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IRIS (Istria Risk and Issue Support) Software

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• Provides a bespoke software solution for all comprehensive Risk Management requirements.
• Uses powerful, sophisticated 'Monte Carlo' mathematical simulations to produce accurate assessments of Risks & Variables.
• Maintains a full and clear Audit Trail of the identification, analysis and mitigation of all Risks.
• Facilitates visibility of the levels of Risk Exposure at every level of the organisation: Corporate, Departmental, Team and Individual.
• Provides instant status information on Risk Exposure and on effort made / planned to tackle Risks.
• Can link to Microsoft Project software.

The Istria approach concentrates on the pragmatic identification of risks and issues and their management. IRIS (Istria Risk and Issue Support), the Istria support tool, provides the project and programme manager with the ability to track progress, illustrate current status and utilise state of the art statistical analysis tools to estimate values of risk exposure to the organisation in terms of cost and time. Risks are managed through Risk Action Plans (RAP) that are able to populate MS Project with mitigating action detail. The RAP records risk history and provides a full and clear audit trail.

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IRIS provides a wide range of reports, including cost analysis probability graphs, risk and issue action status reports and a risk matrix. Other reports can be generated that show risks ordered by their impact, by owner and by risk category or area.

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The actions identified in the RAP can be used to populate MS PROJECT plans to control progress.

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Risk exposure is calculated using a sophisticated risk analysis tool that incorporates Monte Carlo statistical analysis methods using PALISADE's RDK (@RISK) engine. Project exposure and progress to the target status can be calculated. This is critical in projects dealing with leading edge technical innovation. Both current and target impacts are captured and these are used to calculate the target and current risk exposure in terms of cost and time.

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Project status can be dynamically illustrated with the IRIS Risk Matrix. This provides an immediate snapshot of the project’s risks and issues and their progress.

• All too often organisations' Risk Management activities have no clear links to their overall strategic aims. Click Here to contact us now and find out more or call us on 020 7758 2840.