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The University of Southampton
Centre for Risk Research

New risk management guide from the Centre for Risk Research

Published: 3 August 2016
CRR Risk Management Guide
Cover of the new guide

The CRR has published a guidance document called “Directing risk management in organizations” to support company directors and others who oversee the development of risk management in organizations.

The new guide draws on the Centre’s past work contributing to standards and guides, and on its research and consulting experience. It is now freely available from the Centre’s website.

Professor Johnnie Johnson, Director of the Centre for Risk Research, explained “I like to say that uncertainty makes the impossible, possible. Effective risk management aims to secure opportunities that uncertainty affords. Risk management isn’t just a bureaucratic process. It’s more a theme that links a wide range of improvements in organizations.”

The advice in the guide reflects this open and inclusive philosophy. Instead of prescribing a particular administrative process, it provides practical criteria that directors can apply at their level to evaluate the overall scope of risk management development initiatives in their organizations, and the approach taken by each individual initiative.

The criteria focus on common weaknesses and go beyond the issues usually covered by regulations on risk management. The overall aim is to replace low-impact, bureaucratic initiatives with focused, high-impact initiatives selected from a much wider range of possibilities, fuelled by expertise and creative ideas, but objectively evaluated and guided by evidence as it emerges.

Another strong theme in the guide is its candid description of the current state of risk management advice. Professor Chris Chapman said “I felt very strongly that we had to be honest with readers about the fact that there are deep controversies in risk management and that very little guidance today is truly evidence-based. People who oversee risk management have a vital role in being sceptical and pushing for initiatives that make practical sense, not just initiatives that copy typical practice.”

The advice in “Directing risk management in organizations” is illustrated by examples, some based on work by CRR members, on projects ranging from machine-learning applied to city trading decisions through to mission planning for Autosub3, an Autonomous Underwater Vehicle.

A free copy of the new risk management guidance document can be downloaded below:

 

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