The Institute of Risk Management - Innovation, Value Creation and Opportunity

This recession is the most serious economic downturn we have seen in generations and it has impacts on different sectors and in different regions. We, in the Special Interest Group of the Institute, felt it was important for anyone interested in risk to have a place to go for advice and information on the innovation and opportunities in risk management that this recession will bring about . We encourage both members and non-members to visit the new area of the website and share their experiences.

All the members of the Group are committed to ensuring members get regular feedback to maximise the benefit that this initiative can deliver. This is an exciting development which we are convinced will help those in the risk management community drive innovation, value creation and opportunity.

Andy Bye, Chairman Special Interest Group, Innovation, Value Creation and Opportunity.

Click here or follow the links on the left for more information.

Meetings:

	To be confirmed
Date:
Time:
Venue:
Detail:
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As with all IRM Special Interest Groups, there is no charge to attend and meetings are open to all – members and non-members alike.

Group contact details

Chairman - Andrew Bye at abye.sigirm1@ntlworld.com

Secretary - Bill Mitchell at secretary.ivco.sig@live.co.uk

Aims and objectives

Innovation, opportunity, risk and value management studies are about programme reviews undertaken by teams comprising experts and stakeholders using a range of tools, particularly methods that focus on functions, strategies, cost and budget.

Value, Opportunity and Innovation are:

Philosophy - A philosophy to managing strategies, programmes, processes and projects focused on a holistic view of balancing performance and resource needs
Tools - A set of tools and techniques applied by qualified practitioners aimed at performance improvement and benefits realisation
Inclusion and Collaboration - An approach to managing which is inclusive and takes account of stakeholder needs and helps those stakeholders make informed investment decisions
Functional - An approach which focuses on functional performance as a way of describing process or project benefits capable of making complexity simple and invaluable
Non Tangible Performance Factors - Good at capturing non tangible as well as tangible project benefits, such as sustainability, durability and maintainability considerations
Purely focused on cost cutting
Limited to projects or construction

Downloads

The Holy Grail? Threats + opportunities = enterprise risk management

Operational Risk Review Report (pdf 129kb)

The group seeks to develop and share knowledge within its focus areas and since its origin the group has undertaken a number of projects as a means to deliver this goal. The most recent project undertaken has been to look at ‘Opportunity risk’ on the basis of the following three challenges:

Identify current practices in ‘opportunity risk management’.

Consider the benefits in following a new ‘opportunity risk’ approach.

Share practical examples of ‘opportunity risk’ in action.

‘Opportunity Risk’ – a definition

Opportunity risk management enables an organisation to use its risk management framework to actively manage upside risks, in addition to the more traditional focus on downside risks. This involves: (a) the identification of upside / opportunity risks, (b) identifying / determining what will enable these upside risks, and (c) ensuring they are in place and effective.

Exploring the management of ‘Opportunity Risk’

The group obtained a balanced view of how ‘opportunity risk’ is being managed by talking to 27 organisations – either directly in interviews or using a workshop format. The scope of the exercise was to provide answers to four questions:

Why implement the change to an ‘Opportunity Risk’ approach?

How do you deliver ‘Opportunity Risk’ in practice?

What is the change process?

What are the benefits and measures of ‘Opportunity Risk’ management?

This review has been compiled by :
Mark Boult – DNV
Andrew Bye - Regis Mutual Management Limited
Louis Cooper -Horwath Clark Whitehill LLP
Bill Mitchell – The Carbon Trust
Clive Thompson –Willis Limited
Nicolas Vioix – Westfield Shoppingtown Limited

Risk Management Survey

2008 report (pdf 1.8Mb)

Application of Value and Risk Management in Programmes and Projects

Presentation by Dr Nigel Standing (pdf - 702kb) from the meeting on 8 April 2008

Integration of Risk and Value Management

Presentation by Professor Steve Male (pdf - 164kb) from the meeting on 8 April 2008

Extending the Risk Process to Manage Opportunities

A presentation by David Hillson (pdf - 243kb)

Scope and focus of activities (pdf - 41kb)

Risk and Innovation: A cause of tension identifying and understanding the internal factors which influence risk taking in NHS organisations

A dissertation report by Mark Boult (pdf - 673kb)

Minutes

Date	Meeting topic	Size
03 June 2009	Meeting summary Meeting slides
11 May 2009	Minutes	(pdf 20kb)
30 April 2009	Minutes	(pdf 16kb)
17 March 2009	Minutes	(pdf 41kb)
05 March 2009	Minutes	(pdf - 21kb)
10 February 2009	Minutes	(pdf - 24kb)
10 December 2008	Incorporating Opportunity into ERM Processes
19 June 2008	Corruption, Fraud and Risk Management seminar
5 June 2008	Core meeting of SIG Project 2007 and 2008 review
22 April 2008	Minutes	(pdf - 39kb)
27 February 2008	Minutes	(pdf - 41kb)
28 and 31 Jaunuary 2008	Meeting Summary	(pdf - 30kb)
31 January 2008	Integrating Risk and LEAN Risk and Opportunity
28 January 2008	Minutes	(pdf - 30kb)
14 December 2007	Minutes	(pdf - 28kb)
11 October 2007	Minutes	(pdf - 35kb)
29 August 2007	Preparation for the September IRM Risk Forum Session
15 August 2007	Feedback on questionnaire
22 June 2007	Opportunity and Risk Management	(pdf - 51kb)
19 April 2007	Open meeting to set upcoming events	(pdf -147kb)
22 February 2007	Risk Management Principles and the Lean Methodology	(pdf - 74kb)
19 January 2007	Open meeting to set upcoming events	(pdf - 162kb)