Bridging the risk gap with event alignment
- Annette Henry
- Mar 15
- 4 min read
Updated: Apr 28
In today's rapidly evolving business landscape, traditional risk management approaches are no longer sufficient. The key to effective risk mitigation lies in bridging the gap between theoretical risk registers and real-world events. By leveraging innovative technologies like Causal Network Topology Analysis (CaNeTA), businesses can revolutionise their approach to safety performance and risk management.
This article explores revolutionising risk management with a causal network topology approach.
KEY TAKEAWAYS:
CaNeTA (Causal Network Topology Analysis) offers a groundbreaking approach to risk management
Real-world events provide crucial data for verifying and updating risk registers
CaNeTA helps prioritise risks by distinguishing between high-frequency, low-severity issues and critical, high-severity risks
The tool uncovers hidden hazards and identifies unseen trends in workplace safety
CaNeTA supports a 'living document' approach to risk management, ensuring registers remain relevant
Businesses can stay ahead of emerging threats by adopting innovative solutions like CaNeTA
Static risk registers quickly become outdated and ineffective in managing the dynamic nature of workplace risks. Many organisations struggle to correlate real-world events with their risk registers, leading to misaligned priorities and overlooked hazards. There's a pressing need for a more sophisticated, data-driven approach to risk management that can adapt to changing conditions and provide actionable insights.
The power of real-world data and CaNeTA
Events are not just incidents; they are valuable pieces of evidence that can transform your risk management strategy. Each occurrence, whether it's a major accident, a near miss, or a minor hiccup, provides crucial data to verify if the risks listed in your register align with the actual challenges faced on the ground.
CaNeTA, developed out of a collaboration between the University of Queensland's Sustainable Minerals Institute and the School of Civil Engineering offers a groundbreaking approach to risk management. This method models and analyses the risk landscape of an operation or project as a set of causally interconnected events, complementing existing processes. By harnessing the power of CaNeTA, businesses can process vast amounts of workplace data to uncover hidden incident patterns and predict risks, allowing for a more dynamic and responsive risk management system that evolves with changing conditions.
Prioritising Risks: Not all are created equal
While two risks may appear similar on paper, their real-world impact can vary significantly. CaNeTA enables businesses to correlate events with their risk register, distinguishing between high-frequency, low-severity issues and critical, high-severity risks that demand immediate attention.
Dr Ben Seligmann, who leads the development of CaNeTA, explains,
"CaNeTA aims to address this by enabling managers to integrate risks from a range of data sources, such as from the technical or finance teams, into a causal network where you can analyse its structure, its topology".
This data-driven approach ensures that efforts are focused on the most significant risks, optimising resource allocation.
Uncovering hidden hazards
One of the most significant advantages of CaNeTA is its ability to identify unseen trends and root causes of accidents. If you're experiencing unexpected events that aren't reflected in your risk register, CaNeTA can help you reassess and potentially expand your list of identified risks.
Dr Seligmann notes, "By connecting these different risks together into a network, its structure will show influential and important risk events, hubs and pathways". This proactive approach to risk management can prevent potential incidents before they occur by quickly detecting anomalies, unsafe conditions, or deviations from safety protocols.
The Living Document approach
A static risk register quickly becomes outdated and ineffective. CaNeTA supports the concept of a living document by enabling regular updates and refinements to the risk register based on new events and changing conditions.
"CaNeTA is all about seeing the forest for the trees, moving beyond managing risks individually, by connecting them to their rich, multi-dimensional context," explains Dr Seligmann. This comprehensive view of the business allows for continuous updates and refinements to the risk register, ensuring it remains relevant and effective.
Evaluating and reprioritising for maximum impact
The presence of a risk in your register doesn't automatically make it a top priority. CaNeTA facilitates continual correlation between events and your register, allowing you to fine-tune your approach. This ensures that you're focusing on the most pressing risks and using your resources wisely.
An example of CaNeTA's effectiveness comes from its application to the Izok Lake Project. Looking at the data as part of a network highlighted the disruption of caribous' calving which had implications on government relations, community relations and permitting. This demonstrates how CaNeTA can reveal critical connections that might be overlooked in traditional risk assessment methods.
By adopting innovative solutions like CaNeTA and aligning risk registers with real-world events, businesses can stay ahead of emerging threats and adapt to changing conditions. This proactive approach not only enhances workplace safety but also drives innovation and competitive advantage in an increasingly complex business environment.
It's time for companies to embrace the future of risk management.
By implementing CaNeTA and other data-driven approaches, businesses can create safer, more resilient, and more productive work environments. Don't let your risk register become a static document – transform it into a dynamic tool that evolves with your business.
