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Management of Risk (M_o_R™) 3 Foundation

Length 3 days
Version 3rd Edition
Inclusions Exam voucher

Course overview

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Why study this course

» This Foundation course usually runs consecutively with M_o_R Practitioner as a five-day Combined course at a reduced price.

The M_o_R Guide is intended to help organisations put in place an effective framework for risk management. This will help them make informed decisions about the risks that affect strategic, programme, project, and operational objectives.

The guide provides a route map for risk management, bringing together basic concepts, an approach, a process with a set of interrelated process steps, and pointers to more detailed sources of advice on risk management techniques and specialisms. It also provides advice on how the principles, approach, and processes should be embedded, reviewed, and applied differently depending on the nature of the objectives at risk.

M_o_R defines risk as “an uncertain event or set of events which, should it occur, will have an effect on the achievement of objectives. A risk consists of a combination of the probability of a perceived threat or opportunity occurring and the magnitude of its impact on objectives”. Within this definition ‘threat’ describes an uncertain event that could have a negative impact; and ‘opportunity’ describes an uncertain event that could have a favourable impact.

M_o_R employs a best practice approach to managing opportunities and risks, providing a structured framework for risk management. Its aim is to help organisations to achieve their objectives by first identifying the risks and then choosing the right response to the threats and opportunities that are created by uncertainty.

The key features of Management of Risk training include:

A standard reference for risk management
A framework of best practice principles and concepts drawn from latest experiences and proven practice in risk management
A certification exam to demonstrate knowledge and understanding of the content and application of M_o_R
Compatibility with ISO 31000

These elements can be summed up by the statement that the “adoption of well managed risk-taking is likely to lead to sustainable improvements in service delivery”.

Organisations need to have in place the skills, management structures, and organisational structures to take advantage of potential opportunities to perform better and to reduce the possibility of failure.

Included with this course is a copy of the official publication, Management of Risk: Guidance for Practitioners.

Examination

This course pricing includes a voucher for the Management of Risk Foundation Exam, which is an online proctored exam through PeopleCert. Practice exam papers are provided in the course, and reviewed to assist in preparation.

The exam is:

60 minutes duration
75 multiple-choice questions
Pass mark is 49 out of 75 (i.e. 65%)
Closed book

After passing the exam, each student’s certificate will be made available to them via PeopleCert.

It is highly recommended that you spend some time each evening of this course reviewing and consolidating what you’ve learned, to be well prepared for the exam.

Aligns to certification

Management of Risk (M_o_R™) Certification

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What you’ll learn

To provide participants with an understanding of the benefits and principles underlying a structured approach to the assessment and management of risks at an organisational, portfolio, programme or project level.

To furthermore:

Apply the principles of M_o_R within a work environment
Communicate effectively with colleagues and managers within a structured risk environment

M_o_R is under constant review so that the most practical and intelligent approaches to risk management can be applied to the current realities of operations, planning, and strategy.

PeopleCert at Lumify Work

Lumify Work is an Accredited Training Organisation with Gold status for PeopleCert courses and certifications including PRINCE2, ITIL, MSP, AgileSHIFT, MoP, and P3O. PeopleCert is one of the leading players in the global certification industry, partnering with multi-national organisations and government bodies for the development and management of globally recognised certification schemes.

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Who is the course for?

Portfolio Managers
Programme Managers
Project Managers
Senior Executives
Portfolio, Programme and Project Management Support Office Staff
Operations Managers
Audit and Risk Managers

Course subjects

This Management of Risk course will cover the following syllabus areas:

IG – Introduction and Glossary
PI – Principles
AP – Approach
PR – Process
ER – Embedding and Review
PE – Perspectives
CT – Common Techniques
RS – Risk Specialisms
Identify Risks
Assess and Evaluate/Estimate Risks
Plan Risk Mitigation
Implement Risk Mitigation
Risk Management Policy, Process Guide and Strategies

Introduction

Introducing basic concepts and terms
The history, regulatory, and legislative background of corporate governance and management of risk
How it works, where and when it is important
How different levels, perspectives, roles, and responsibilities can be considered to form a coherent approach

The Management of Risk Principles

The universal, self-validating, and empowering principles of Management of Risk - essential for the development of good risk management practice
The principles are informed by corporate governance principles and ISO31000:2009

The Management of Risk Perspectives

The way in which Management of Risk is applied will vary according to the organisational perspective. This session explains how this will be achieved for the Strategic, Programme, Project, and Operational perspectives.

Roles and Responsibilities

This session explains the responsibilities for Management of Risk through the perspectives

Embed and Review, Health-Check, and Maturity Model

Having explained the need for and approach to integration of Management of Risk into the culture of the organisation, this session then explains the use of the Health-check to establish the current status of Management of Risk and the Maturity Model to help deliver the Facilitates Continual Improvement principle

The Management of Risk Approach

This session explains the documentation required to support successful Management of Risk and discusses how this might be tuned to specific organisational needs

The Management of Risk Process and Techniques

This session will cover the Management of Risk process steps of Identify, Assess, Plan, and Implement in detail
Recommended techniques to support each step are discussed and demonstrated

Management of Risk Specialisms

This session will provide introductions to some risk management specialisms. For example: Business Continuity, Incident and Crisis Management, Health and Safety Management, Security Risk Management, Financial Risk Management, Environmental Risk Management, Reputational Risk Management, and Contract Risk Management.

Prerequisites

This course has no prerequisites, however the following would be an advantage:

Experience of working in organisational, programme, project, or operational risk management environment
Previous training and development in some type of organisational, programme, or project management risk management

Industry Association Recognition

Project Management Institute (PMI®)

Contact hours: 21 hours
Professional Development Units (PDUs): 21 PDUs

Australian Institute of Project Management (AIPM®)

Continual Professional Development (CPD) points: 10 points

PeopleCert Exams

All PeopleCert exams are now conducted via online proctoring, with an improved web-based platform released in February 2024. Candidates can schedule their exam for any time within the voucher validity period of 12 months, to be taken anywhere, on any Windows or Mac computer. Live proctors will guide and invigilate the exam process. For full details please see PeopleCert's Guidelines for Web-Based Exam Driver.

To comply with PeopleCert requirements, Lumify Work cannot provide PeopleCert training courses (AgileSHIFT®, ITIL®, Lean Six Sigma, MoP™, M_o_R™, MSP®, P3O®, PRINCE2®, and PRINCE2 Agile®) without the corresponding official exam.

Terms & Conditions

The supply of this course by Lumify Work is governed by the booking terms and conditions. Please read the terms and conditions carefully before enrolling in this course, as enrolment in the course is conditional on acceptance of these terms and conditions.