| | | | | increased the reputation of my firm. Unnecessary |
| Six months ago I undertook a course in MoR risk | | | | wastage of resources is avoided and ultimately |
| management and since then I have reaped the | | | | profitability has increased. |
| benefits of putting this knowledge to use. However, | | | | MoR Risk Management training was no |
| before I went on the course I thought I didn’t need | | | | picnic-in-the-park as the learning curve was steep. The |
| any training. As the Project Manager in my company | | | | coursework covered was extensive, but the |
| for the past 5 years, there had been many instances | | | | instructors were really good at taking their time and |
| where I had saved projects from being adversely | | | | explaining each step. For example, we looked at the |
| affected by negative changes in the work place, and I | | | | process of risk management and how it consists of |
| had finished my projects on time. So why did I have to | | | | six major steps, i.e. identifying possible risk factors; |
| do a risk management course? To be honest I was | | | | assessment of these factors; determining treatments |
| told I had to attend the course by my boss as it was | | | | for the risks; creation of a risk management plan; |
| the start of the company embracing continual learning | | | | implementation of the plan; and evaluation of the plan. |
| for their staff. It wasn’t met with great enthusiasm | | | | We then looked at situations in our own workplace to |
| by me, but now I’m glad I did the training because | | | | help the theory we had just learnt ‘cement’ in |
| of the benefits it has brought to me as an individual | | | | our minds. This also illustrated to us that theory and |
| and to the business. | | | | practice do go hand-in-hand and are not treated as |
| MoR risk management is a detailed approach to | | | | separate entities, which is often the case when training |
| managing risks but it is also an extremely logical | | | | courses are taught. |
| approach to risk management. During our training, each | | | | Another stage of MoR risk management was |
| step of MoR risk management was looked at in close | | | | determining the treatment of risks and the instructors |
| detail, and the instructors ensured we understood each | | | | taught us the mnemonic ARRT. A = Avoidance |
| step before we moved on. | | | | (where an activity which contains a risk is not |
| Since the training I have experienced the benefits of | | | | performed). R= Reduction (where steps are taken to |
| implementing MoR risk management in my workplace | | | | minimise the negative effects as far as possible). R = |
| and I can now see that risk management is a highly | | | | Retention (where the loss due to the risk is accepted |
| organised approach to dealing with probable risks. It | | | | and borne by the firm when it occurs). T = Transfer |
| also brings down the level of uncertainty associated | | | | (the loss due to the risk is shifted to another party |
| with a project and, since the level of uncertainty has | | | | through certain means, for instance – insurance). I |
| decreased with projects, staff morale has increased. I | | | | have found the ARRT mnemonic a great memory |
| have been able to mitigate the negative effects of | | | | jogger for when I’m back in the work place and |
| risks when they actually occur, and avoid some risks | | | | working through each step of a risk assessment. |
| altogether. I have been able to efficiently complete | | | | I do have one regret…not doing the MoR risk |
| projects assigned to me on time, and I am better | | | | management course earlier! So don’t be like me |
| prepared to cope with sudden changes in the external | | | | and delay going onto a MoR risk management course, |
| or internal environment of work. The success ratio of | | | | do it today! |
| my projects has increased and in turn this has | | | | |