Risk management IS of JSC Lithuanian Railways
Client:JSC LITHUANIAN RAILWAYS
Period:2013/11 – 2014/12
Solutions: Project description:he project was executed together with its joint activity partner UAB “Ernst & Young Baltic”.
During the project, a risk management methodology was created, and a risk management information system was adapted thereto; it integrated the computerized risk management process into the company’s activities. The risk management process clearly identifies divisions responsible for risks and defines supervisory and control functions (the management and employees regularly monitor and evaluate risk aspects related to strategic and railway traffic safety areas and ensure efficient management of these risks).
The installed RMIS measures allow ensuring regular risk monitoring, analysis, control and efficient management thereof: the risk management environment, risks (a list of them), main risk indicators, risk reduction action plan and its control, a possibility to automatically calculate risk indicator values and ensure timely provision of risk activity information and reporting to system users, and to make important strategic decisions (the management evaluates the riskiest areas of operations and, based thereon, makes a decision on the allocation of available resources; reasons of incidents having the greatest impact are analysed and determined, thus risk management becomes a measure for ensuring prevention).
Technology used:
Oracle and Java technologies.