You may have already read our article on how MoV complements other best practice guidances. Management of Risk (M_o_R) is part of the same best practice portfolio. So it’s not surprising that it also integrates with some of the world’s most popular best practice frameworks.
Where M_o_R Is Complementary
The main purpose of MoV is to weigh up risk using many perspectives. It encourages openness and discussion of an organisation’s issues. At the same time, it supplements the main purposes of PRINCE2, MSP and ITIL, which are as follows:
Here is an overview of how M_o_R supports PRINCE2, MSP and ITIL:
What Makes M_o_R So CompatibleM_o_R was first published by the Office of Government Commerce (OGC) in 2002. By then, they were already sponsoring many best practice models, including PRINCE2, MSP and ITIL. M_o_R complement these Global Best Practice Solutions by covering risk management elements in more detail than the other frameworks.Despite this, the other frameworks do still cover risk management. In fact, it’s easy to translate their risk management methods to M_o_R. The Global Best Practice Solutions have undergone a number of revisions to make this easier. M_o_R and PRINCE2 both underwent a refresh in 2009. They share the same definition of risk, but the similarities don’t end there.Global Best Practice manuals in the last decade also introduced ways to integrate Best Practice Solutions with each other. Along with a shared terminology, they’re also made according to same style guidelines. The whole Global Best Practice suite is now more coherent.Beyond Global Best Practice SolutionsM_o_R considers risk from an organisation’s different perspectives. This includes strategic and operational viewpoints, as well as programme and project. This is vital to opening up discussion among an organisation, where departments have different priorities and may not all use project management terminology. So even though M_o_R links to other Global Bets Practice methodologies, it also has to respect the roles, responsibilities and terminologies beyond these disciplines.While M_o_R seems more specialist than the other frameworks, it actually offers users a ‘big picture’ view of their organisation. See the M_o_R training we offer to unlock this set of skills and start managing risk the right way. For questions about M_o_R or any of our other courses, please visit our contact page.
|PRINCE2’s entire definition of risk is taken from the M_o_R method. The PRINCE2 Risk theme is a broad overview or lightweight version of M_o_R||M_o_R’s focus on risk makes it easier for organisations to use MSP. Both frameworks enable transformational business change by anticipating common pitfalls||Every ITIL book has a section on risk. Both frameworks also reduce waste by making better use of resources. ITIL has processes that minimise disruption, which is key to preventing crises|