The Management of Risk (M_o_R) Guide is intended to help organisations put in place an effective framework for risk management, helping decision making based on risks that affect strategic, programme, project and operational objectives.
The M_o_R framework is based on the following four core concepts.
Principles are universally applicable statements that provide guidance to organisations as they design an appropriate approach to risk management as part of their internal controls. There are eight principles in the M_o_R guide. The first seven are enablers, and the final principle is a result of implementing risk management well.
An organisation's approach to the principles needs to be agreed and defined. This approach should be defined within a set of documentation, including:
In support of the above, the use of the following should be utilised to support the risk management approach:
The process is divided into four main steps.
Identify Context is to obtain information about the planned activity and how it fits into the wider organisation, understanding the activity objective, scope, assumptions, constraints, stakeholders, environment and approach to risk management.
Identify Risks is to identify the risks to the activity with the aim of minimising the threats while maximising the opportunities, and includes:
The Implement step is to ensure that the planned risk management actions are implemented and that the planned actions are having the desired effect. Corrective action should be taken to plans where the responses are meeting the expectations.
Throughout the process effective communication is essential to ensure that the process continues to be in line with the policy, strategies and plans.
Having put in place an approach and process that satisfy the principles, an organisation should ensure that they are consistently applied across the organisation and that their application undergoes continual improvement in order for them to be effective.
M_o_R®, MSP® & PRINCE2® are registered trademarks of the Cabinet Office (# erstwhile OGC - Office of Government Commerce).
The Foundation level is aiming to measure whether a candidate would be able to act as an informed member of a management team using the M_o_R method within an environment supporting M_o_R. more info >>
The Practitioner level is aiming to measure whether a candidate could apply M_o_R within an environment supporting M_o_R. more info >>
The Re-Registration exam should be taken by M_o_R Practitioners within 3-5 years of their original certification to demonstrate their recency of knowledge and commitment to Continuing Professional Development. more info >>
M_o_R®, MSP® & PRINCE2® are registered trademarks of the Cabinet Office (# erstwhile OGC - Office of Government Commerce).