RM in your Role >

 Risk Manager

You want to know how risk management can help you deliver your objectives more effectively and efficiently and to provide greater value to your program, project, portfolio or organization. "I want to be able to make decisions today that won’t cost me tomorrow"

Here are some of the benefits that an Enterprise Risk Management system can deliver to you as a Risk Manager:

• Using ARM to drive mitigation actions, monitor losses and utilize robust analysis provides understanding of the Return On Investment from the Risk Management process, closing the loop with the business benefits of getting this right
• Breaking down the silos: One system, answering the risk management needs of the entire organization, from safety to strategic risks provides the ability to place risk as the key driver behind your business decisions
• Driving the process with automated alerts and work flows insures that the process is being adhered to, and that risk management is done both effectively and efficiently.
• Deployable filters, and a one stop shop for reports from risk registers through to your corporate business reports turns your passive risk management into Active Risk Management, and ensures that stakeholders are able to see the wood from the trees rather than being bamboozled with loads of risk information that isn’t pertinent to their roles.
• A system that adapts to the needs of the different users across your program or enterprise, providing a clear interface giving them the information they need. From Fast Entry portals for casual users to track actions to interactive management dashboards for executives, Active Risk Manager provides one solution for your entire endeavour whether it be delivering a project or program on schedule to managing the risks throughout your business.
• Our risk Services team, and extensive partner list, with their extensive cross-industry knowledge can support you, your process definition and deployment strategic and guarantee success in rolling out your organization’s enterprise risk management process

We commonly hear that a Risk Manager has a risk process, but no way of deploying this effectively, efficiently, and in a way so that it doesn’t become corrupted. This is a key are of value that Active Risk Manager delivers. Some of the other key things that a Risk Manager needs that ARM delivers are:

• I need to be able to standardize and deploy a risk process that delivers the goals of the endeavour. That also allows for easy aggregation of risk data, whilst ensuring that all stakeholders involved in the process know that there is one common process.
• I need to ensure that this risk process suits our needs of today, while the software solution supporting and deploying it, can be adapted overtime to suit our changing processes and different phases of our project and program delivery.
• I need to be able to make decisions on which risks to mitigate or enhance. Importantly though, I need to be able to make these efficiently, without lots of manual manipulation. Excel just doesn’t offer us the efficiency we require.
• I also need to be able to present this risk information, including our successes, to leadership or our customer on a regular and repeatable basis, so that they can see that we have things under control or so they can make decisions on resource allocation and capital efficiency. I also need presentation of risk information to all potential stakeholders so that they know what to focus on.

Commonly risk managers are asked why risks have changed score. Critical to this is that risks are scored uniformly and that risk owners aren’t gaming the process. ARM has unique capability to allow for set definitions of risks to be communicated, and these can be done on a project by project basis, and /or a divisional basis and from a corporate reporting perspective.

Risk Managers also need to ensure that risk score changes are tracked and that rationales are put in place as to why they have changed. ARM has a robust and comprehensive audit trail capability that time, date, and user stamps changes in risks, and also forces rationale for risk score change to be inputted.

Increasingly we hear about Integrated Risk Management. This is a concept that we embraced at the outset of the ARM Vision. We firmly believe that Risk Management should not be an endeavor that is done in a vacuum, but rather is integrated into other elements of either business or program management. This includes integration of financial information, requirements of the business or project, and project scheduling information.