Like peanut butter and jelly: the importance of risk and opportunity awareness in a quality management system Risk and Opportunity Management In our recent post, “A primer on ISO 9001:2015 clause 6,” we touched on risk and opportunities within the context of the planning process (if you haven’t read it yet, check it out here). …
Risk vs. Reward: Key Considerations Risk vs. Reward the Risk Management Process In many ways, weighing risk and reward is instinctual and engrained in us from an early age. A child who chooses to climb up onto the edge of the counter and balance himself precariously as he reaches for the cookie jar behind the …
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The 411 on PMBOK In risk management, there is an alphabet soup of acronyms when it comes to processes, best practices and guiding principles. ERM, ISO, COSO – it can sometimes seem as though risk managers communicate in code. The good news: we’re here to serve as your decoder ring. Decoding PMBOK PMBOK is an …
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The Times They Are A-Changin’ Is an Excel risk register obsolete? When it comes to technology and the work processes we employ daily, Bob Dylan said it best in 1964 – “the times they are a-changin’.” Technology has revolutionized and reinvented virtually every system and tool the average business utilizes – from databases and filing …
The benefits of communication in proactive risk management In a previous post, we provided an overview of proactive risk management – what it is and how this approach functions in forward-thinking organizations. Here we’ll take a deeper dive and examine the benefits of proactive risk communications. Communication is key Communication is the cornerstone of virtually …
Proactive risk management Planning today for tomorrow’s worst-case scenario In a now famous lesson on the importance of foresight, Walter Gretzky once told his young son, Wayne – “Skate to where the puck is going, not where it has been.” Like any good risk manager, the elder Gretzky recognized that the key to gaining an …
Risk management is a team sport Why it’s critical to involve everyone in your program It goes without saying that teamwork is integral to the success of an organization. Within a risk management program, it is vitally important that all key staff members and departments are involved in order to ensure risks are identified and …
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 …
Risk Analysis Every dollar and every hour is important to the success of each project. Making sound business decisions that take into consideration different real-world uncertainties can offer a safety margin and better profits. Project risk analysis entails the identification as well as quantification of the probability and effect of various events that can adversely …
Benefits of Enterprise Risk Management Enterprise risk management (ERM) is an effective way to manage risk across an organization with a common and robust risk management framework. The framework may vary considerably depending on the organization, but usually involves people, tools and rules. These are some of the benefits of ERM implementation. Organizations that implement ERM …
