Getting the risk basics right, 24 November 2016

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Posted by Catherine Bendell on 8th Dec 2016

In summary: a dynamic presentation was given at the SWWE event that really addressed not just risk management but the importance of enterprise risk management and how this might look within the Rolls Royce (RR) business.

Coupled with industry examples and details around the governance behind risk management- it was an insightful presentation, summary of contents/key points below:

  • A brief overview of what RR is all about.
  • Explanation of what is risk and why is it important, conclusion is that risk helps us have control/management over uncertainty.
  • Some examples given to help demonstrate why risk management is so important and the impact not having effective risk management can have on a company’s revenue amongst other benefits.
  • An overview of how risk is managed within RR; plan, identify, assess, treat, review and close.
  • Detailed overview of each step and what activities are involved including an example PID.

Risk management is continually evolving, but is a vital tool to ensuring that potential uncertainties can be addressed and predicted before impact on reputation, revenue and cost.

The talk helped flushed out the key points around risk management and gave an overview into how a large corporation like RR looks to address risk. 

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