Risk auditing an international investment bank

An international investment bank required a structured audit process of their critical facilities across their UK portfolio. The purpose of the audit was to identify potential operational hazards and where maintenance and management of critical infrastructure and systems require improvement. The client management team were seeking an impartial view and alternative approach to risk management, which as independent risk consultants we could offer. They were also keen to develop and maintain a `risk aware` culture at all levels within their organisation.


We visited over 20 buildings and ascertained the level of risk awareness held by site engineers and FM support staff. Information gathered was used to develop dependency models for each building, which in turn were adopted by the client, FM and engineering support teams. Thereafter, on a monthly basis, each dependency model was verified for both accuracy and content following progress updates made to the models by the respective building manager


Audit of Escalation Procedures was added to the monthly review. Along with the dependency models, the status of escalation procedures was checked for both accuracy and content, including spot checks (tests) of named contact details.


Audit of Emergency Procedures was added to the monthly review. The status of emergency procedures was checked for both accuracy and content. It was also crucial to establish whether procedures had been validated through actual or simulated test. This was particularly important as some procedures could only be tested during infrequent power shutdown or black building tests.


The audit program also included checks on the Planned Preventative Maintenance (PPM) works to critical equipment and systems. In addition, the status of Health & Safety risks which had the potential to disrupt day to day business operation, were closely monitored.


The audit program was used to develop a risk awareness culture among in- house staff and contracted service providers. The dependency model approach to identifying and communicating risk proved invaluable when training new staff, introducing new procedures or when installing new plant and equipment.


Risks to business operation were drastically reduced. Less time was spent by management on resolving operational and FM problems. The client gained greater control of the facility through the positive management of operational risk. Operational confidence increased. A heightened risk awareness culture was established in relation to managing facilities and the maintenance of critical assets.

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