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What is COSO and what does it mean for risk management? As discussed in previous posts (see ISO 31000 and PMBOK for starters), the risk management world is full of important acronyms. In this installment of, “what does that risk management acronym mean?” we’ll look at COSO. What is COSO? The acronym “COSO” is short …
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If you’re reading this post, you’re likely familiar with the concept of enterprise risk management (ERM). Perhaps you recognize that vulnerabilities exist within your organization or your processes may not quite be up to the task and this “ERM thing” sounds like a solution worth investigating. Maybe you are in the process of building an …
Large companies are inherently going to have risk however by managing it properly, it can reduce time, money and possibly avoid a poor reputation. Shawn O’Rourke, CEO of Pro-Concepts, and Lea Anne Nelson, Risk Management Consultant and Trainer, discuss how to implement a risk management methodology into a corporate culture. Risk Management and Culture Shawn: …
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For large companies, having a comprehensive risk management plan is critical. Shawn O’Rourke, President of Pro-Concepts and Lea Anne Nelson, a Risk Management Consultant and Trainer, discuss the importance of implementing a risk management system. Why is risk management necessary? Shawn: Why do you think people need Risk management? Lea Anne: First of all [companies] …
“Everybody faces risks every day,” said Shawn O’Rourke, president of Pro-Concepts LLC. O’Rourke started his Virginia Beach risk management consulting firm that supports government and commercial clients in a variety of industries, in 2011. He said he first got involved with risk management in the early days of the computer age. The Navy commander served …
Continue reading “Pro-Concepts featured in Hampton Roads Business Journal”
VIRGINIA BEACH, Va. — Risk is part of everyday life. However identifying risks and knowing how to mitigate them can make or break your day or worse — make or break a company and its reputation. For example, a daily commuter may use a GPS navigation app such as Waze to avoid accidents or traffic …
Characteristics of a Good Project Risk Manager Most projects are fraught with several risks concerning time, cost and scope. A good project risk manager gives early warnings with regards to key risks, preempts risks, and improves the likelihood of project success. These are some of the characteristics of good project risk management. Listens Effectively A …
Why Companies Need to Have Professional Risk Management Services Risk Management software is an effective, well structured, persistent and continuous system that can be applied to any business organization. The implementation of this system makes it possible for the company to better allocate capital resources, improve operational efficiency and foresee current and future risks. We …
How to Select the Right Risk Management Application? A risk management application is used to control risk in an organization. It helps an organization to identify and evaluate different types of risks and reduce or mitigate them so they do not have significant detrimental effects in both the short and long-term goals and objectives. The …
How You Can Use Risk Registry to Its Full Potential The smart design and application of a risk registry are as important as water is to a fish. If the risk registry is well designed, it would efficiently record all complexities and provide visibility into the operational risks. The register ensures your projects’ risks will …
