December 2008
During the last few months we have had two exciting developments. The first is that we ran our first public workshop in Brisbane, which was very well received. The demand for this workshop arose as a result of the evening presentations given to CIOB Australasia (see the September newsletter).
The second is the presentation of a paper at the AIPM conference which examined my recent experience in addressing the problems that may arise when an enterprise risk management system is applied to a project environment.
The team at RiskTools would also like to wish all our clients and colleagues a happy and safe holiday season. We look forward to working with you in 2009.
News
Following the series of presentations for CIOB Australasia given over the last 12 months on both sides of the Tasman, RiskTools hosted a one-day workshop on the topic of “Risk Management – Adding Value to your Business”. The focus for the workshop was to address the ‘how to’ of successfully implementing a business’ risk management process.
Topics included:
- An overview of risk management
- Developing a context
- Identifying and assessing risks
- Assessing a contingency allowance
- Managing and assessing the cost of issues
- Integration concepts – internal, safety and subcontractors.
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Participants included government groups, contractors and consultants. Feedback was extremely positive with comments such as “very informative”, “a practical approach”, “good and relevant”. The workshop was run in conjunction with registered training organisation, Best Practice Project Management. Participants also gained professional development units (PDUs).
We plan to run similar workshops in 2009 and if you are interested in attending one of these, then please contact us at support@risktools.com.au. |
Similarly, if your organisation would like an in-house workshop, then please call us to discuss your requirements.
Integration of Enterprise and Project risk management requirements
Over the last 18 months RiskTools has been engaged by a number of clients to assist with the integration of enterprise and project risk management processes. In most cases, the driver for this was each company’s enterprise risk manager wanted their systems to be used in a project environment and project teams found this to be unworkable or too cumbersome to undertake risk management effectively (eg identifying a few risks to comply, but not identifying or managing key risks).
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Some of the key issues are:
- Different risk profiles
- Reporting regimes
- Different analysis levels
- Different risk objectives
- Terminology
- Different process requirements.
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These were explored in more depth in a paper presented at the AIPM conference in Canberra in October. The paper went onto describe:
- How integration can occur
- How to set up a consistent framework to identify and report risks for all management levels
- Documenting the specific needs of each process
- A discussion on key aspects of a toolset
- Other requirements
- How to undertake implementation of such an initiative
A copy of the paper is available by contacting support@risktools.com.au.
New report for objectives
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The analysis of risks requires an assessment of the likelihood of a risk occurring and the impact of the risk on the project if the risk does occur. Considering the impact on project objectives is the most efficient way to analyse project risks.
Assessment of the impact level may then be described in terms of the affect on objectives:
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Severe |
Most objectives cannot be achieved |
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Major |
Some objectives cannot be achieved |
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Moderate |
Some objectives affected |
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Minor |
Minor effects that are easily remedied |
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Insignificant |
Negligible impact upon objectives |
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It is not unusual during a risk workshop to develop - or at least update - a project’s objectives. To assist a review of project objectives a new report has been compiled so that management can view the objectives at any time through the reports page.
The function forms part of version 6.2.0
To find out more about how RiskTools can help your business, visit www.risktools.com.au or contact us at support@risktools.com.au
