Risk-Based Decision Analysis
RMRI employ a wider definition of risk than that commonly used in industry, recognising that a risk is taken when capital of any description is staked under conditions of uncertainty.
All organisational decision-making involves the investment of capital to achieve acceptable levels of return, and since all decisions involve elements of uncertainty, RMRI believe that, much more than simply being the production of risk data by the identification, evaluation and assessment of hazards, risk management is a vital decision-making tool in modern industry and commerce.
Maximising Utility of Data
The key to rational, informed decision-making is to maximise the potential of available information, as well as identifying data which may be relevant to a given decision and could be obtained cost-effectively. Building on our experience in technical risk assessment, RMRI specialise in the through-life maintenance of QRA data, in particular for use in decision-making.
We also encourage the extension of the principles currently mainly used in safety-related decision-making to a wider range of decisions, resulting in considerable cost savings and encouraging consistent and cost-effective use of resources within an organisation.
Consistent Approach
Working within a structured framework and applying tried and tested techniques in the development of innovative solutions, RMRI are therefore able to provide a rational and consistent basis for a range of complex decisions, from safety and asset management, to investment and organizational issues.
Complex problems are analysed in terms of the capital demands/inputs of the problem, the returns expected by the stakeholders (both voluntary and involuntary) of that capital and the uncertainty on those returns.
Communication
The risks, returns and uncertainties can be evaluated and, equally importantly communicated, via RMRI’s RiBsheet, ensuring that the relevant information is available to and readily understood by the decision-makers.