M_o_R Management Of Risk Explained
The management of risk is a core component for most businesses and organisations. Here, SPOCE, a market leader in the provision of management of risk and project management training solutions, offers a thorough insight into M_o_R and its benefits…
M_o_R aims to support organisations in key decision making processes by helping those involved in understanding risks and the impact of such risks, while using a risk process consisting of a series of well defined steps.
So what is ‘risk’?
The official M_o_R website defines ‘risk’ as “ an uncertain event or set of events which, should it occur, will have an effect on the achievement of objectives. A risk consists of a combination of the probability of a perceived threat or opportunity occurring and the magnitude of its impact on objectives…”
How does risk management work?
The management of risk is then implemented to identify potential risks, the length of potential risks and ways in which current risks can be dealt. M_o_R provides a thorough overview of business continuity management, security, programme risk management, project risk management and operational service management. The framework upon M_o_R is based consists of four key components: M_o_R Principles, M_o_R Approach, M_o_R Processes and Embedding & Reviewing M_o_R.
Paul Bradley, Managing Director of SPOCE, which also offers PRINCE2® training and MSP training, said, “Risk management should not be disregarded. It is incredibly important for businesses and organisations and it is of course important to invest in the appropriate training courses. The courses offered by SPOCE are suitable for Project & Programme Managers, Risk Managers, Project Support and Assurance teams, in addition to managers from other disciplines.”
M_o_R has been developed by the Office of Governent Commerce and the M_o_R training course on offer from SPOCE is accredited by the APM Group. The course focuses on providing an overview of corporate governance and management of risk, the management of risk process lifecycle, ‘tips, tricks and traps’ in the management of risks, essential tools and techniques and more. For more information, visit: http://www.spoce.com/courses/mor/mor-training.aspx