Features
Applications
Risk Management Software and
'Risk Management Standard'
'Risk Management Standard' - A brief overview
Risk Management Standard was developed by the major risk management organisations in the UK: The Institute of Risk Management (IRM),The Association of Insurance and Risk Managers (AIRMIC), and ALARM The National Forum for Risk Management in the Public Sector. The risk management process flow consists of the following elements:
- The Organisation's Strategic Objectives: All risk management activities finally have to meet the strategy of the organisation.
- Risk Identification: As first of three elements of risk assessment risk identification is the step to uncover risks.
- Risk Description: The second element of risk assessment is risk description. Its objective is to display the identified risks in a structured format.
- Risk Estimation: The third element of risk assessment is risk estimation. It provides values for probability of a risk and consequence in case of risk occurrence.
- Risk Evaluation: Risk Evaluation is about preparing for responding to risks. The risk estimation is compared against risk criteria to analyse whether the risk is accepted or requires any treatment.
- Risk Reporting: There are different requirements on reporting depending on the level inside (internal reporting) or outside (external reporting) the organisation.
- Decision: In this step a decision is made about whether and how to respond to a risk.
- Risk Treatment: Risk treatment is about selecting and implementing treatments against risks.
- Residual Risk Reporting: A specific part of risk reporting is residual risk reporting. It reports the progress made by mitigating the risk.
- Monitoring: The monitoring step loops back via modifications to the previous steps. It is the loop of improvement and update.
The 'Risk Management Standard' adds a formal audit to ensure that the risk management process is performed as planned.
Policy, Roles and Responsibilities in 'Risk Management Standard'
In order to structure and administer the risk management system 'Risk Management Standard' comments on the risk management policy, roles and responsibilities of participants in the risk management process, and resources and implementation.
'Risk Management Standard' and Enterprise Risk Register®
Enterprise Risk Register® is a valuable tools to improve the risk management in a cost efficient way.
Enterprise Risk Register® assists you to collect all risks identified in its risk log or risk register. It helps you to provide consistency across a project and even the entire organisation.
Enterprise Risk Register® supports qualitative risk assessments and provides the ability to record, sort and filter data by all its characteristics.
And Enterprise Risk Register® allows you to collect treatments against the risks and analyse the effect of implementing the treatments. This way it demonstrates successful risk management leading to cost reduction.
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