Almost every decision taken within an organization has an upside and a downside and involves some degree of risk. Aimed at everyone who has ever made an important decision, M_o_R is a robust yet flexible framework that allows organizations to assess risk accurately time and time again.
The far-reaching benefits of risk management include:
- A better base for developing strategy
- Greater confidence in decisions once taken
- Improved service delivery
- Greater competitive advantage
- Less time spent fire-fighting
- Improved prospects for change initiatives
- Closer focus on doing the right thing properly
- More efficient use of resources
- Reduced waste and fraud, and better value for money
- Better management of contingent and maintenance activities
M_o_R is a route map for risk management. It combines an overall approach with a set of processes, at the same time as providing pointers to more detailed risk management solutions. It also shows people how to embed these practices, review them, and where necessary adapt them to changing circumstances.
To manage risk over the long term, risk management must be embedded, reviewed and constantly improved. At the heart of M_o_R lies these core concepts:
M_o_R Principles: these recognize that risk management is a subset of internal controls.
M_o_R Approach: principles must be adapted to each organization - and agreed and clearly defi ned.
M_o_R Processes: six distinct process steps ensure that risk is systematically identifi ed, assessed and controlled.
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