNICATING RISK INFORMATION

The owner of a risk shall ensure that personnel affected by an identified risk, have any information, including controls
and risk treatments communicated to them

Personnel who work in or interact with risks identified in a risk register shall have that register communicated to them.
This is communicated via HSSE/toolbox meetings.
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5 TRAINING REQUIREMENTS

Training Audience Duration

Risk Management Awareness All employees 2 hours

DIKENSON ENTERRISES LIMITED Risk Assessment All Manager, Supervisor 2 hours

Process

6 RELATED DOCUMENTS
Title Document # Type
Risk Assessment Form

JSA Form

Risk Register HSSE-F-007 Form

Identifying Critical Controls & Activities Procedure HSSE-PRD-020 Procedure

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APPENDIX 1- Dikenson Enterprises Limited’s RISK MATRIX

Operational Risk Consequence Table

Significant Minor Moderate Major Catastrophic

1 2 3 4 5
Health/Safety First Aid Treatment Assistance of health Lost Time Injury. Stay Recordable injury by Severe injury/illness
only required. professional required in hospital required legislation. Long term that results in
with no rehab. No Short rehabilitation rehabilitation fatality.
lost time. required for full required which may
recovery. result in permanent
disability.

Environmental Contained within Localised low-level Widespread Substantial long-term Substantial

controls. No damage that is temporary damage effect with significant permanent damage
measurable impact. controlled and that requires resources to control to widespread and
remedied with extended resources resulting in minor sensitive areas. May
minimal resources. to remedy resulting permanent damage. result in prosecution.
in full recovery.

Reputation - Individual Local, temporary On-going local, or Extended territory-

complaints. adverse media. territory-wide wide adverse media
adverse media coverage –
coverage. intervention by
minister.

Service Delivery No loss of service. Service restored Short term disruption Long term disruption Complete and
Issues rectified with within expected to service outside of to service with indefinite disruption
corrective action. timeframes. <1 Day. expected timeframes extended resources to service. >1 Month.
to remedy. >1 Day to required to remedy.
< 1 Week. >1 Week to <1
Month

Financial, Minor costs less than Costs 10k - $100k. Costs $100k - $500k. Costs $500k - $1M. Costs >$1M.
Damage or Loss <$5k.

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RISK MANAGEMENT PROCEDURE HSSE-PRD-021 0
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SARAH SINGH RODNEY SINGH 3rd JAN, 2021 3rd JAN, 2023

Likelihood Table

Likelihood Rating Description

A The event is expected to occur in most circumstances At least once every week.
Almost certain
B The event will probably occur in most circumstances Once every month.
Likely
C The event might occur at some time Once every year.
Possible
D The event could occur at some time Once every 2 to 5 years.
Unlikely
E The event may occur only in exceptional circumstances Once in 6 – 30 years.
Rare

APPROVED BY: RODNEY SINGH | HSSE-PRD-021 | REVISION 0 | 3RD JAN, 2021| PAGE 18 OF 19
Dikenson Enterprises Limited’s Risk Matrix

Consequence

1 2 3 4 5

A Moderate Moderate High Extreme Extreme

11 16 20 23 25

B Low Moderate High High Extreme

7 12 17 21 24

C Low Low Moderate High High

4 8 13 18 22

D Low Low Low Moderate High

Likelihood

2 5 9 14 19

E Low Low Low Moderate Moderate

1 3 6 10 15

APPROVED BY: RODNEY SINGH | HSSE-PRD-021 | REVISION 0 | 3RD AUG 2021| PAGE 0 OF 19