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Effective Risk Management
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"In developing the IRIS software product, Istria have successfully managed to integrate our leading-edge quantitative techniques within an extremely intuitive and user friendly application. With IRIS’s qualitative risk matrices, customers now get the best of both worlds"

Chris Marlow, European Sales Director, Palisade Europe

"IRIS risk mangement software helped us to derive major financial and performance improvements. The combination of quantitative and qualitative functionality provides robust decision support and the ability to navigate through complex scenarios"

Mehender Rawat, Programme Manager, London Underground

"WFI searched for a risk management support tool for many years. With IRIS, we have finally found a product we can introduce to our clients and ensure they manage their risks effectively"

Michel Sabatier, Head of Consulting, WFI

"Recent research indicates over 70% of programmes are late, over budget or ineffective. Organisations employing effective risk management have reduced this failure rate significantly and gained a significant competitive advantage"

Colin Wheeler, Istria Technical Director and PMI Risk Liaison

"The IRIS software tool provides us with a rigorous methodology and our clients are able to generate a competitive advantage through risk management"

Mark Cook, Managing Director, Persides Ltd

Istria - Risk Management Overview

Risk Management has become a hot topic in recent years. Various high profile corporate failures (Barings, WorldCom, Enron etc) were caused by the failure of these companies to identify, assess and effectively control the risks these organisations faced.

Stop Risk - Risk Management from Istria

At the same time, more and more companies have found that large-scale change programmes have consistently failed to deliver the expected benefits identified in the business case. Budget over-runs are commonplace and the inability of projects to deliver on time has almost become the norm.

Project failures can lead to problems ranging from stock-outs to lost contracts through to the need for disaster recovery actions. Only a few of these failures make the headlines, but the cost is always felt.

The common factor running through these examples is the failure of organisations to manage risk effectively. By investing a little time and effort, however, organisations are able to identify risks at the outset and implement mitigation strategies to reduce the probability of the adverse event occurring, or the size of impact should it occur.

Risks occur at every level of the organisation. As a result, risks should be managed at:

  • Strategic / Corporate level
  • Department / Divisional Level
  • Portfolio Level
  • Programme Level
  • Project Level

Risk types are normally determined according to a common "risk language" or "risk glossary". While general principles can be transferred, the risk language is likely to be flexed from one organisation to another to reflect the environment in which they operate.

Typical risk types may be:

  • Strategic Risk
  • Operational Risk
  • Legal / Regulatory Risk
  • Credit Risk
  • Market Risk

Read More : Click here to view the Benefits of Risk Management»