1. Principles of Risk Management: The 10 P’s
A comprehensive practical approach to managing risks in a business
Dr Jacqueline Jeynes
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

2. Dr.J Jeynes ICSB 48th World Conference 2003
The 10 P’s Approach
Policy and Planning – placed first on the list but relevant throughout
Product, Premises and Purchasing – the physical properties
People, Protection and Procedures – the people elements
Process and Performance – actions and processes
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

3. Dr.J Jeynes ICSB 48th World Conference 2003
Physical Properties
PREMISES:-
Significant risk factor for smaller firms with limited access to suitable premises at start-up or expansion;
Also for larger concerns with many sites and need to optimize facilities available;
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

4. Dr.J Jeynes ICSB 48th World Conference 2003
Premises:-
Risk factors include -
Suitability of premises to type of process
Size of premises and facilities
Ownership status, repairs, expansion
Location and means of distribution
Health, safety, fire and environmental risks
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

5. Dr.J Jeynes ICSB 48th World Conference 2003
Product:-
Factors associated with the product link with other elements, and risks include –
Life cycle of product and recent trends
Competitive positioning
“green” impact on product development
Life style trends and demographics
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

6. Dr.J Jeynes ICSB 48th World Conference 2003
Purchasing:-
Often isolated from other elements of business management, issues include –
The use of recognised Standards
The firm’s policy on Quality
Government policy on standards, the environment, worker protection
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

7. Dr.J Jeynes ICSB 48th World Conference 2003
Purchasing:-
More specific issues for individual firms include:
Cost and payment conditions
Availability and delivery of materials
Production processes and techniques
Technology and capital investment
Green issues and public perceptions
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

8. Dr.J Jeynes ICSB 48th World Conference 2003
People:-
Includes workers at ALL levels of the firm
May include visitors to site
Impact on wider vicinity of site
Cultural issues and internal organisation
Union recognition and legislation
Current/future skills needed and training
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

9. Dr.J Jeynes ICSB 48th World Conference 2003
Procedures:-
How appropriate are they for current and future production
Will new technologies impact on existing procedures
Implementation and monitoring
Measuring and evaluating effectiveness
Do they reduce risks or add others
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

10. Dr.J Jeynes ICSB 48th World Conference 2003
Protection:-
Broader than just protection of people
Includes protection of property and premises
Materials and goods; insurance
Intellectual rights
Data and security
The environment
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

11. Dr.J Jeynes ICSB 48th World Conference 2003
Process:-
Techniques used and associated risks
Controls in place to reduce risks
Impact of technological development
Changes to legislation
Government initiatives to encourage use of new technologies
Skill levels in-house & in geographic area
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

12. Dr.J Jeynes ICSB 48th World Conference 2003
Performance:-
Criteria and performance measures chosen
Stakeholders’ requirements
Type of measures and effectiveness
Worker/ department/ company level
Benchmarking and standards
Accidents, injuries and claims record
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

13. Dr.J Jeynes ICSB 48th World Conference 2003
Planning:-
Includes strategic and operations level
Results of other Principles (P’s) feed directly into this element
They should all be viewed as equal status
What is purpose of planning activity
Who is involved and who wants the results
Deciding priorities for action
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

14. Dr.J Jeynes ICSB 48th World Conference 2003
Policy:-
This appears throughout the risk management process
Not necessarily first or last
Practical considerations impact on policy
They should all co-exist comfortably
A dynamic element that builds on feedback
Question – how do they impact on risks?
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

15. Categories of risks considered:-
Health & Safety and legislative risks
Employment risks
Security risks
Competitive risks
Financial risks
These are all considered against the 10 P’s
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

16. Dr.J Jeynes ICSB 48th World Conference 2003
Control Measures
Physical controls – such as guards, barriers, PPE, smoke alarms, CCTV
Behavioural controls – such as training, supervision, incentives, communication systems, clear responsibilities
Organisational controls – maintenance, consultation, surveillance, procedures
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

17. 10 Ps of Managing Risks Post-Brexit:10 Basic Principles
The 10 P’s approach considers the long and short term risks of each situation, controls and monitoring to develop future strategy and ensure risks are properly managed in a Global market
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

18. Dr.J Jeynes ICSB 48th World Conference 2003
Example from book:-
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

19. Example:- Specific industry
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

20. Example:- Total scores
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003

21. Dr.J Jeynes ICSB 48th World Conference 2003
Conclusion
All the Principles identified feed into the planning and Policy decisions
If any are omitted, additional risks may be inadvertently introduced
Realistic priorities for action can be shown
It is a Management Tool that establishes a workable system for managing risks
14/10/2018
Dr.J Jeynes ICSB 48th World Conference 2003