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What Is Risk Management?

All businesses and projects face situations that may cause major financial, EHS, quality, and corporate problems. Many of these issues have been considered and forgotten. These situations are present at all organizational levels and can have an enormous impact on employees, corporate stability, and even whole industries. The situations are typically known as risks and failing to manage them can lead to catastrophic results. Risk Management is when an identified risk is assessed, evaluated, and addressed in a manner acceptable to the organization. Addressing a risk may range from accepting the ‘do nothing’ option to a detailed plan to mitigate the danger it poses to the organization. Risk management ensures that risks are not forgotten and that plans are executed.

Why Is Risk Management Important?

W.E. Deming said “Managing is predicting” and risk management is a critical prediction tool for any leadership team. According to McKinsey & Company (2020), risks will come faster and with larger consequence in the coming years than ever before. In businesses, ad-hoc approaches to risk have allowed emotions and biases to replace objective analysis. In projects, ad-hoc risk systems and their under-utilization has resulted in unnecessary completion costs, delays, and post-project operational issues. Risk management drives a more rigorous and data-driven approach to anticipating problems, reducing costs, and minimizing risk-driven losses.

Why Implement A Risk Management Solution?

Prior to robust risk management solutions, the problem was the time and complexity associated with using a spreadsheet to objectively assess risks, track mitigation progress, and communicate risks and mitigation progress to the leadership team. Mobile risk management solutions have solved this issue and ensure that teams are focusing on the significant organizational risks using a standardized process. There are many different approaches and ways to identify risks including FMEA and Monte Carlo simulation, but ultimately, all risks need to be placed, prioritized, and managed in a central repository or risk register – which is the domain of risk management solutions.

Who Benefits From Risk Management?

Benefits of robust risk management are felt throughout an organization and by all its stakeholders. Customers and clients benefit from improved product and project quality, meeting promised delivery times, and increased confidence in your organization. Risk management helps all departments and teams by engaging them in issue prediction and mitigation. Risk management, it acts like radar and advises your team of what is coming before they can see it – which supports better decision making.

Businesses

In a British Standards Institute survey of 100 top tier businesses, 93% of business professionals believed risk management improves accountability, decision making, protects company reputations and increases stakeholder confidence. 90% believed it reduces the chance of negative consequence events and 87% believed it protects revenue and provides a return on investment.

Everyone in the business, including supervisors and workers, develops an understanding of the importance of their role in managing risks and all feel heard when their concerns are reported and addressed. This improves overall performance.

Company owners benefit from increased profit, fewer surprises, and a stronger reputation in the marketplace. Supply chain personnel benefit through planned mitigation when interruptions occur. Supervisors benefit from having the organization helping them reduce the likelihood and consequence of issues and employees benefit from a safer and more stable work environment and pride in the organization.

Projects

Published studies show that project outcomes often fail to meet initial targets. In software, 49% of projects experience cost overruns (average overrun 27%) and 76% have schedule overruns. In construction, 63% experience cost overruns (average overrun 24%) and 72% have schedule overruns. The larger the project, the larger the risks and the larger the overruns

Meeting targets benefits owners and contractors. Projects have many moving parts and run smoother with a standardized risk management approach. Focusing on EHS, cost, schedule, and quality risks and regularly communicating them to the project leadership is a strong step towards meeting cost and schedule targets. Analyzing risks objectively in a standardized manner and taking steps to address high-impact risks before they occur helps to reduce unnecessary project overruns. Accountability and tracking completion that comes with risk management ensures that plans are executed and risks are reduced to an acceptable level.

Why Use TRM Advantage?

TRM Advantage is designed to enable a single user to coordinate risk management in small to medium sized companies and projects that want to leverage their ability to reduce costs and increase safety. It is ideal for use by risk managers and quality managers and helps them solve the complexities of effective risk management and achieve results. It also supports ongoing communication with senior management through automatically generated reports and summaries.

TRM advantage is built on Microsoft’s Azure technology and provides a secure risk management app that can be used on most desktops, laptops, tablets, and phones. In addition, the app is intuitive, can be operated from anywhere, and has low monthly fees.

Advantage also supports meeting requirements for risk management that are part of ISO 9001, AS/NZS 4360, and project contracts.

See What’s Coming

With TRM Advantage, your entire organization is mobilized to identify risks. Some are risks are critical, some are acceptable, and most are somewhere in between. By quickly analyzing each identified risk, prioritizing them, and addressing the unacceptable ones in a standardized way, organizational radar is on and your team is ready for most of what comes up.

Make Better Decisions

When your organization is engaged in risk management, everyone begins to forecast the consequences of their actions and the actions of others around them. It becomes more common to see people concerned about how to reduce the likelihood of an issue and to plan how to address it if it actually occurs – reducing stress and the number of bad decisions made under pressure.

Maximize Profit

TRM Advantage makes risk management and reporting simple and standardized. Planning is done in steps and each step is assigned to someone who is accountable for getting it done. This drives ongoing commitment to participation in the process. When you can see what’s coming and you are prepared for it, issues are minimized and profits increase.

Working Process

Sign Up

Advantage Risk

Operates on phones and tablets for real-time risk logging anywhere and anytime

Risk Management

Aligned with ISO 31000, AS/NZS 4360, and PMI global standards.

Procedure Template

Default risk management procedure text (for cut and paste) available to subscribers

Check It Out!

Take a free test drive of the TRM Advantage app and experience how straight-forward risk management has become. Sign up now and use it for a while on the free trial. No strings!