Ricardo has completed the implementation of an Enterprise Risk Management (ERM) Framework for Saudi Arabia Railways (SAR).
The requirement was to develop a consistent organisation-wide approach aligned with ISO 31000:2018, the recognised international standard for risk management.
Between February and June 2021, more than 190 consultation workshops were held with 57 functional departments - from engineering through to human resources, property and revenue collection - during which the Ricardo team completed more than 50 separate risk registers.
The registers were then compiled to form a complete assessment of the threats and vulnerabilities faced by SAR from an organisational point of view.
By cross-analysing the risk registers produced with the various engineering, operations and administrative departments, our experts could map the connections and relationships and develop a definitive prioritised list of risks as determined by SAR's own teams.
For the first time, the organisation can also assess the mitigation measures developed by maintenance and infrastructure teams alongside those of recruitment and revenue collection functions, ensuring there will be greater collaboration and understanding during future responses.
To help SAR continue to monitor its risk profile and track the progress of mitigation preparations, we established a unified monitoring tool to facilitate communication between departments.
The project was completed in August 2021, with the ERM framework now being implemented across four networks operated by SAR, including the Haramain High Speed Railway and the Mecca Metro system.
To find out more about this project, and how Enterprise Risk Management differs from traditional approaches to risk assessment, read our Saudi Arabia Railways ERM Case Study.