The Benefits of Mor Risk Management Training

Six months ago I undertook a course in MoR risk management and since then I have reaped the benefits of putting this knowledge to use. However, before I went on the course I thought I didn’t need any training. As the Project Manager in my company for the past 5 years, there had been many instances where I had saved projects from being adversely affected by negative changes in the work place, and I had finished my projects on time. So why did I have to do a risk management course? To be honest I was told I had to attend the course by my boss as it was the start of the company embracing continual learning for their staff. It wasn’t met with great enthusiasm by me, but now I’m glad I did the training because of the benefits it has brought to me as an individual and to the business.

MoR risk management is a detailed approach to managing risks but it is also an extremely logical approach to risk management. During our training, each step of MoR risk management was looked at in close detail, and the instructors ensured we understood each step before we moved on.

Since the training I have experienced the benefits of implementing MoR risk management in my workplace and I can now see that risk management is a highly organised approach to dealing with probable risks. It also brings down the level of uncertainty associated with a project and, since the level of uncertainty has decreased with projects, staff morale has increased. I have been able to mitigate the negative effects of risks when they actually occur, and avoid some risks altogether. I have been able to efficiently complete projects assigned to me on time, and I am better prepared to cope with sudden changes in the external or internal environment of work. The success ratio of my projects has increased and in turn this has increased the reputation of my firm. Unnecessary wastage of resources is avoided and ultimately profitability has increased.

MoR Risk Management training was no picnic-in-the-park as the learning curve was steep. The coursework covered was extensive, but the instructors were really good at taking their time and explaining each step. For example, we looked at the process of risk management and how it consists of six major steps, i.e. identifying possible risk factors; assessment of these factors; determining treatments for the risks; creation of a risk management plan; implementation of the plan; and evaluation of the plan. We then looked at situations in our own workplace to help the theory we had just learnt ‘cement’ in our minds. This also illustrated to us that theory and practice do go hand-in-hand and are not treated as separate entities, which is often the case when training courses are taught.

Another stage of MoR risk management was determining the treatment of risks and the instructors taught us the mnemonic ARRT. A = Avoidance (where an activity which contains a risk is not performed). R= Reduction (where steps are taken to minimise the negative effects as far as possible). R = Retention (where the loss due to the risk is accepted and borne by the firm when it occurs). T = Transfer (the loss due to the risk is shifted to another party through certain means, for instance – insurance). I have found the ARRT mnemonic a great memory jogger for when I’m back in the work place and working through each step of a risk assessment.

I do have one regret…not doing the MoR risk management course earlier! So don’t be like me and delay going onto a MoR risk management course, do it today!