Review of the risk management system in a contractor company

Abstract

This thesis has looked at how Apply Sørco handles risk, and what the legislations and international standards say about risk management. The purpose of this thesis is to evaluate the risk management system and procedures in Apply Sørco and identify if there are any gaps in Apply Sørco’s risk management system related to Norwegian legislation and international standards. It has been a goal to make suggestions for improvements to help guide the company in the correct direction regarding the risk management process throughout the project execution. During the thesis the basic theory of risk management is reviewed, together with Apply Sørco’s management system and risk management procedures. The work method is evaluated and proposals for improvements have been made. After reviewing the risk management system in Apply Sørco it is clear that it could use some improvement. All of the three procedures related to risk management could benefit from re-work and especially CR-1550 ALARP in projects. One or two new procedures should be created, to support the existing procedures. This could also help the organization carry out the work correctly and in a uniform matter across the different disciplines, making sure that every project, regardless of the size, work in compliance to internal and external requirements. Together with the new and improved procedures, Apply Sørco should invest in some basic training to raise the level of knowledge regarding risk management. This is to fully benefit from the improved procedures and work as effectively as possible.