Istria Limited

Istria's Enterprise Risk Management Method:

Promotes the attainment of strategic goals and objectives.

Provides vital Management Information for effective decision-making.

Tackles uncertainties in planning and analysis.

Allows problems to be identified and acted upon before they occur.

Can be applied to any programme, project or activity.

Is comprehensive, intuitive & user-friendly.

Istria's Enterprise Risk Management Method Overview:

The stages of Risk and Issue Management are:

Stage 1 - Risk and Issue Identification
Stage 2 - Evaluation and Planning
Stage 3 - Risk and Issue Management and Control
Stage 4 - Management Reporting

Method Overview

Risk and issue management increases the awareness of problems across an organisation or project. It ensures that appropriate strategies are planned well in advance of any risk occurring, thus reducing or eliminating the impact. It follows that the process should begin at the earliest possible opportunity, preferably as a part of the project initiation stage and continued throughout the life of the project. The method and procedures defined here form the basis of the Istria Risk and Issue Management method.

The stages of Risk and Issue Management are:

Stage 1 - Risk and Issue Identification

In Stage 1, the main tasks are to:

confirm the project success criteria

prepare the risk breakdown structure (RBS)

identify and document potential areas of risk

identify and document potential or known issues

allocate risk and issue owners

assess the probability and potential impact of each risk

assess the impact of each issue

categorise both the risk and issue

Stage 2 - Evaluation and Planning

In Stage 2 the main tasks are to:

prepare an approach to risk reduction containing the mitigation strategies for the risk and specify the trigger, an event or date that indicates the occurrence of the risk and the need to initiate the contingency strategy

plan the contingency strategies

prepare the Issue management strategies

if appropriate determine any relationships between risks, other risks and issues
quantify the risks (optional)

develop the risk and issue management plan for the project phase

Stage 3 - Risk and Issue Management and Control

In Stage 3 the main tasks are to:

initiate the mitigating strategies

monitor the activities at risk and invoke the contingency strategies should the risk manifest itself

initiate the issue management strategies

regularly reassess the risks and issues and their contingency strategies

Stage 4 - Management Reporting

In Stage 4 the main tasks are to:

maintain and generate project objectives and success criteria

generate the project Risk Matrix

generate risk reports as appropriate

generate risk data sheets, either individually or for the whole project

maintain the Risk and Issue Register

maintain and publish MS PROJECT plans

generate risk exposure graphs, both Monte Carlo cumulative probability curves and time based risk exposure graphs.

Link your risk management activities to your strategic aims. Call us now to find out how we can help your organisation on 020 7758 2840 or Click Here to contact us.