What is risk? Risk is where there is a chance that something could positively or negatively affect the achievement of business objectives. There are several categories of risk and they include strategic and financial.
What is risk management? It is a systematic way to identify, analyse, prioritise and control risks to increase the probability of success.
Why manage risk? Change involves risk and since programme and project management are about change there are risks that need to be managed.
What is Management of Risk (MoR®)? MoR® enables organisations to manage risks throughout their organisation.
What can MoR® do for you? It can give you and your organisation a working framework to ensure that you manage and even eliminate any likely risk.
What is in the MoR® framework? The framework has four fundamental concepts. Principles are designed to guide organisations in developing their approach to risk management. Approach helps them adapt and adopt the principles to suit needs and objectives. The MoR® Process defines the four main steps to be followed in managing risk: identify, assess, plan and implement. Embedding and Reviewing make sure that MoR® is understood, embraced and applied in the whole organisation.
How can you use MoR® in the workplace? You can be use it in many ways. Say you update your manufacturing plant and physically remove and destroy the old equipment and install the new. What would happen if the new system didn’t work? Imagine you’re organising a conference and your team become sick. What would happen if you didn’t have risk response planned? Now in its 11th birthday year MoR®, is an invaluable way for you and your organisation to improve the chances of success in uncertain times.
