Dubai Electricity and Water Authority (DEWA) and the British Standards Institute (BSI) are set to launch the world’s first risk management standard for energy and utilities.
The standard is expected to help the industry to ensure effective risk management, business continuity and improved handling of emergencies with the highest levels of professionalism and efficiency.
The risk management standard PAS 60518:2020 is in reference to the birthdate of the late Former Member of the Federal Supreme Council of United Arab Emirates Sheikh Zayed bin Sultan Al Nahyan (6 May 1918).
Khawla Al Mehairi, Executive Vice President of Strategy and Government Communications at DEWA, noted that some utilities use ISO 31000:2018 risk management guidelines, which provides a good starting point. However, it lacks guidance on implementation. The new PAS 60518:2020 fills some gaps in the current standards and paves the way to full ISO standardisation.
HE Saeed Mohammed Al Tayer, the CEO of DEWA, adds: “DEWA operates a rigorous risk management system and enhances its resilience by improving its ability to anticipate risks and prepare for change, to ensure business continuity.
“This supports DEWA’s commitment to keeping pace with the rapid changes to achieve the highest standards of excellence and our efforts to achieve DEWA’s vision to become a globally leading sustainable innovative corporation.”