Istria Limited

Risks are problems or events that may occur in the future which will adversely affect an organisation's or project's aims and objectives in terms of their impact on performance, cost, schedule and quality. Since it is in the future, a risk inevitably has a measure of uncertainty associated with it and by definition a degree of loss. A risk has a third element: the choice to do something about it.

Once a risk has been identified, risk management offers the opportunity to implement appropriate mitigating strategies to prevent or reduce the probability of occurrence of the risk, and the reduction of its impact. If mitigation still leaves some exposure to the organisation then contingency strategies can be devised in order to minimise the impact, should it occur, and provide a path to "normal" working.

Choosing to do nothing but accepting the risk is considered a choice and in some instances this is the most cost-effective strategy to adopt. However, the project manager requires risk information in order to make that and other choices.

Projects are invariably involved with technological or organisational change and implemented by a group of people using resources to achieve agreed objectives. It is essential that to successfully complete a project some plan and structured approach is implemented.

Risk management is at the heart of project management and experience shows that successful project managers are those who understand and manage risks proactively. Methods and tools exist in this management process and form the basis of Istria's approach to risk management.

Issues are risks that have occurred; i.e the probability of occurrence being 100%. As with risks, if management solutions to problems can be identified their management becomes proactive instead of reactive.

Risk Management should be designed-in to the planning and implementation of all programmes and projects. Call us today to find out how we can help on 020 7758 2840 or Click Here to contact us.