Critical Few in Risk Management

Abstract

Philip and Fred discuss Risk management – internet challenges during COVID and how we analyse integrated systems that challenge traditional methods.

Key Points

Join Philip and Fred as they discuss Risk management – internet challenges during COVID and how we analyse integrated systems that challenge traditional methods.
Topics include:

• Risk, the cloud, the internet robustness
• Challenging risk analysis on integrated systems of hardware, software and human interactions
• Getting into the right ball park with your analysis
• Emergent methodologies like STPA and STAMP.

Enjoy an episode of Speaking of Reliability. Where you can join friends as they discuss reliability topics. Join us as we discuss topics ranging from design for reliability techniques to field data analysis approaches.

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Show Notes

Good Friends talking about Reliability Topics.

After 2 days of internet woes we managed to connect around the world from Australia and San Francisco in the United States we managed to connect with enough bandwidth to discuss reliability in the COVID era. Reflections on the ways we used to do business and how we have evolved business in general as technology has advanced during our careers.

As Reliability professionals can we apply these risk related notions to discover what can go wrong with a specific system, product or asset. What can we apply? Touching the end points of our interconnected systems that many people have a play in how it performs has become complicated. With the additional complexity – how does this affect a quantitative analysis and the calculation of a system’s probability to fail upon demand?

As we progress into the cloud – is this a reliable solution for major hazard facilities and aviation? How does the cloud manage global access to the same content? Can it be replicated with enough reliability to ensure  real time cloud based processing? Do we have access to the tools we need to manage reliability in this evolving environment. FMEA has its variants and Fault Tree Analysis has its benefits, but what do we do when the total system involves virtualization, hypervisors, and server farms that process the intricate hybrid systems with humans, governance, software faults and a larger picture of issues.

Nancy Levison’s STAMP model works on these selected intricate problems using STPA and integrates the notion that these are inter-related forces we need to deal with.

When we focus on the quality aspects of Reliability, and impose the liability discussion including McDonalds’ hot coffee burning your leg in the drive through. How do we ensure product safety across multiple countries to a risk level as low as reasonably practicable whilst adjusting to a business headwind including return on investment and share holder influences.

Risks are varied including space flight, aviation, and general industry the challenge is to provide an analysis that  delivers the most likely scenarios to affect the product, system or asset. Risk is a broad topic, but when we focus on a specific risk like safety, cost or reputation are FMEA topics that operate on differing scales including wildfire starts (bush fires in Australia).

Getting into the right ball park in the right city is still a correct approach to defending second base.

Safety is still number one. Balancing economic challenges with safety challenges across the total industry remains a challenge when trying to achieve a sustainably low level of risk.

Join us and send in your thoughts as comments. We have a great many tools available to reliability professionals – what are you using fitting tools into your risk management challenges. What is working, what is not when we challenge interconnected systems?

 

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