The Benefits of MoR Risk Management Training

Six months ago I undertook a course in MoR riskUnnecessary wastage of resources is avoided and
management and since then I have reaped theultimately profitability has increased.
benefits of putting this knowledge to use. However,MoR Risk Management training was no
before I went on the course I thought I didn't needpicnic-in-the-park as the learning curve was steep.
any training. As the Project Manager in my companyThe coursework covered was extensive, but the
for the past 5 years, there had been many instancesinstructors were really good at taking their time and
where I had saved projects from being adverselyexplaining each step. For example, we looked at the
affected by negative changes in the work place, andprocess of risk management and how it consists of
I had finished my projects on time. So why did Isix major steps, i.e. identifying possible risk factors;
have to do a risk management course? To beassessment of these factors; determining treatments
honest I was told I had to attend the course by myfor the risks; creation of a risk management plan;
boss as it was the start of the company embracingimplementation of the plan; and evaluation of the plan.
continual learning for their staff. It wasn't met withWe then looked at situations in our own workplace
great enthusiasm by me, but now I'm glad I did theto help the theory we had just learnt 'cement' in our
training because of the benefits it has brought to meminds. This also illustrated to us that theory and
as an individual and to the business.practice do go hand-in-hand and are not treated as
MoR risk management is a detailed approach toseparate entities, which is often the case when
managing risks but it is also an extremely logicaltraining courses are taught.
approach to risk management. During our training,Another stage of MoR risk management was
each step of MoR risk management was looked at indetermining the treatment of risks and the
close detail, and the instructors ensured weinstructors taught us the mnemonic ARRT. A =
understood each step before we moved on.Avoidance (where an activity which contains a risk is
Since the training I have experienced the benefits ofnot performed). R= Reduction (where steps are
implementing MoR risk management in my workplacetaken to minimise the negative effects as far as
and I can now see that risk management is a highlypossible). R = Retention (where the loss due to the
organised approach to dealing with probable risks. Itrisk is accepted and borne by the firm when it
also brings down the level of uncertainty associatedoccurs). T = Transfer (the loss due to the risk is
with a project and, since the level of uncertainty hasshifted to another party through certain means, for
decreased with projects, staff morale has increased.instance - insurance). I have found the ARRT
I have been able to mitigate the negative effects ofmnemonic a great memory jogger for when I'm back
risks when they actually occur, and avoid some risksin the work place and working through each step of
altogether. I have been able to efficiently completea risk assessment.
projects assigned to me on time, and I am betterI do have one regret…not doing the MoR risk
prepared to cope with sudden changes in themanagement course earlier! So don't be like me and
external or internal environment of work. Thedelay going onto a MoR risk management course, do
success ratio of my projects has increased and init today!
turn this has increased the reputation of my firm.