Consultancy - Typical Engagements

IRIS has helped to manage risks in a vast array of public and private sector organisations, from large multinationals in the S&P 500 through to locally based SMEs.

Our assignments are, of course, always tailored to specific client needs. However, we set out below some of the assignments we find clients regularly need help with:

Organisational Risk Assessment (ORA)

Companies and public sector organisations ask IRIS to carry out an ORA to assess the overall risks impacting the organisation. We assess factors such as the nature of the industry, the company’s own competitive position, management strengths and weaknesses, emerging trends and the effectiveness of the project portfolio (see below) in order to determine the overall risk exposure of the organisation.

Risk Maturity Analysis (RMA)

Simply put, an RMA assesses the possibility that the organisation’s risk management itself is poor. We assess the current state of the organisation’s risk management capability in terms of its core processes, organisational and decision-making structures, people, tools and overall culture. These are then assessed in the light of the organisation’s target maturity model and specific actions are drawn up and implemented to address the gaps.

Programme / Portfolio Analysis

Under this type of engagement, our team will assess the key risks facing a Programme, using similar techniques to those outlined in an ORA. We also assess the appropriateness of key Programme assumptions and the extent to which the Programme fulfils the key strategic objectives of the organisation.

Under a portfolio analysis, our consultants will look at the risks to the project portfolio as a whole, including poor alignment, duplication, omission or conflict of the projects. Again, once gaps are identified, a structured set of actions are developed to address them

Cost-Benefit Analysis

Using the Expert Edition of our software product, we are able to rapidly understand and quantify the financial benefits of implementing risk mitigating actions in terms of the reduction in risk exposure that they will deliver. Running the Monte Carlo simulation embedded within the tool, IRIS immediately generates 1000+ iterations of the scenario and calculates risk exposure.

Organisations determine the level of statistical confidence they require and the overall risk exposure for the organisation, programme, department or project can be determined. Using results before and after mitigation activity, we can instantly determine whether the costs of implementing risk mitigation are justified by the reduction in risk exposure

This Monte Carlo Simulation enables organisations to develop more of an understanding of their risk exposure in a variety of ways, including:

Budget Analysis: Organisations can prioritise their risk management activity according to the Risk Reduction Ratio (RRR) to ensure that they get the most “bang for their buck” based on a limited budget. Alternatively, mitigating actions can be prioritised according to Absolute Risk Exposure Reduction (ARER)

Scenario Analysis: Organisations can flex the Monte Carlo model to allow for various scenarios, such as mutually exclusive risks, mutually dependent risks etc.

Critical Path Analysis: Using the simulation in conjunction with the project plan, organisations can understand which areas of the project or programme are most critical in terms of the critical path and focus attention accordingly

Read More : Click here to view some of our previous engagements»