AB Lietuvos Geležinkeliai (JSC Lithuanian Railways) has begun using a risk management information system (RMIS), which will help capture potential threats and eliminate them in a timely manner.
The risk management information system is aimed at making the management of the company’s risks more efficient, ensuring smooth operations and identifying potential problems, or risks, before they happen.
“AB Lietuvos Geležinkeliai is a company of strategic importance in Lithuania. We implement projects of particular significance to the country, thus we change risk management fundamentally. We cannot ignore various threats, leave them unnoticed or unevaluated. On the contrary, the earlier we identify them with the help of modern management measures and information technologies, the sooner we will be able to pre-empt unplanned occurrences. Risk management means continuous future-oriented activities aimed at minimizing the likelihood of risks emerging, adverse effects or damage, if they cannot be eliminated”, said Stasys Dailydka, the General Manager at AB Lietuvos Geležinkeliai.
The general manager distinguishes three main advantages which the company has acquired following the installation of the risk management information system.
“First of all, this system provides a lot of information, which can be used to substantiate the company’s management solutions; they become objective, rational and purposeful. Also, the systematic nature of the risk management process improves, because the developed information system allows the company’s operating risks to be assessed in a consistent and systematic manner according to the set rules of procedure of the company. At the same time, it is very important that the risk management information system allows the company to plan preventive measures and actions in a timely manner, to track their implementation and to monitor risk changes in time as well as to evaluate the necessary resources”, – Mr Dailydka emphasized.
The project was implemented by UAB Elsis PRO together with UAB Ernst & Young Baltic. According to the project manager Vytautas Pievaitis, there are many different information technology solutions aimed at risk management, but each company is different in its maturity, size, management model and nature of operations, thus individual solutions are one of the best choices.
“We have been working with risk management systems for many years, thus we have accumulated best practices and we share our experience and “know how” with our customers. We have both foreign and Lithuanian companies and institutions among our clients, and we offer individual solutions for each of them in light of their size, activities and other parameters. There is a possibility to optimize and adapt the implemented systems for both expert and exponential risk assessment, while risk identification and management will be adapted and specialized at the organizational and technologic levels” – said V. Pievaitis, the representative of UAB Elsis PRO
Linas Dičpetris, a partner from UAB Ernst & Young Baltic, applauded and emphasized the strategic value of the project: “Having installed this system, AB Lietuvos Geležinkeliai has stepped into the avant-garde of Lithuanian companies that protect the value of their shareholders best. Risk detection, assessment, compilation of action plans and subsequent monitoring in the information system provide a unified risk management language, so that the entire organization can equally understand it and control threats and possibilities”.