Archive for the ‘Risk Management’ Category:

The Top Five Benefits Of Risk Management Software

Managing risk is a vital part of any business operation today, just as it has always been, since merchants opened their first businesses untold years ago. Nowadays, though, business owners and managers have many more powerful tools at their fingertips to help manage risks, whether they are a small business or a multinational corporation. There are many benefits that these modern tools provide, some of which will be explained in the list below. First, it’s important to discuss what risk management is, and what tools we use to accomplish this today.

What is Risk Management?

There are many ways of going about risk management, but in general, we can define it as a process that ensures the achievement of objectives, reduces the likelihood of any negative consequences of the actions taken to achieve those objectives, decreases the risks involved with the processes of achieving those objectives and increases the likelihood of a beneficial end result. Basically, the risk management process makes good things happen while preventing bad things from happening. This could mean many different things to different businesses, though. Something that one business views as a negative result could in fact be a positive result for another business in a different industry. The specific objectives of a risk management system may change, but the general idea remains the same – managing risks to help assure the least negative impact of any action taken by the business.

How Do Businesses Manage Risk Today?

Most businesses turn to software in this day and age, which has made it much easier to manage risks for businesses of all sizes and in all industries. A software program can be used to manage risks, report risks and decrease risks – all with minimal effort once the system is securely in place. This can mean a safer environment for employees when the system is used to manage workplace accidents, injuries, spills and other internal hazards. For a company that works with harmful substances, it can mean a safer environment for people in the community with reduced likelihood for harmful emissions, meltdowns, leakages and other dangers. It can also mean a reduced possibility of inefficiency. A good software system can help boost profits, employee morale and customer satisfaction, all while reducing expenses, excess waste and dangers of all sorts.

What are the Top Benefits of Risk Management?

If implemented and maintained effectively, a risk management software program can provide countless benefits, some of which should already be clear. These are arguably the top five benefits of this type of program:

  1. Reduces the likelihood of unexpected, negative surprises
  2. Allows companies to take advantage of new opportunities more quickly
  3. Helps ensure effective business planning and strategy
  4. Supports ongoing improvements to the company
  5. Makes better use of the company’s resources

Many people find that after they learn a bit more about risk management and the tools that are available to modern businesses, they feel it is a good time to think about implementing such software systems within their companies.

Craig is a risk analyst for a large corporation. He uses this type of invaluable software in his everyday work, and hopes his recommendations help other professionals mitigate risk in their corporate operations.

Free Risk Management event – Every CIO’s Guide to Managing Risk

Hub Events are next week offering an opportunity for IT professionals in senior roles or IT service management, or who are involved in IT or software projects to join in a risk management seminar.

The free 2 hour seminar promises “to take an objective look at the risks associated with IT applications and software projects, and offers practical guidance on how you can reduce risks and maximise your chances of delivering business benefits.

It will provide you with an essential guide to the core principles of good risk mitigation for IT transformation programmes.”

When: 20 September 2012, 2pm – 4:30pm Manchester

Where: Manchester – Double Tree by Hilton

How to book: click here

Case study examples will show how market leaders:

  • maximise the efficiency and effectiveness of application portfolios
  • manage the risk of legacy IT systems
  • reliably deliver the desired business outcome from software projects
  • ensure value for money from software development budgets;
  • realise the benefits of adopting an agile approach to enhancing and developing software.

“Practical sessions allow participants to gain a good understanding of how these principles can be applied in their own organisation. Attendees will go away from this event equipped with the know-how to address the key risks to IT systems performance and visibly improve the value IT delivers to their organisation.”

This should be an interesting event and a good opportunity for networking with likeminded professionals in the IT field around Manchester. I shall be there and I am particularly looking forward to the interactive sessions which I feel tend to be the most beneficial parts of such events.

Friday the 13th Risk Management – Friday Snippet

Anyone who knows me well – knows that as such I am not superstitious but being a little accident prone to say the least, I am cautious on days which are deemed as unlucky. So today I am writing to you covered in bubble wrap, laptop running off a battery, all sharp objects and obstructions removed from my vicinity…

So I would like to address project safeguarding – as we all know, it is not just the dreaded Friday 13th when things can go wrong and in a time when no one can afford slippage what can we do to ensure we keep things on track?

Risk management – certainly nothing new here however if anything, more emphasis has been placed on this element of project management over the past few years due to the collapse of the banks and resulting EU troubles. More organisations are demanding project professionals with a greater awareness of risk management and PMOs come into their own here by promoting risk management through workshops within the business. Putting greater emphasis on risk frameworks and creating a robust risk register to ensure you are considering the bigger picture will not only put you in good stead with your stakeholders but will also raise your profile within the team and if you are good – you could become a champion in this field. As Risk Managers command an attractive salary and dedicated risk managers are in a minority, this could be a prime opportunity to break into a specialist field and really give your career a push in the right direction. Risk management is not just for financial services; all organisations taking forward business transformation will be very interested in a dedicated risk specialist. This could be a particularly good focus for contractors who go from assignment to assignment and need to hit the ground running – if you have great exposure to a number of industries and sectors coupled with the risk exposure you can potentially command very rewarding day rates.

Just some food for thought – I hope it has whetted some appetites out there and please do be careful today!