Risk Management in the Electrical Industry

Risk Management Issues in the Electrical Industry

There are common risk management concerns in both the distribution and transmission environments. These include:

• Asset Management. With increasing concerns about vital infrastructure, risk management techniques help prioritize asset management decisions.
• Operational Management. With increasing pressure on transmission and distribution networks, and difficulties in building new infrastrure, risk management heps reduce operational risks.
• Public Safety. Risk Management techniques help you identify and reduce risks to the public.

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Integrated Risk Management provides Local Distribution Companies with a single system for managing the multiple type of risks in their business. Don Thorne, CEO of Milton Hydro Distribution Inc., whom I helped implement such a system said: “Why would you want more than one system to manage all of the risks of this business?”

In an increasingly litigious world where power system reliability and infrastructure concerns in transmission and distribution grab the public attention, this is an important advantage.

Integrated Risk Management gives local distribution companies a single integrated approach to identify, assess and control risks that could disrupt any aspect of your business and have negative affects on your plant, people, reputation, receivables, or on health and safety and the environment.

Instead of identifying and controlling risk in each departmental silo, each with its own risk management tools and language, you manage risks by business processes that typically cross several departments.

Integrated Risk Management provides a simple tracking system to assure that steps taken to address hazards are complete. It provides tools to measure adherence to risk management protocols.

For over 19 years, I have been helping businesses across Canada implement risk management systems and related services, including many well known energy companies such as Nova Scotia Power, Manitoba Hydro and local distribution companies (LDCs). MEARIE has asked Greenbridge Management Inc. a number of times over the last ten years to provide training on these systems to its LDC members, and to twice present the methodology at its annual Deerhurst conference.