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RiskDecision Risk Management Software
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The software RiskDecision has been designed to provide you with a sound basis to make well-founded decisions. It is not the intention of RiskDecision to take care about the implementation of actions which is part of project management, quality management or wherever the source of uncertainty is. Also RiskDecision does not comprise any 'early detection system'. Even provided there are indicators (the most dangerous uncertainties are those that are totally unpredictable!) that can tell something about an upcoming occurrence of an uncertainty, we see the follow-up of such indicators located within the controlling or accounting function of an organisation. The four key decisions which you can make within risk management by using RiskDecision are:
The limitation of resources makes the manager assign resources to the most important tasks first. Accordingly, risks and opportunities are selected that possess the most promising potential. RiskDecision assists in analysing and prioritising.
After identifying and assessing the uncertainties (risks and opportunities) a decision has to be made of the priority of each uncertainty, i.e. which uncertainties shall be considered first.
The RiskDecision Uncertainty Assessment Map (see below) shows the uncertainties in a graph made of probability and impact. Risks with high probability and/or high impact may have a higher priority. Within the graphic such risks are located on the top right.
Generally, there are several options how to respond to an uncertainty. The decision that has to be made is the selection of one or more candidate actions for implementation.
The effectiveness of an action is no static factor but changes over the time or complements of conflicts with other actions. Therefore, displaying such effectiveness is not very helpful. The estimation of effectiveness is done ad hoc by the risk manager when a decision has to be made.
RiskDecision assists you comparing candidate actions in terms of cost efficiency. As shown below RiskDecision contains a Decision Support Map.
Re-assessing uncertainties on basis of the actions planned to be implemented allows to determine the Return-on-Investment (ROI) which shows whether the mitigation of risk is more than the expenses for the actions taken. In such case, ROI is a value above 1.
Cost reduction is an objective of each organisation. Risk management is nothing else but the management of reduction of risk costs.
RiskDecision allows you to graphically display and assess the total costs of risk by using the Monte Carlo-Analysis. In such display you also can see the improvement of the total costs of risks after planning actions. (red arrows).
NOWECO provides another software on risk management called Risk Register. To learn about Risk Register please click this link.
