Is it worth the risk?

While much of risk management is qualitative and labour intensive, automated assistance is possible using a Risk Register to keep track of risks and their treatments.

FOR IMMEDIATE RELEASE: April 24, 2003. How often do we say "its worth the risk" yet never really determine the worth -- or the risk? Maybe its okay when you are trying to beat the traffic lights, but not acceptable for business continuity planning and business risk analysis.

INCOM, has released Risk Register, a software package that manages risks and risk treatments following the worlds leading risk management standard AS/NZS 4360. While it is often said that the hard part is to identify risks and correctly assess them, experience has shown that analysis of cost effectiveness and ongoing management of risk treatments (risk mitigation) is a complex issue. People may be good at assessing risks, but not necessarily effective at remembering to review them at a later date, or follow up on effectiveness of risk treatments.

David Watson, the Managing Director of Incom says that the most important criterion in evaluating risk management systems has typically been their ability to help assess risks, that is, in estimating the likelihood and consequences of any number of impacting events. However, in todays volatile security and financial environment, risk management systems must take on a wider role of risk and treatment management rather than merely risk assessment.

The system scope must include risk treatments, cost effectiveness, monitoring and tracking. These functions can be the most complex and labour intensive for risk personnel, and the most costly for organisations. Also, it is now realised that risk management is everyones responsibility, so risk management systems must be available to most employees over the Intranet using the latest office automation techniques.

During 2002, Incom was contracted to provide analysis and design of IT systems to support delivery of security to Athens Olympic Games, 2004. Working with Intelligent Risks, whose CEO Neil Fergus headed up the Sydney 2000 Olympic Intelligence Centre, the team advised Greek police on IT applications and systems necessary to help manage security and to interface with coast guard, fire department, and the national security agency. The applications supported proactive intelligence activities, risk management and incident management.

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