M o R 4 – Everyone Should Know About Risk Management

What has changed in the way corporations view risk?

While the nature of danger has not changed, there is now more of a “flashlight” shining on it.

Risk is no longer a terrible word in businesses and is more widely recognized as a notion that extends beyond one or two professionals; therefore, the discussion now includes awareness, prevention, what the fallback is, and the opportunity – not just the fear factor.

And, in this context, the new Management of Risk guidance (M o R 4) provides both a set of procedures and modes of thinking that people may adapt to their situation, whether they work in the public or private sectors or in product development.

Changing Roles and Responsibilities in Risk Management

There was a risk team, department, or champion that everyone else followed 20 years ago. Risk is now viewed as an essential component of what everyone must do, with risk professionals serving as instructors and facilitators to assist others in managing risk hands-only.

The risk owner is identified early on in the M o R 4 guidance as a person “on the ground” who understands the operational risk, will assist in developing the risk register, and will engage in risk workshops.

This is the correct approach: providing best practice guidance to better manage their risks without being prescriptive about processes or procedures.

Equipping Professionals to Manage Risk with M_0_R

My duty as an official reviewer for M o R 4 was to ensure that people were challenged by the training, learning, and certification. However, the goal is to motivate and equip them with a broad range of information and practical practices that they may apply when they return to work following the course and exam.

What we believe is a key to producing people who are not necessarily risk professionals but can speak confidently about risk. That includes being able to communicate effectively with a C-suite executive as well as someone on the front lines, and adapting what is required from the framework accordingly.

M_o_R 4: Responding to Risk Challenges today?

We feel the updated M o R 4 guidance reacts very well to the current demands of risk management in businesses, based on the first page.

Not only does it “understand” risk, but it also moves away from a form-filling and tick-box attitude (e.g., having a risk register for the sake of having a risk register) to recognize more about the value-creating and supportive nature of risk management.

Organizations have a considerably greater chance of distributing risk information and sustaining its relevance in a changing world if they take a pragmatic risk assessment strategy – reviewing, updating, and adapting.

Furthermore, the increased emphasis on people in M_o_R 4 emphasizes that risk management is significantly more difficult without good stakeholder engagement and leadership.

Here at CourseMonster, we know how hard it may be to find the right time and funds for training. We provide effective training programs that enable you to select the training option that best meets the demands of your company.

For more information, please get in touch with one of our course advisers today or contact us at training@coursemonster.com