For business leaders, investors and shareholders, the development of multi-billion dollar projects in major hazards industries require an asset integrity philosophy that aligns with the operational and strategic aims of the business.
As the payback of these investments can be a decade or more, the leadership team must understand the risk to be managed and importantly, when to take action to address emerging asset integrity risks, by being able to answer the following key question:
• Have the leadership team and key members of the Board of Directors fully understood the different asset integrity risks that they are providing governance on behalf of the key stakeholders?
• At the project development phase, have we identified all current and future asset integrity threats, such that stage-gate budgetary approval is done using an appropriate understanding of the level of uncertainty on predictions regarding output, cost and safety?
• Does the design philosophy provide flexibility for changed circumstances to cater for potential modifications, revised operational conditions and partner/investor requirements?
• Will the assets meet current and anticipated future legislative requirements that may arise prior to project completion?
• How does the design approach integrate the adoption of automated, complex operational control systems against simpler designs that require more human input into critical decision-making, particularly during periods of abnormal plant situations?
• During operations, have we developed a robust “life-cycle” asset integrity management approach that delivers optimized economic inspection and maintenance activities and maximised economic recovery?
Recent history has shown that the failure of management and front-line personnel in managing asset integrity risks can result in catastrophic major accidents. It can also cause consequences beyond what management envisage, resulting in major damage to the company’s reputation and finance. These consequences are close to the capacity of the company to recover financially. The 2010 Deepwater well blow-out accident is an example, whereby the company had to deal with a significant financial penalty associated with the environmental impact as well as the personnel casualties and reputational damage.
During this Masterclass, participants will discover the real challenges that face a company’s Board of Directors, their Executive Management team and senior operations, HSE and project management professionals when developing and operating major projects in high hazard industries within a global business. The key industry sectors covered will be the upstream, mid-stream and downstream oil, gas, petrochemicals and related business segments. However, given the nature of major accidents, the course is equally useful to HSE professionals in the power, nuclear, railway and aviation industries.
Key Learning Objectives
Participants on the course shall benefit from the vast experience and knowledge of the facilitator and gain expert insight into:
• How project and operational senior leaders effectively manage asset integrity risks to their business, and the inter-relationships between major accident risks, project delivery and operational integrity.
• Executive Leadership and Board of Director roles, responsibilities and accountabilities when managing asset integrity risks and setting the risk appetite for the business.
• The integration of asset integrity risk into strategic risk management through the effective implementation of a robust Enterprise Risk Management, ERM and support to corporate social responsibility and mitigating Corporate Manslaughter risks.
• The mitigation of asset integrity incident likelihood and the minimization of consequences, such as business interruption.