M_o_R®

What is Risk Management?

 

Effective risk management can bring far-reaching benefits to all organizations, whether large or

small, public or private sector, as well as individuals managing projects or programmes.

 

Effective risk management is likely to improve performance against objectives by contributing to:

 

  • Fewer sudden shocks and unwelcome surprises

  • More efficient use of resources

  • Reduced waste

  • Reduced fraud

  • Better service delivery

  • Reduction in management time spent fire-fighting

  • Better management of contingent and maintenance activities

  • Lower cost of capital

  • Improved innovation

  • Increased likelihood of change initiatives being achieved

  • More focus internally on doing the right things properly

  • More focus externally to shape effective strategies.

     

M_o_R Framework

 

Management of Risk (M_o_R) is a route map for risk management. It can help organizations identify, assess and control risks and put in place effective frameworks for making informed decisions. 

M_o_R is a route map for risk management, bringing together principles, an approach, a set of interrelated processes, and pointers to more detailed sources of advice on risk management techniques and specialisms. It also provides advice on how these principles, approach and processes should be embedded, reviewed and applied differently depending on the nature of the objectives at risk.

An effective framework is based on four core concepts:

 

  • M_o_R Principles - these are essential for the development of good risk management practice. They are all derived from corporate governance principles in the recognition that risk management is a subset of an organization's internal controls.

  • M_o_R Approach - the principles need to be adapted and adopted to suit each individual organization. Accordingly, a company's approach to the principles needs to be agreed and defined within a risk management policy, process guide and strategies, and supported by the use of risk registers and issue logs.

  • M_o_R Processes - there are four main process steps, which describe the inputs, outputs and activities involved in ensuring that risks are identified, assessed and controlled. Embedding and reviewing M_o_R - having put in place the principles, approach and processes, an organization needs to ensure they are consistently applied and that their application undergoes continual improvement in order for them to be effective.

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Managing risk for the long, medium or short-term

 

Risk management should be most rigorously applied where critical decisions are being made. Decisions about risk will vary depending on whether the risk relates to long-, medium- or short-term goals.

 

  • Long-term - the risks associated with strategic decisions may not become apparent until well into the future. That's why it's essential to review these decisions and associated risks on a regular basis.

  • Medium-term - these goals are usually addressed through programmes and projects to bring about business change. Decisions relating to medium-term goals are narrower in scope than strategic ones, particularly in terms of timeframe and financial responsibilities.

  • Short-term - at the operational level, the emphasis is on short-term goals to ensure ongoing continuity of business services; however, decisions about risk at this level must support the achievement of the long- and medium-term goals too.

M_o_R Courses

 

The M_o_R qualification scheme has been developed to offer two levels of qualification: Foundation and Practitioner. 

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