What is Management of Risk (M_o_R®)?
M_o_R (Management of Risk) is a generic framework for the management of risk across all parts of an organisation - strategic, programme, project and operational. It incorporates all the activities required to identify and control the exposure to any type of risk, positive or negative, which may have an impact on the achievement of your organisation's business objectives.
Almost every organisational decision has an upside and a downside involving some degree of risk. Aimed at everyone who has ever made an important decision, M_o_R is a robust yet flexible framework that allows organisations to assess risk accurately time and time again.
M_o_R is intended to help organisations to put in place effective frameworks for taking informed decisions about risk. The guidance provides a route map for risk management, bringing together recommended approaches, checklists and pointers to more detailed sources of advice on tools and techniques.
M_o_R covers a wide range of topics, including business continuity management, security, programme/project risk management and operational service management. These topics are placed in the context of an organisational framework for the management of risk.
Some risk-related topics, such as security, are highly specialised and this guidance provides only an overview of such aspects.
The process of investment appraisal, in which assessments are made of costs, benefits and risks, is outside the scope of this guide. However, many of the principles and techniques described can be used when developing the business case.
M_o_R is part of the Global Best Practice portfolio owned by AXELOS Ltd.
M_o_R and PRINCE2, MSP and ITIL
The M_o_R approach was designed to complement the Global Best Practice guidance on programme, project and service management (MSP, PRINCE2 and ITIL) but covers the risk management elements in greater detail. This publication draws on experience from a variety of experts from the public and private sectors. It sets out a framework for taking informed decisions about risk at a project, programme and strategic level to ensure that key risks are identified, assessed and that action is taken to address them.
M_o_R considers risk from different perspectives within an organisation: strategic, programme, project and operational. As mentioned, while it links to other Global Best Practice methodologies, it respects the roles, responsibilities and terminologies used outside the disciplines of programme and project management.
What is the History of M_o_R (Management of Risk)?
M_o_R (Management of Risk) was first published in 2002 to:
This was largely in response to the publication of the Turnbull Report on Corporate Governance.
Then a major refresh of the guide was undertaken in 2007 to reflect the changes in the world of risk management in both the public and private sectors. The 2007 version of M_o_R has received much acclaim and has been adopted by organisations across all sectors in the UK and world wide.
Towards the end of 2009 an interim revision of M_o_R was undertaken and following this review changes were made to the method in order to:
- provide improved consistency with other Best Management Practice products, such as PRINCE2, Managing Successful Programmes (MSP®) and Portfolio, Programme and Project Offices (P3O®)
- address issues and inconsistencies raised:
- in the Change Request Log
- by the Reference Group
- ensure consistency with ISO 31000 (international standard on risk management)
- redesign content according to Best Management Practice updated style guidelines.
M_o_R (Management of Risk) Qualifications
There are two M_o_R qualification levels: M_o_R Foundation and M_o_R Practitioner.
M_o_R Foundation Qualification
M_o_R Foundation level is suitable for any organisation or individual seeing the need for guidance on a controlled approach to identifying, analyzing and managing risk at strategic, programme, project and operational perspectives.
M_o_R Practitioner Qualification
M_o_R Practitioner is the highest M_o_R level qualification and is aimed at anyone working within a corporate governance environment that has responsibilities for identifying, assessing, planning, or managing risks, or reporting on risk management activities across the organisation.
M_o_R (Management of Risk) Training
There are two routes to obtain the M_o_R qualifications - you can sit the exams at the end of a training course, or study privately and then book the exam separately.
ILX Group is an Accredited Training Organisation that delivers high quality e-learning for self study and classroom training for face-to-face instruction world-wide.
If you are considering M_o_R training you should make sure you choose a course delivered by an organisation that is fully accredited to deliver official M_o_R training.
M_o_R: The Basics
Video by Graham Williams