- The Riskwell Way
Business research consistently shows that the decision and risk management (DRM) practices used by many organisations are inadequate to deal with today’s threats and challenges.
The organisations making the right decisions are those whose leadership realises ad-hoc, biased and siloed approaches no longer work. Making better decisions today requires a systematic approach to improving the quality and consistency of decision making. This, in turn, provides organisations with a competitive advantage for future performance and sustainability.
The Riskwell Way is a tried and tested approach for making better decisions. It incorporates the above best practices in a structured, repeatable and easily adopter manner. This is achieved through the combination of a proven DRM process that is supported by an industry-leading software toolset.
Each of the Riskwell tools is designed to be impactful and can be used in isolation to achieve great results. However, it is their combination, coupled with our Riskwell DRM process, that truly provides organisational and programme-wide benefits.
The Riskwell Way is designed for collaboration, maximising data-integrity and leading-edge decision-making. It is supported by Riskwell’s DRM training and transformation consulting services.
Better Decisions: Better Outcomes TM
The Riskwell Way decision and risk management methodology delivers project success and improved performance in the three key areas of cost management, schedule delivery and ensuring quality. Contact us to learn how your projects and organisation could benefit from the Riskwell Way.
- The Riskwell Way
As projects become more complex, their likelihood of failure increases. The Riskwell Way has proven benefits that can help you make a step change in your organisation’s performance.
1. Achieving higher performance and value
2. Making better decisions
3. Achieving enhanced alignment across teams
4. Gaining a better understanding of risks at all levels
5. Reducing ongoing risk management costs
6. Lowering insurance costs
Even when you have a risk policy, standards, processes and systems in place, things can still go wrong. Poor Leadership and culture can lead to poor application. Riskwell has identified the ‘eight deadly sins’ of decision and risk management.
The Eight Deadly Sins of Decision and Risk Management
1. Risks are not fully identified
2. Risks are not linked to business objectives
3. Controls in place are identified but not verified or audited
4. Actions are identified but not implemented effectively
5. Post-mitigated profiles for final investment decisions (FID) are unrealistic
6. Poor attention to detail in the analysis, results and communications
7. Risk scenarios are not reflected in the economic analysis
8. Lack of insight, ineffective governance and poor performance management
The Riskwell Way recognises these failures and provides the components required to avoid them.
Riskwell’s proven approach to making decisions will help your organisation outperform its peers.
The Riskwell DRM process sets out eight processes that improve decision making and outcomes:
Centred around our risk management tool Protect, Riskwell has designed an ecosystem of eight software tools devised to help you meet the requirements of good decision making, to avoid the deadly sins and that follow Riskwell’s DRM methodology.
Following Riskwell Protect’s successful release, Riskwell is now developing the remaining tools in our DRM ecosystem. Contact us for more product specification and launch information.
Making decisions the Riskwell Way is not just about implementing tools or altering processes. It might require a transformation of your organisational culture, leadership, skills and structure, leading to an evolution of your organisation itself. Our transformation consulting looks at the changes required within an organisation to embed Riskwell methods and tools successfully into your daily operations.
We initially perform an in-depth analysis of existing processes, tools and data in the organisation. However, to maximise buy-in and to ensure that the changes identified will last, our greater focus is on the organisation’s people and culture. This starts with top level management, who are best placed to ensure that DRM is properly integrated into all organisational activities and governance.
Riskwell Transformation Themes:
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Make better decisions by bringing risk to the forefront of your decision-making process
