Learners are introduced to the world of Risk Management and the M_o_R® 4 framework. Throughout our entire course, the focus for an organisation or sub-set of it, is to create and protect value. Value can be in the form of benefits, how useful or the importance of one or more outcomes.

Understanding what a risk is and why and when we should do risk management and how Risk management is part of Corporate Governance & Internal Control. Learners are also introduced to four fictitious scenarios that are storyboarded throughout the course.

M_o_R® 4 principles are essential for the development and maintenance of good risk management. They are intended to guide an organisation to develop its own approach to meet their specific needs.

• Aligns with objectives
• Fits the context
• Engages stakeholders
• Provides clear guidance
• Informs decision making
• Facilitates continual improvement
• Creates a supportive culture
• Achieves measurable value

Risk management is focused on objectives and decision making. The objectives and decision making in each perspective will be different. This must also reflect tailored practices and controls.

Most organisations will not operate across all six perspectives but will have strategic and operational objectives. One of the many strengths of M_o_R® 4 is the full integration of all six perspectives providing a joined-up approach that facilitates escalation, delegation and aggregation of risk.

• Strategic
• Portfolio
• Programme
• Project
• Product
• Operational

M_o_R® 4 also addresses the unique challenges of working in an Agile way, providing clear guidance on how to effectively integrate risk management with Agile practices at all levels of an organisation, helping teams and individuals alike to use risk to enhance enterprise agility and resilience. In short, understanding risk as an opportunity as well as a threat and how, when managed effectively, it enables business success.

A new addition to M_o_R® 4 is a chapter on ‘People’ and ‘culture’ which shows how implementing a positive risk culture provides people within an organisation with the skills to manage risk in a collaborative, communicative, and transparent way. Topics include developing a supportive risk culture, engaging stakeholders, building individual competence, and working with decision bias. We will explore what this means to the organisation and of course you! We will also explore what the challenges may look like along with top tips and advice on how we can look to overcome them.

To create and protect value through risk management, M_o_R® 4 provides eight distinct processes to achieve this. Each process has its unique purpose, objectives, techniques, support documents, and involvement of key roles. All will be explored in an interactive way via a scenario.

All 8 processes apply across each and every perspective and collectively form the M_o_R® 4 process cycle. Please find below a list of all 8 processes:

• Define context and objectives
• Identify threats and opportunities
• Prioritise risks
• Assess combined risk profile
• Plan responses
• Agree contingency
• Monitor and report progress
• Review and adapt

Integrating risk management will align to the context of the organisation, both internal and external. How we achieve this will differ depending on the operating model the organisation uses. Our focus here is between functional and product orientation. We will explore the differences between the two models and the potential impact these introduce. Without understanding and addressing these impacts there is a strong likelihood that the integrated risk management approach will not maximise and fully protect the expected value.