Management of Risk: Guidance for Practitioners
2nd Impression with Corrections
- Office of Government Commerce (OGC)
Every organisation must find the right balance between opportunities and threats in managing its risks. M_o_R takes a best practice approach, which offers a structured and effective framework for risk management. Its aim is to help organisations to achieve their objectives by first identifying the risks, and then choosing the right response to the threats and opportunities that are created by uncertainty. This publication is invaluable across all organisational activities from strategic, programme, project or operational perspectives.
Providing a route map for risk management, M_o_R brings together key principles, a recommended approach, a set of inter-related processes and pointers to more detailed sources of advice on risk management techniques and specialisms. It also shows how the guidance should be embedded, reviewed and applied differently depending on the nature of the objectives at risk.
The 2007 edition is a major refresh of the M_o_R guidance written in 2002. The framework has been strengthened in the following areas:
Corporate governance and internal control – reflects advice from the Turnbull report and covers the new regulatory regimes in the UK, Europe and the US.
M_o_R Principles – expanded to reflect the requirements of corporate governance and internal control and the growing interest in continual improvement and organisational maturity.
M_o_R Framework – the 2002 edition makes reference to this in both the Principle Chapters and the Process Chapter. In this edition the guidance is greatly expanded through a brand new chapter on this topic.
M_o_R Process – updated and expanded to reflect current thinking, changes made to the HM Treasury Orange Book, and the relationship between these and M_o_R Principles and Framework.
Embedding and reviewing M_o_R – expands the guidance within the 2002 edition to show how M_o_R can be successfully introduced into an organisation.
M_o_R Perspectives – with a clear focus on successful business change, considers the different aspects of risk management within an organisation from strategy, programme, project and operational perspectives.
Appendices – six key topics now replace 11 appendices: Risk Management Techniques; Document Outlines; Health check: the use of Maturity Models; Risk Specialism; Selecting Tools to support risk management.
Glossary – updated to reflect common language used across M_o_R PRINCE2 and MSP and aligned with BSI's emerging Risk Standard.
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