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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 …
Continue reading “How does the PMBOK relate to risk management?”
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 …
Benefits of Risk Management Consulting Services In order to cut down business losses, improve planning and avoid reputational damage, an increasing number of business organizations are resorting to risk management consulting services. These are some of the benefits of risk management consulting services. Gap Analysis To consider the actions needed to implement an effective risk …
Benefits of Risk Management Program An effective risk management program can provide the strategic basis as well as a sound operational framework for dealing with crisis within a corporation. It can also serve as a policy for crisis management. Following are a few specific benefits of a risk management program. Identify all Risks A number of …
