Why Does Mor Risk Management Benefit Businesses and Organisations?

As a business owner I decided I needed toMoR Processes - the processes define the activities
implement MoR Risk Management in the workplace. Iinvolved and enable the risks to be identified and
was having a discussion with another business ownercontrolled; reviewing MoR – after successful
at a network meeting last month and he explainedimplementation of the principles and processes,
what MoR was and why he had introduced it into hisconsistent application is needed across all levels of an
workplace. MoR was conceptualised by the OGCorganisation.
(Office of the Government Commerce) and theSince I have implemented MoR Risk Management I
approach was initially formulated to complementhave found there have been a number of benefits
OGC’s guidance on program and projectfor my business. Some of the benefits include: an
management. The basic principle underlying MoR is toenhanced basis for setting strategies; an improved
help organisations put in place efficient frameworks inservice delivery level; it gives my business a greater
order to take very calculated decisions on risk. Everycompetitive advantage; unwelcome surprises can be
decision that is made within a business has an upwardavoided; implementation of change initiatives are
end or downward end and involves some degree ofperformed in an effective manner; there is an
risk. As my business was becoming increasingly busyefficient usage of available resources; there is a
and the rate of risk was rising, I needed some typereduction in wastage and fraudulent practices, which
of risk management system in place.gives better value for money.
The MoR Risk Management concept makes availableIn conclusion many organisations have started to
a broad framework for risk management across allrecognise that risk management can be applied in
levels of an organisation and this includes the projectboth situations, i.e. positive opportunities and negative
stage and operational stage. The programmethreats. In either case, an approach needs to be
incorporates all actions that are required to spot andtaken to reduce any possible threat or increasing the
control exposure to any kind of risk involved –size of possible opportunity. The important factor in
either positive or negative, which may have a directthis approach is the flexibility it carries to ensure its
or indirect impact on the accomplishment of yourapplication to all levels of decision-making. The primary
business objectives. MoR Risk Management is apurpose of MoR Risk Management is to correct a
program that brings together a set of inter-relatedsystematic application of principles and processes
processes, approaches and pointers to other sourcestowards identifying, assessing and evaluating possible
of advice on risk management techniques andrisks, and thereafter planning for risk responses. This
mechanisms. Depending upon the nature of risks andalso paves a way for a disciplined decision making
my organisation objectives, it provides an insight onenvironment.
how the approaches and principles can be embeddedIt took time and money to implement MoR Risk
and applied in different situations.Management, but it has been worth it and in ways
There are four core concepts which form the MoRthat have surprised me – my staff feels more
Risk Management framework and aims to show howconfident to take risk as they have a framework to
risks can be identified, assessed and controlled: MoRwork within. In turn this has increased productivity
Principles – which is essential for a good riskand our overall turnover. I would definitely
management system; MoR Approach – everyrecommend any organisation or business to employ
organisation has individual needs and the MoRMoR Risk Management.
approach can be adapted to these individual needs.