Bring your Risk and Compliance obligations together with an Integrated Approach
Author: Gaurav Bhalla Editor: Kieran Balmaceda
An integrated approach to risk and compliance is the optimal solution to reducing the risk profile across your asset portfolio and enabling clearer decision making to enhance the safety of occupants and maximise the longevity of asset infrastructure.
Choosing a provider that can deliver a holistic understanding of overall risk is paramount in streamlining key attributes to ensure necessary frameworks, assessment, response, reporting and monitoring are easier to manage. I’ll walk you through how you can achieve this.
It is a common misconception across building owners and operators that diversifying the range of providers servicing your risk and compliance obligations will reduce overall liability and risk for your portfolio.
In practice however, we’ve observed that the more providers are involved in the process, the narrower the focus becomes; concentrating on a singular facet of overall property risk such as fire safety limits the ability to keep a holistic view of risk for the entirety of your assets.
Failing to do so also invites a range of shortfalls in your ability to enhance life and building safety, coordinate data and proactively manage your risk and compliance objectives.
It’s especially important now to utilise a single provider to cover each of your responsibilities from the fundamental regulatory or legislative frameworks and routine inspections over to the human aspects of risk and safety.
Here, I want to detail the factors that you should be aware of and how an integrated approach will close the gaps in your current strategy.
First, we can effectively define Property Risk across three key considerations, many of which directly affect or interrelate with one another:
- Life Safety: Factors immediately affecting your staff and occupants’ health and wellbeing.
- Building Safety: Spanning the responsibilities of owners and facility managers across utilities and resources implemented to mitigate risks across the asset environment.
- Environmental Risk: Culminating in the greater built-environment; a sum of the above factors plus changing conditions in and around the site itself, from public works and events to construction and maintenance.
Understanding each of these tiers within risk is part of the way we have countered this issue, providing integrated risk services and shared expertise across three core practices:
- Emergency Planning: Spanning environmental factors such as emergency management plans and evacuation diagrams to human factors including training. The occupant safety aspect can also be further enhanced beyond regulatory requirements with immersive training and tools.
- Property Risk: Enabling clients to see and manage the inherent risk profile of assets in managing site-specific risks like Hazmat and Asbestos, WHS and hygiene.
- Essential Safety Measures: Ensuring a continued plan to maximise occupant safety and meet necessary requirements at all times. We achieve this by maintaining a consistent approach to regulatory and legislative criteria, audits, inspections, testing and reports.
The overall aim of an integrated approach to risk in the built-form is to unify the information between these layers to deliver control and clearly establish oversight of risk management and mitigation.
It is necessary to engage a supplier that allows you to utilise the wealth of new and emerging technologies to perform multiple services at once within a digital inspection, enhancing your capabilities in obtaining and utilising data to better inform key decisions in real-time.
This presents the added benefit of reducing requirements for procurement and establishes an easier way to manage contractors and on-site personnel.
To do this, we gather this wealth of information and showcase it through our online portfolio management platform Infinity; a central data management, reporting and integration platform that allows you to understand risk across the entire asset portfolio as a single source of truth.
Storing your data from all workflows in the one location, making information easily accessible and shifting users away from reactive work. The digitised approach directly supports this by capturing more information within a reduced timeframe.
Hendry Infinity: Your one stop platform for managing
Risk and Compliance across the entire asset portfolio.
Our Risk Assessment and Mitigation framework uses this data to provide a complete Risk Profile rating across assets. Existing condition and compliance of the facility is assessed and audited against a number of risk or compliance categories and data captured through digital inspections to directly suit your portfolio requirements.
This insight forms the basis of your priorities across each site to allow the resolution of issues, planned maintenance & critical works.
You can, for example, look across a building and identify that there are not enough wardens assigned, multiple defects have not been rectified or that WHS and environmental compliance criteria have not been met.
Without the ability to have this information in the one place, you cannot correlate data and make effective decisions for the whole of a building or the greater portfolio.
More to the point, having this oversight will allow you to strategically plan and manage the safety of each individual occupant and maintain the longevity of your risk preparedness and the infrastructure that supports this.
To sum up; approaching risk and compliance via an integrated approach is a far more efficient and cost-effective process that enhances life-safety at all levels. It’s about resolving disconnected practices and effectively centralising their outcomes to reduce your risk profile via a reliable data-driven view.
At Hendry we have implemented a future focussed approach, going beyond just quality and expertise to develop and integrate the latest in tech throughout immersive solutions spanning immersive technologies over to our new app “headsup”, which you’ll hear more about soon.
You can contact our leading Risk and Compliance team at email@example.com or call 1800 875 371 to discuss the needs of your portfolio and implement a reliable and effective approach.