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Management of Risk (M_o_R®) study guide mind map by Mind Map: Management of Risk (M_o_R®) study guide mind map
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Management of Risk (M_o_R®) study guide mind map

M_o_R® is a registered trademark of AXELOS Limited. M_o_R® logo courtesy of the AXELOS Limited. Trademarks are properties of the holders, who are not affiliated with mind map author.

Software for Risk Management and GRC

ActiveRisk

Agiliance

Archer

Bwise

Chase Cooper Ltd.

Cura

Enablon RM

Evantix GRC, LLC.

Hiperos

MKinsight

LockPath

Intaver

MetricStream

Modulo

Northwest Controlling Corporation Ltd.

Risk Wizard Pty Ltd.

PAN Software Pty. Ltd.

Prevalent Networks

Process Unity

Resolver

Palisade

Rsam

Shared Assessments

Symantec

SAS

Wynyard

M_o_R® Principles (8)

Page 13

What are principles?

What are M_o_R® principles?

1. Align with objectives

2. Fits the context

3. Engage stakeholders

4. Provides clear guidance

5. Informs decision-making

6. Facilitates continual improvement

7. Creates a supportive culture

8. Achieves measurable value

M_o_R® Approach (9)

Image courtesy of the AXELOS Ltd.

There are likely to be many instances of each type of document in larger organisations.

The way in which the M_o_R® Principles are implemented will vary from organization to organization. Collectively the principles provide a foundation from which risk management practices can be developed.

Central documents

Supportive documents

M_o_R® Roles and Responsibilities (6)

Senior Team

The Senior Manager appointed to represent the senior team

Manager

Assurance

Risk Specialist

Team

M_o_R® Process (1)

Image courtesy of the AXELOS Ltd.

M_o_R® Process is sequential

M_o_R® Process is based on process defined in UK HM Treasury - The Orange Book [2004]

Each M_o_R® Process exists in one Perspective - each M_o_R® Process is dedicated to specific organizational activity (programme, project, business as usual)

Each process step consists of:

Image courtesy of the AXELOS Ltd.

Communicate is not a separate step, communication is done as constant activity.

M_o_R® Process has 4 primary process steps. First 2 steps (Identify and Assess) have 2 substeps (Identify - Context, Identify - Risks and Assess - Estimate, Assess - Evaluate) ... yes it's quite bizzare, and for some unclear based on above image, but that's how M_o_R® Process is designed.

Common process bariers for success according to M_o_R®.

M_o_R® Techniques (27)

Techniques recommended and used in M_o_R®, but not M_o_R® specific

Stakeholder analysis (category)

PESTLE analysis

SWOT analysis

Horizon scanning

Probability impact grid

Checklists

Prompt list

Cause and effect diagrams

Group techniques (category)

Questionnaires

Individual interviews

Assumptions analysis

Constraints analysis

Risk descriptions

Probability assessment

Impact assessment

Proximity assessment

Expected value assessment

Summary risk profiles

Summary expected value assessment

Probabilistic risk models

Probability trees

Sensitivity analysis

Risk response planning

Cost-benefit analysis

Decision trees

Risk exposure trends

see Risk Techniques mind map (extending M_o_R®)

see also Risk Management Techniques in: IEC/FDIS 31010 Risk Management - Risk Assessment Techniques

M_o_R® Official publications

Copyright © AXELOS Limited.

Management of Risk: Guidance for Practitioners

Management of Risk Pocketbook

M_o_R® Perspectives (4)

Image courtesy of the AXELOS Ltd.

M_o_R® defines 4 Perspectives

Each organizational activity (programme, project) in each perspective has it's own M_o_R® Process

M_o_R® Related resources

The Orange Book - Management of Risk - Principles and Concepts [2004]

UK Corporate Governance Code [09.2012]

M_o_R® - process based standard and framework from UK (not methodology) for general (not industry specific e.g. IT or Engineering) corporate-wide / holistic Risk Management, yet (arguably) by some people M_o_R® is not considered to be an Enterprise Risk Management (ERM) standard. M_o_R® is one of the 12 recognized globally and practically proven management standards from AXELOS® Global Best Practice family of UK standards.

M_o_R® v1 was published in 05.2002.

M_o_R® v2 was published in 03.2006.

M_o_R® v3, newest version is from 12.2010.

How M_o_R® fits into AXELOS® Global Best Practices family of UK standards.

AXELOS® Global Best Practices family of standards from UK.

Since 2000 the Office of Government Commerce (OGC), former owner of PRINCE2® (and other Best Management Practices) has been the custodian of the portfolio on behalf of UKG. In June 2010 as a result of UKG reorganisation the Minister for the Cabinet Office announced that the PRINCE2® functions have moved into Cabinet Office.

M_o_R® consists of: 1 Framework, 8 Principles, 4 Perspectives, 1 Process (sequential with 4 main steps and 2 substeps), 6 Roles, 9 Documents, 27 Techniques.

Download: Best Management Practice - M_o_R 10 Years on presentation v0.3 [18.05.2012]

Download: M_o_R® - Processes vs Techniques Matrix

M_o_R® Framework (1)

Image courtesy of the AXELOS Ltd.

The M_o_R® Framework consists of 4 components:

M_o_R® Non-official publications

Risk Management Based on M_o_R: A Management Guide

M_o_R® Official resources

Copyright © AXELOS Limited.

M_o_R® sample exams, available online

M_o_R® examination syllabus

M_o_R® glossary

M_o_R® White Papers

M_o_R® website

Risk Specialism

Risk specialism means nothing more than risk management standards / norms / frameworks dedicated to specific domain (IT, environment, etc.), rather than generic risk management like M_o_R®

M_o_R® official Handbook mentions several risk management standards as listed below.

Business continuity management (BCM)

Incident and crisis management

Health and safety management

Security risk management

Financial risk management

Environmental risk management

Reputational risk management

Contract risk management

M_o_R® Risk Management Maturity Model (1)

Maturity Models are a valuable tool in enabling organizations to benchmark their current capability and maturity (in risk, quality, project, programme management - depending on maturity model), and for understanding how and where improvement may be achieved.

A format for benchmarking an organization’s current capability and maturity in risk management and how to improve areas to increase maturity levels

Provide a well-structured and detailed guide to facilitate the progressive incremental improvement in risk management practices.

A maturity model provides:

To maintain maturity, organisations will need to:

The M_o_R principles outline examples of where measurable organisational value would be expected as a result of implementing risk management and embedding a risk-based approach to decision-making into the organisational culture.

The use of maturity models is now widespread, with international adoption across multiple industries.

M_o_R® Risk Management Health Check (1)

The management of risk health check is a tool for checking the health of current risk management practices and for identifying areas where its application might be improved.

Health check presented in M_o_R® is only a starting point. It should be adopted and adapted to particular organization.

The health check is most useful when preparing and carrying out an organisation-wide assessment.

The health check assesses risk management practice.

The health check might prove useful:

May be used for:

Each health check will occur using the following steps:

M_o_R® Risk Response Options (8)

for Threats (-)

for Opportunities (+)

for Threats & Opportunities

Effect of responses

Basic risk definitions (according to AXELOS®)

Portfolios / Programme / Project Management

Project / Programme / Portfolios

Risk Capacity, Tolerance, Appetite

Risk:

Risk Exposure

Output, Capability, Outcome, Benefits

Interactive M_o_R® Glossary

Interactive M_o_R® Glossary

M_o_R® Foundation exam prep questions

http://miroslawdabrowski.com/downloads/M_o_R/Exam%20prep%20questions/

3rd party

This freeware, non-commercial mind map (aligned with the newest version of M_o_R®) was carefully hand crafted with passion and love for learning and constant improvement as well for promotion the standard and framework M_o_R® and as a learning tool for candidates wanting to gain M_o_R® qualification. (please share, like and give feedback - your feedback and comments are my main motivation for further elaboration. THX!)

Questions / issues / errors? What do you think about my work? Your comments are highly appreciated. Please don't hesitate to contact me for :-) Mirosław Dąbrowski, Poland/Warsaw.