Risk & Opportunity Management

Process of identifying, assessing and prioritising risk as defined in ISO 31000 in terms of the effect of uncertainty on objectives

Specialist

82%

KNOWLEDGE (THEORIES, IDEAS & CONCEPTS)

Through Professional/Personal Study Gained Through Experience

Together with Responsibilities / Accountabilities

·Development of Risk Management Plans aligned to proper Risk Management Frameworks that can be used as an exemplar for other projects and programmes
·Scheduling in risk reviews at a cadence that is in line with the importance and criticality,not just every calendar month

·Providing Risk Management Training on the Process, Fundamentals and Visual Display Techniques to help reinforce the value add and demonstrate best practices

Together With lessons Learnt

·The lack of decision making structure within organisations and the lack of accountability for decisions taken at the right level within the organisation [The lack of risk governance within the PMO often attributed to the lack of leadership over-sight on the whole process]
·The lack of a meaningful programme/portfolio balanced risk assessment process operated by people with the right skills to allow the identification and management of risks based on the goals of the organisation, allowing them to be described
either qualitatively through a common risk taxonomy [Beware people just checking off from a best practice list and not considering new, enterprise or business context risks]

Within closed, risk adverse cultures there is often a lack of transparency, managers under scoring risks so they don’t surface on the executive dashboards, and a complete lack of open dialogs about general concerns, impending risks and trade-offs coupled with a culture of ‘shooting the messenger’ [Very few organisations do historic risk assessments to see how effective managers, teams and departments performed at not only the identification of risks, but the successful mitigation of them as well, quantification of the unknown unknowns/black swan events]

Together with Any ‘So What’ Statements of Insights

Focused on reducing costs, aligning risk management effort to the overall business strategy and improving the availability, consistency and value of organisational data management
Involving the risk organisation in key decision making processes and promoting a continuous improvement culture

Managing risks and opportunities at the same time, thereby going beyond the traditional platform of serving as protection from negative occurrences into territories that provide real competitive advantage