Organisational Benefits of M_o_R
Organisations implementing the M_o_R framework should expect to see some or all of the following benefits:
· Corporate decision making is improved through the high visibility of risk exposure, both for individual activities, and major projects, across the whole of the organisation
· A progressive management style and a culture of continuous improvement that is enhanced by the encouragement of openness in relation to risk
· The objectives of the organisation and its stakeholders are more likely to be realised through the early identification and proactive management of threats to cost, time and performance
· The needs of corporate governance are met by embedding the M_o_R processes which provide a clear message and directives
· There is clear ownership and accountability for risk and its management, so that they are effectively monitored, and proactively managed
· Financial benefit to the organisation through improved ‘value for money’ potential and better management of project and programme finance
· Management of project risk is carried out within the wider context of programmes, thus minimising the risk of individual project failure through greater visibility of the potentail impact of other projects
· Consistency of approach through high-level monitoring and direction
· Creation of an environment for the conscious acceptance of business risks on an informed basis
· Improved contingency plans and the organisation’s business continuity plans
· Better awareness in all personnel of the cost and benefit implications of their actions.
Who uses M_o_R?
Many large organisations have adopted M_o_R including Barclays, British Telecom, GlaxoSmithKline and the Ministry of Defence. The M_o_R framework is suitable for risk management in all sized organisations in the public and private sectors.