What is Management of Risk (M_o_R™)?

M_o_R® is owned by the OGC, who are also responsible for MSP™ (Managing Successful Programmes), PRINCE2™ (PRojects INControlled Environments) and ITIL® (ITInfrastructure Library).

M_o_R provides a solution for the effective management of risks. It is a structured method, established in 2002 by the Office of Government Commerce (OGC). It was developed primarily to document good practise in risk management, which would be based on the principles of corporate governance, for UK Government bodies. Private sector organizations were also intended to use the guidelines set forth by M_o_R.

There has been a recent revision to the service so that the consistent standards can be provided for the public sector in the UK whilst incorporating the latest good practise. As well as this, private sector organisations can use it as a pragmatic guide.

Introduction

If your organization is to achieve its objectives then a certain amount of risk taking is inevitable. Managing risk effectively helps you to improve performance by contributing to:

• Better service delivery
• Reduction in management time spent fire-fighting
• Increased likelihood of change initiatives being achieved
• More focus internally on doing the right things properly
• Better basis for strategy setting
• Achievement of competitive advantage
• Fewer sudden shocks and unwelcome surprises
• More efficient use of resources
• Reduced waste and fraud and better value for money
• Improved innovation
• Better management of contingent and maintenance activities

Scope of M_o_R®

The framework of M_o_R is based on four concepts:

• M_o_R® principles, essential for the development of good risk management practice
• M_o_R® approach to be adapted to suit each individual organisation
• M_o_R® processes to ensure that risks are identified, assessed and controlled
• Embedding and reviewing M_o_R® to ensure that the principles, approach and processes are applied across the organisation and that their application undergoes continual improvement

M_o_R has been regulated so that service providers, user organisations and individuals can be accredited against standards in process and knowledge and regulated through examinations and audits..

M_o_R has been regulated so that user organizations, individuals and service providers can all be regulated through audits and exams and accredited against standards in knowledge and process.