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Managing risk and determining better outcomes

PM ADVISORY

By Dennis Sheehan, MAPM, MCMI

Senior Training Consultant, ILX Group

United Kingdom
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Abstract

Risk management is a key component for successful project outcomes. Current best practice is to treat ‘risk’ as an uncertainty that could either be a positive opportunity or negative threat. The concept of risk management is gradually seeping into organizations. Yet rather than being a bolt on, it needs to be an integral part of what they do and part of the organization’s culture. The ISO31000 international standard is a vital reference tool for any organization wishing to embed a culture of risk management.

The article also refers to the M_o_R® Guidance for Practitioners approach, which identifies a number of roles within an organization and defines their risk management responsibilities; for example, there is a need for a board-level champion, driving a pervasive risk management culture. An explanation is provided on how to embed risk management within the organization, with four starting points to embed and review the management of risk processes.

Managing risk and determining better outcomes

It is not uncommon for projects to fail. For a project to be successful, it’s not enough simply to manage your project competently. There needs to be a company-wide culture of building risk considerations into every decision. Current best practice is to treat ‘risk’ as an uncertainty that could either be a positive opportunity or negative threat. The aim is to reduce the threats while maximizing the opportunities. The concept of risk management is gradually seeping into organizations. Yet rather than being a bolt on, it needs to be an integral part of what they do and to be part of the organization’s culture.

ISO31000 – a vital tool

The ISO310001 guidelines, published in 2009, are a vital tool for any organization wishing to embed a culture of risk management. ISO31000 encompasses the idea that we should not regard risk as something to be afraid of, but rather something to be aware of.

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About the Author

pmwj30-Jan2015-Sheehan-AUTHORDennis Sheehan flag-uk

ILX Group

United Kingdom

Dennis Sheehan MAPM, MCMI, is a senior Training Consultant at the ILX Group, the global Best Practice learning company. Dennis began his career as an apprentice engineer working for what was then known as the GPO (now Royal Mail) and later was promoted to the role of Executive Engineer where he was introduced to the world of structured project management.

Dennis now works closely with clients around the world assisting with Best Practice learning on courses such as M_o_R, PRINCE2®and APMP.

For further information visit www.ilxgroup.com or follow ILX on Twitter @ILXGroup