MoR

Management of Risk

A framework developed by the UK government’s Office of Government Commerce (OGC) for managing risks in organizations. It provides a structured approach to identifying, assessing, and controlling risks at strategic, program, project, and operational levels. Key concepts in MoR:

1. Risk: An uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives. Risks can be threats (negative effects) or opportunities (positive effects).
2. Risk Management Process: MoR defines a four-step process for managing risks: Identify, Assess, Plan, and Implement.
3. Risk Register: A central repository for capturing and recording information about identified risks, including their description, impact, likelihood, ownership, and mitigation plans.
4. Risk Appetite: The level of risk an organization is willing to accept in pursuit of its objectives. It helps guide decision-making and resource allocation.
5. Risk Tolerance: The specific levels of risk an organization is willing to accept for individual risks or categories of risks.
6. Risk Maturity: The extent to which an organization has embedded risk management practices into its culture and processes. MoR provides a Risk Maturity Model to assess an organization’s current level of risk management capability.
7. Risk Governance: The structures, roles, and responsibilities for overseeing and managing risks within an organization, including risk ownership, escalation, and reporting.

MoR is designed to be compatible with other OGC best practice frameworks, such as PRINCE2 for project management and MSP for program management. It can be applied across various industries and sectors and at different organizational levels.

Benefits of using MoR:

• Provides a consistent and structured approach to managing risks
• Improves decision-making by considering risks and opportunities
• Enhances the likelihood of achieving organizational objectives
• Facilitates effective allocation of resources based on risk priorities
• Promotes a proactive and preventive approach to risk management
• Supports compliance with legal and regulatory requirements
• Improves stakeholder confidence and trust in the organization

MoR certifications are available at different levels (Foundation and Practitioner) for individuals who want to demonstrate their knowledge and understanding of the framework.

While MoR was developed by the UK government, it has been widely adopted by organizations in the public and private sectors worldwide as a best practice approach to managing risks effectively.

• Abbreviation: MoR