Learn More About M_o_R: The Best Practice Guide for Risk Management
Management of Risk: Guidance for Practitioners (Free)
Risk management is the process of identifying, assessing, responding and monitoring the uncertainties that may affect the achievement of objectives. Risk management is essential for any organization that wants to succeed in a complex and changing environment. Risk management can help organizations to:
management of risk guidance for practitioners free
Enhance their strategic planning and decision making
Optimize their use of resources and opportunities
Reduce their exposure to threats and losses
Increase their stakeholder confidence and satisfaction
Improve their performance and reputation
However, risk management is not a simple or straightforward task. It requires a systematic and consistent approach that can be applied across different levels and contexts of an organization. It also requires a culture that supports risk awareness and accountability among all stakeholders.
That's why many organizations use frameworks and guides to help them implement risk management effectively. One of these guides is M_o_R, which stands for Management of Risk. M_o_R is a best practice guide that provides a comprehensive and practical framework for risk management. It is designed for practitioners who want to improve their risk management skills and knowledge.
In this article, we will introduce you to M_o_R and explain how it can help you manage risk successfully. We will also show you where you can find free resources and downloads on M_o_R, as well as how you can get certified in M_o_R. By the end of this article, you will have a better understanding of what M_o_R is and how it can benefit you as a risk management practitioner.
M_o_R Overview
M_o_R was first published in 2002 by the UK Office of Government Commerce (OGC), which later became part of the Cabinet Office. It was based on the experience and expertise of various public and private sector organizations that had adopted risk management practices. It was updated in 2010 to reflect the latest developments and trends in risk management.
M_o_R is aligned with other best practices and standards, such as PRINCE2, MSP, MoP, P3O, MoV, ITIL and ISO 31000. It also supports the principles of good governance and corporate responsibility. M_o_R can be applied to any type or size of organization, regardless of its sector or industry.
M_o_R consists of four main components: principles, approach, process and techniques. These components provide a logical and consistent structure for risk management. Let's take a closer look at each component:
Principles: These are the essential factors that determine whether an organization's approach to risk management is effective or not. There are eight principles in M_o_R, which are: aligns with objectives, fits the context, engages stakeholders, provides clear guidance, informs decision making, facilitates continual improvement, creates a supportive culture and achieves measurable value.
Approach: This is the way an organization implements the principles of risk management. It defines the policies, strategies, plans and procedures that guide the risk management activities. It also describes the roles and responsibilities of the people involved in risk management, as well as the tools and techniques they use.
Process: This is the sequence of steps that an organization follows to manage risk effectively. It consists of four main stages: identify, assess, plan and implement. Each stage has a number of activities and outputs that help to achieve the objectives of risk management.
Techniques: These are the methods and tools that an organization uses to support the risk management process. They help to identify, analyze, evaluate and treat risks, as well as to communicate and monitor them. Some examples of techniques are: risk register, risk matrix, risk appetite, risk response strategies, risk reporting and risk reviews.
M_o_R Application
M_o_R can be applied to different contexts and perspectives of an organization. A context is the specific environment or situation in which risk management takes place. A perspective is the level or viewpoint from which risk management is performed. M_o_R recognizes four contexts and four perspectives, as shown in the table below:
Context Perspective --- --- Strategic The overall direction and objectives of an organization Programme The coordinated management of a portfolio of projects to achieve a set of outcomes Project The temporary organization that delivers a specific product or service Operational The ongoing activities and processes that support the delivery of products or services M_o_R helps practitioners to tailor their approach and process to suit the specific needs and characteristics of each context and perspective. It also helps them to ensure that risk management is integrated and consistent across all levels and areas of an organization.
M_o_R also defines the roles and responsibilities of risk management practitioners, who are the people who perform or support risk management activities. There are three main roles in M_o_R, which are: risk owner, risk manager and risk specialist. These roles can be assigned to individuals or groups, depending on the size and complexity of the organization.
Risk owner: This is the person who is accountable for a specific risk or a group of risks. They are responsible for ensuring that the risk is identified, assessed, planned and implemented appropriately. They also monitor and report on the status and outcome of the risk.
Risk manager: This is the person who coordinates and facilitates the risk management process. They are responsible for ensuring that the approach and techniques are applied consistently and effectively. They also provide guidance and support to the risk owners and other stakeholders.
Risk specialist: This is the person who has specialized knowledge or skills in a particular aspect or domain of risk management. They are responsible for providing advice and expertise to the risk owners and managers. They also help to develop and maintain the tools and techniques used for risk management.
M_o_R also supports decision making and performance improvement by providing a framework for evaluating and measuring the effectiveness and efficiency of risk management. It helps practitioners to identify and implement improvements in their approach, process and techniques. It also helps them to demonstrate the value and benefits of risk management to their stakeholders.
M_o_R Resources
If you are interested in learning more about M_o_R or getting certified in M_o_R, there are many free resources and downloads available online. Here are some of them:
ILX Group: This is a leading provider of training and consulting services in M_o_R and other best practices. They offer free downloads on M_o_R, such as brochures, guides, case studies and podcasts.
International Best Practice: This is a website that publishes books and guides on various best practices, including M_o_R. They offer a free download on M_o_R overview by Graham Williams, one of the authors of M_o_R.
note for public services.
AXELOS: This is a joint venture between the UK government and Capita that owns and develops various best practices, including M_o_R. They offer free downloads on M_o_R, such as sample papers, syllabus and glossary.
If you want to get certified in M_o_R, there are two levels of certification available: Foundation and Practitioner. The Foundation level covers the basic knowledge and understanding of M_o_R framework and terminology. The Practitioner level covers the application and tailoring of M_o_R framework to different contexts and perspectives. You can take online or classroom courses to prepare for the exams, which are multiple-choice based.
Conclusion
In this article, we have introduced you to M_o_R, a best practice guide that provides a comprehensive and practical framework for risk management. We have explained how M_o_R can help you manage risk effectively by using its four components: principles, approach, process and techniques. We have also shown you how M_o_R can be applied to different contexts and perspectives of an organization, as well as how it can support decision making and performance improvement. Finally, we have provided you with some free resources and downloads on M_o_R, as well as information on how to get certified in M_o_R.
We hope that this article has given you a better understanding of what M_o_R is and how it can benefit you as a risk management practitioner. If you are interested in learning more about M_o_R or getting certified in M_o_R, we encourage you to check out the resources and downloads we have mentioned above. Remember that risk management is not a one-time activity, but a continuous process that requires constant improvement and adaptation. By using M_o_R, you can ensure that your risk management approach is aligned with your objectives, fits your context, engages your stakeholders and achieves measurable value.
FAQs
Here are some common questions and answers about M_o_R:
What does M_o_R stand for?M_o_R stands for Management of Risk, which is a best practice guide that provides a comprehensive and practical framework for risk management.
Who developed M_o_R?M_o_R was developed by the UK Office of Government Commerce (OGC), which later became part of the Cabinet Office. It was based on the experience and expertise of various public and private sector organizations that had adopted risk management practices.
What are the main components of M_o_R framework?M_o_R framework consists of four main components: principles, approach, process and techniques. These components provide a logical and consistent structure for risk management.
How can M_o_R be applied to different contexts and perspectives?M_o_R can be applied to different contexts and perspectives of an organization. A context is the specific environment or situation in which risk management takes place. A perspective is the level or viewpoint from which risk management is performed. M_o_R recognizes four contexts and four perspectives: strategic, programme, project and operational.
How can I get certified in M_o_R?You can get certified in M_o_R by taking online or classroom courses and passing the exams. There are two levels of certification available: Foundation and Practitioner. The Foundation level covers the basic knowledge and understanding of M_o_R framework and terminology. The Practitioner level covers the application and tailoring of M_o_R framework to different contexts and perspectives.
71b2f0854b