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M_o_R® (Management of Risk) is a part of the Best Practice Guidance portfolio that has been published by the UK Cabinet Office. MoR takes into consideration risk from a multitude of perspectives within organisations, such as: programme, strategic, operational and project.
A risk consists of a combination of the likelihood of a believed threat or an opportunity that can have a negative impact on business objectives. An opportunity, alternately, is a chance to benefit in the favour of complying with project objectives.
How can M_o_R® (Management of Risk) help?
There are four elements to learn from the M_o_R framework, these being: Approach, Processes, Embedding and Reviewing, plus Principles- All of which provide benefit to corporate governance. It also gives a framework in which informed decisions can be made. Below are a few ways in which M_o_R could help improve your projects:
• Greater service delivery.
• Stronger advantage over competitors.
• Less time spent finding solutions to compromised plans or ‘fire fighting’.
• Increased efficiency of resources usage.
• Reduced wastage and fraudulence therefore better value for money.
• Improved development of innovative ideas.
• Shows an improved basis for strategy setting.
• Better focus on doing the correct things properly.
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