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Risk FAQs
1. What is Risk?
The M_o_R body defines risk as "An uncertain event which, should it occur, will have an effect on the achievement of overall objectives.”
2. What is Risk Management?
The process whereby responses to risks are formulated, justified, planned, initiated, progressed, monitored, measured for success, reviewed, adjusted and (hopefully) closed.
3. Why is Risk Management Important?
Any Risks involved in projects, bids, or in any environment involve threats (negative effects) and opportunities (positive effects), along with their likelihood of occurring. Risk management is used to ensure that as few threats occur as possible, as well as preparing for what may occur in case it does, as it is vital to be prepared for anything that could seriously damage your firm.
4. What will M_o_R teach me?
M_o_R teaches a systematic approach to deal with any type of Risk irrespective of the environment in which the Risk is being dealt with, leading to a secure environment whereby the chance of negative effects is significantly reduced, as well as helping firms to appreciate and prepare for those obstacles should they occur.
5. Where is M_o_R relevant?
M_o_R is often seen as only relevant in Project and Bid environments, but actually M_o_R is important anywhere in considering risks that will affect a firm, as dealing with these risks can strongly affect the success or lack of success in a firm.
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