Risk Radar® Enterprise (RRE) Version 9.1.0 Risk Register Enhancements

Providing Integrated Risk, Issue and Opportunity Data Management and Reporting

Comprehensive Key Word Search Capability Finding Key Data Simplified

Extensive Risk Register Data Mining
Enterprise, Project and Sub-Projects Data Viewpoints

Customizable Risk Identification Numbering
Selectable Numbering Schema For New Projects

Exceptional Data Mining Integrity & Reporting

For our clients with a valid AMA, a Constant Contact message with download instructions will be released on 24 August 2021.

About Pro-Concepts, LCC

Pro-Concepts LLC is a Risk Management Consulting firm supporting government and commercial clients in a variety of industries. The company advances concepts in risk management and independent risk assessment. Pro-Concepts is a Service-Disabled, Veteran-Owned Small Business and equal opportunity employer.

The post Risk Radar® V9.1.0 Release appeared first on Pro-Concepts LLC.

Many of our readers are long-time clients of Pro-Concepts and some are relatively new. We want to hear from all of you!

To help to continue to give the best customer service possible and provide the most valuable Risk Radar® Enterprise updates, our President, Shawn O’Rourke, is scheduling brief conference calls with our clients.

Some of the things we would enjoy receiving feedback on:

• Are you aware of the current RRE version 8.0.0 that now incorporates risks, issues, and opportunities in one project?
• Do you need assistance with upgrading your current version of RRE?
• Are we meeting your expectations in terms of product, support, and service? What can we do better in supporting your organization?
• Is there anything we can improve on the application?
• Please share anecdotal information on how Risk Radar® helped mitigate risk in your company?

If you have not scheduled your conference call with Shawn yet, please contact him at Shawn.ORourke@proconceptsllc.com.

The post We Want to Hear From You appeared first on Pro-Concepts LLC.

Risk Radar® Enterprise (RRE) Version 9.0.0 is here!

Providing Integrated Risk, Issue and Opportunity Management and Reporting
Offering Exceptional Data Integrity & Reporting

Risk Radar Enterprise v9.0.0 Enhancements

• Sign in options via Active Directory, Common Access Card, or User Name and Password
• Personalization of User actual name in Reports
• User Management Reporting to include audit trail, last log-in, and assignments.
• Program Financial attributes
• Additional Data Tags – probability and impact rationale and cost tags
• Program Risk and Opportunity Report – Display side by side comparison of the risk and opportunity cubes with their respective risk and opportunities listing sorted either by id or priority
• Project Mitigation Costs – captures and summarizes risk mitigation costs including Total Step Costs, Total Executed Steps, Remaining Step Costs
• Program Risk Costs – captures and summarizes all individual risk factor costs
• Updates to current templates
and more…..

About Pro-Concepts, LCC

Pro-Concepts LLC is a Risk Management Consulting firm supporting government and commercial clients in a variety of industries. The company advances concepts in risk management and independent risk assessment. Pro-Concepts is a Service-Disabled, Veteran-Owned Small Business and equal opportunity employer.

The post Risk Radar® V9.0.0 Release appeared first on Pro-Concepts LLC.

We are very excited to release our next update of Risk Radar® Enterprise before the end of the year.

For our existing clients, we are offering a free 15-minute conference call to provide a comprehensive review of the MS Word and PowerPoint templates; tags how they can be applied to various projects.

For more information, email us at RiskRadar@proconceptsllc.com with the subject line “Free Conference Call.”

The post Free On-On-One Review of RRE Templates appeared first on Pro-Concepts LLC.

Given the human tendency to be reactive rather than proactive, combined with the challenges of getting the different functions of an organization to work together, it should come as no surprise that risk management is a practice that requires commitment, continuous focus, and discipline.

And like any organizational paradigm shift, the earliest stages can be the hardest. We identified the four greatest challenges we’ve seen in maturing risk management practices.

1) Lack of Sponsorship

The first and probably the most daunting is a lack of sponsorship. Typically, this must come from your organization’s leadership. Without that kind of continuous support, most risk management practices stall during the initial stages. Often a lack of sponsorship occurs when leadership is pulled in multiple directions and assumes Risk Management is running just fine on cruise control.

Similarly, there can be a perception that implementing a more aggressive risk management posture can have a negative impact on cost and timely delivery of the product service or interrupt operations. One might ask, do I have additional resources to react to a situation that could have been prevented with a pro-active risk management program? Is the organization’s reputation priceless?

2) Lack of an Open Risk Culture

Another obstacle that is related is the lack of an open culture. Everyone at some point in their career has experienced the “shoot the messenger” scenario. Effective risk management can’t exist in a climate of distrust where those best equipped to identify critical risks are afraid to speak up.

The key is having timely information that communicates present and future conditions that can be acted upon at the appropriate levels. Promote and encourage open communications by seeking information from every individual involved.

3) Unreliable Data

Risk information is dynamic. Static useless data in old versions of a spreadsheet, notepads, or an engineer’s notebook is a big problem in itself. We already mentioned how important sponsorship is to your practice.

But what if everyone isn’t using the same criteria to score risk and its impact and probability? How can leadership make decisions based on data that isn’t objective and quantifiable?

It is important to keep in mind that the value of risk management for leadership is to provide data for making critical strategic decisions. Make sure the product of your risk management practice delivers reliable and understandable insights that your leadership can use.

4) It’s Difficult to Communicate Risk Enterprise-Wide

Don’t think that the only communication issues occur up and down the chain of command. Difficulties in communicating risk horizontally across an organization is another major obstacle to your practice. Someone in a financial role might see risk very differently than someone in operations, or an engineer.

Those people “in the trenches” are often the best at identifying risk, but have they had the basic training in how to articulate a clear risk statement that is understandable to the rest of the team? Do you have a common toolset and methodology that reaches across these stovepipes in your organization?

Ready for the Next Step?
If you suspect that one or more of these potential impediments to daily operations are present, it’s often a good idea to have an independent outside assessment to highlight where the issues are and suggest solutions.

Pro-Concepts has been providing risk management consulting and assessment services to the government and industry for over 25 years.
Is it now time to discuss your concerns in a confidential setting?

Call Pro-Concepts at (757) 637-0440 for your free initial consultation.

The post Four Biggest Obstacles to Implementing your Risk Management Practice appeared first on Pro-Concepts LLC.

Bring ERM into focus! Please join AFERM at the 2020 Virtual Summit Training on Thursday, September 10, 2020. The case for risk management has never been clearer with the impacts of COVID-19 on all aspects of business and life. We’ve all become familiar with new terms like Skype, Zoom, face masks, and social distancing that impact how we do business. How we adapt now will transform the use of enterprise risk management moving into the future. This year’s theme is “Creating a Clear 20/20 ERM Vision to Take on Tomorrow’s Risks.”

AFERM will bring together experts from across the profession within federal, state, and local governments and at not-for-profit organizations to share their vision of the future of enterprise risk management!  During this year’s Virtual Summit Training, AFERM will encourage dialogue on topics such as:

• How COVID-19 has changed the way we manage risks
• Making the case for the value of risk management
• How agency officials have incorporated ERM into their COVID-19 response
• How we expect ERM and business practices to change in adapting to our new normal
• Using ERM to develop a clear and compelling vision to shape a better tomorrow

The 2020 AFERM Virtual Summit Training will feature the latest ideas, technologies, and practices to foster a dialogue around their adoption.  Virtual plenary speakers, breakout sessions, and digital demonstrations will share cutting-edge ERM practice developments.

Pro Concepts: Register Now for the Early Bird Rates

Click here for pricing and registration information.

* Early Bird Registration Period: Now – Aug 17; Regular Registration Period: Aug 18 – Sept 10

The post Pro-Concepts: Register Now for AFERM’s 13th Annual ERM Summit Training Event! appeared first on Pro-Concepts LLC.

These practices are the basis for implementing effective performance-based management of software-intensive projects. They are intended to be used by programs desiring to implement effective high-leverage practices to improve their bottom-line measures-time to fielding, quality, cost, predictability, and customer satisfaction-and are for CIOs, PMs, sponsoring agencies, software project managers, and others involved in software engineering.

The post 16 Critical Software Practices appeared first on Pro-Concepts LLC.

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 for the Committee of Sponsoring Organizations of the Treadway Commission. According to its website, COSO is a joint initiative of five private-sector organizations – the American Accounting Association, the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), the Association of Accountants and Financial Professionals in Business, and the Institute of Internal Auditors (IIA).

COSO is “dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management, internal control, and fraud deference.”

Clear as mud?

We understand. That’s a fine-sounding explanation and mission, but you may still be scratching your head and asking, “So how exactly does COSO relate to risk management?” Allow us to explain.  

In 1985, COSO was organized to sponsor the National Commission on Fraudulent Financial Reporting. According to COSO, the Commission is “an independent private-sector initiative that studied the casual factors that can lead to fraudulent financial reporting.” In addition, the Commission developed recommendations for both public companies and their independent auditors. It also created recommendations for regulators such as the SEC, as well as educational institutions.

Here’s the risk management part, so pay attention. COSO’s goal is to serve as a thought leader in three primary areas: enterprise risk management (ERM), internal control, and fraud deterrence. In 2004, COSO published Enterprise Risk Management – Integrated Framework. Beginning in 2009, COSO also began publishing papers on ERM, which are available for download free of charge.

What’s in the Integrated Framework?

According to COSO, its Enterprise Risk Management – Integrated Framework:

• Defines essential risk management components
• Discusses key ERM principles and concepts
• Suggests a common ERM language
• Provides clear direction and guidance for enterprise risk management

NOTE: In September, the Enterprise Risk Management – Integrated Framework, was updated. The 2017 revision addresses the evolution of enterprise risk management – learn more about it here.

Summary: why is COSO important to risk management?

In summary, COSO is a key player in the world of risk management because it:

1. Serves as a thought leader in the industry

2. Publishes one of the most widely recognized and applied risk management frameworks in the world (EnterpriseRisk Management – Integrated Framework)

3. Advises regulators such as the SEC

Learn more

To learn more about COSO, visit www.coso.org.

The post What is COSO and what does it mean for risk management? appeared first on Pro-Concepts LLC.

Regardless of your motivation for seeking more information on ERM, you’ve come to the right place. Read on to learn more about enterprise risk management and how it can benefit your organization.   

What is enterprise risk management?

The Committee of Sponsoring Organizations (COSO) –  a joint initiative to combat corporate fraud –defines enterprise risk management as “a process, effected by an entity’s board of directors, management and other personnel, applied in strategy-setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.” 

Let’s simplify that a little. The Risk Management Association (RMA) sums it up well as simply an organization’s enterprise risk competence. Specifically, an organization’s ability to “understand, control, and articulate the nature and level of risks taken in pursuit of business strategies… coupled with accountability for risks taken and activities engaged in.”

So what does ERM in action look like?

ERM is a continuous and comprehensive cycle made up of four key components:

1. Plan – This phase includes the development of a risk management policy and plan

2. Do – Risk assessment based on the group of standards known as ISO 31000, as outlined by the International Organization for Standardization

3. Check – Utilizing the Risk Radar Enterprise scalable framework

4. Act – Professional risk management consulting

Your ERM experts

ERM is what we do. When you work with Pro-Concepts, you get more than three decades of experience in systems evaluations and risk management. Contact us today to learn what the Pro-Concepts advantage can do for your enterprise risk management practices. 

The post Enterprise Risk Management 101 appeared first on Pro-Concepts LLC.

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: A risk management program is more than just a program.

[Risk Management] entails sponsorship from the top management, getting buy-in by employees and really when you’re starting risk management, it’s a cultural change.

Lea Anne: You know, you bring out a really good point because you really can’t get any kind of quality processes in place without having executive sponsorship and risk management is absolutely critical having a quality process approach in place.

You are going to have risk. I think organizations need to determine for themselves what those thresholds are. What can they live with — “risk appetite” — versus what they need to mitigate. But getting those guardrails set up are also critical. Because otherwise you’ve got the “boots on the ground” folks not following whatever the standards may be and that’s really where risk management starts is with— once you have the decision to roll it out and to have a risk management process — you have to rely on your project managers, program managers — really those almost frontline leaders if you will — to follow and implement the risk management methodology you’re going to use.

Don’t Shoot the Messenger

Shawn: The other thing is as a program manager or lead, be willing to accept bad news. You don’t want to shoot the messenger. If you shoot the messenger, then you shut down people communicating to you.

And the most important thing I think is at that point, is the person who is the “boots on the ground” person knows better what’s going on in the organization than anybody else.

Because there’s been many times when I’ve been involved in the assessment of programs, that the person in the lower level of the organization — the engineer or analysis person — knows that there’s something wrong with an item, but he’s afraid to tell someone that he knows it’s going to be an issue. Four months down the road when that product has to go out the door on Friday afternoon, his boss gets the word we’re not delivering because we can’t get a certain part here on time. That’s the surprise that managers don’t want.

Lea Anne: It was often a concern. If I have risk, then the leaders are going to think that I don’t know how to manage a project. And so, they’d rather not talk about it and just hope they can resolve it on their own. And like you said, you have to have leadership — executive or departmental leadership — that are okay, and they encourage hearing this. It’s not going to be a ding on your performance review. We want to hear what’s happening on the project.

So, we would coach them through that as well but in partnership with executive sponsor because it has to come from both directions. That it demonstrates that when you provide the risk information that this is a collaborative situation. We’re going to bring the resources we have in the organization to deal with the risk whatever it might be. But if you don’t communicate it, then we can’t bring the resources to help out.

Risk Management Provides Credible Information

Shawn: It’s when the executive is talking to his people, he wants to know if he’s got credible data coming to him and that’s the most important thing. Is the data you’re telling me — where’s the foundation of it? Where’s the source of the data? How are you managing it? How are you keeping real-time on it? Are you giving me information that’s three months old? Or is it real-time today?

I am too busy. Why do I need to write the information down if I already know it?

Lea Anne: The other thing I found though was for a project manager or program manager, we would introduce the risk management process. To them, they loved it. They loved the idea of having risk management. But nobody wanted to do risk management. So, for them, you know, they’re busy. They’re managing their team. They are sometimes doing the work a lot of times they’re marketing the work to the customer and trying to grow the business. And so, here we’re saying, “We want you to communicate these risks to us. We want you to capture them and track them.” And to them it’s like “Ah! I’ve got this other thing I have to do!”

And so, it takes some coaching with a team to help them understand how critical it is. And they would say to me, “Well, I know what my risks are. I know that something’s running late and I’ve got to hire another person. I know what my risks are. I don’t need to go and write them down somewhere.” And that’s when we get into, I would tell them,

“Well you’re not writing them down for you. You’re writing them down so that you can communicate them and get people on board with you to help you out and get through this process.”

How to get everyone on board with a risk management methodology

Shawn:  So, with your people, you have to show them you trust them and they’re part of the team and part of the success. Because really, it’s dependent on them doing what they’re doing. So, risk management helps the organization’s execution to meet their business objectives. It helps the teams understand their responsibilities toward those business objectives. And a third one is that the people are engaged.

The post Incorporating Risk Management Into Company Culture appeared first on Pro-Concepts LLC.