We help clients achieve extraordinary risk-management performance
Middle East Business Consulting offers customized, innovative solutions across a comprehensive range of insurable and non-insurable risks. . Its mission is to benefit our clients and the public through research, education, exchange of information through, networking, and the promotion of professional and ethical guidelines .Our seasoned consultants provide the specialized expertise required by today’s organizations to effectively manage risk, meet business objectives, realize opportunities, and be successful.The practical application of Risk Management is a key element in the success of any project. The Project Risk Management process should form part of the project management routine at all stages of the Project Life-Cycle.All too often though the application of Risk Management can fall by the wayside somewhat during the implementation phase of a project once the Project Team gets into the fast pace of the implementation phase, dealing with all the day to day issues that need to be resolved
A simple way of looking at a generic Risk Management process, is to split it into 4 key activities:
Objective Setting- Set the objectives for the Risk Management process to be used and align them with the overall objectives for undertaking the project – the criteria for success. Risk Registers are practical ways for logging identified risks so they may be managed effectively through the project risk management process.
Risk Analysis- Identify foreseeable risks and seek to understand the type of risk – is it commercial, health & safety related, operational etc. For all risks identified, understand the likelihood and impact as well as any cause and effect relationships between risks.
Action- formulate methods and actions to reduce or eliminate identified risks in a structured and manageable way to enable continuous control of risk and uncertainty. Specific response actions may include the transfer, mitigation, allocation or acceptance of identified risks.
Monitoring- throughout the whole Project Life-Cycle, the level of risk facing the project should be measured in some way, as well as a measuring the effectiveness in responding to identified risks.