Aims and objectives
Innovation, opportunity, risk and value management studies are about programme reviews undertaken by teams comprising experts and stakeholders using a range of tools, particularly methods that focus on functions, strategies, cost and budget.
Value, Opportunity and Innovation are:
- Philosophy - A philosophy to managing strategies, programmes, processes and projects focused on a holistic view of balancing performance and resource needs
- Tools - A set of tools and techniques applied by qualified practitioners aimed at performance improvement and benefits realisation
- Inclusion and Collaboration - An approach to managing which is inclusive and takes account of stakeholder needs and helps those stakeholders make informed investment decisions
- Functional - An approach which focuses on functional performance as a way of describing process or project benefits capable of making complexity simple and invaluable
- Non Tangible Performance Factors - Good at capturing non tangible as well as tangible project benefits, such as sustainability, durability and maintainability considerations
- Purely focused on cost cutting
- Limited to projects or construction
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Resources and Downloads
Operational Risk Review Report (pdf 129kb)
The group seeks to develop and share knowledge within its focus areas and since its origin the group has undertaken a number of projects as a means to deliver this goal. The most recent project undertaken has been to look at ‘Opportunity risk’ on the basis of the following three challenges:
- Identify current practices in ‘opportunity risk management’.
- Consider the benefits in following a new ‘opportunity risk’ approach.
- Share practical examples of ‘opportunity risk’ in action.
‘Opportunity Risk’ – a definition
Opportunity risk management enables an organisation to use its risk management framework to actively manage upside risks, in addition to the more traditional focus on downside risks. This involves: (a) the identification of upside / opportunity risks, (b) identifying / determining what will enable these upside risks, and (c) ensuring they are in place and effective.
Exploring the management of ‘Opportunity Risk’
The group obtained a balanced view of how ‘opportunity risk’ is being managed by talking to 27 organisations – either directly in interviews or using a workshop format. The scope of the exercise was to provide answers to four questions:
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Why implement the change to an ‘Opportunity Risk’ approach?
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How do you deliver ‘Opportunity Risk’ in practice?
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What is the change process?
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What are the benefits and measures of ‘Opportunity Risk’ management?
This review has been compiled by :
Mark Boult – DNV
Andrew Bye - Regis Mutual Management Limited
Louis Cooper -Horwath Clark Whitehill LLP
Bill Mitchell – The Carbon Trust
Clive Thompson –Willis Limited
Nicolas Vioix – Westfield Shoppingtown Limited
2008 report (pdf 1.8Mb)
Presentation by Dr Nigel Standing (pdf - 702kb) from the meeting on 8 April 2008
Presentation by Professor Steve Male (pdf - 164kb) from the meeting on 8 April 2008
A presentation by David Hillson (pdf - 243kb)
- Risk and Innovation: A cause of tension identifying and understanding the internal factors which influence risk taking in NHS organisations
A dissertation report by Mark Boult (pdf - 673kb)
Recent Meetings
| Date |
Meeting topic |
Size |
| 15 June 2010 |
Communicating risk: A view from a practising risk manager supported by academic research into how to get the message across |
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| 21 April 2010 |
SIG members led a workshop at the IRM Professional Development Forum on the subject of 'The credit crunch was foreseable: risk management is no longer a creditable business tool'
- Did risk management failure cause the financial crisis?
- What organisations have weathered the crisis well and what was their risk framework?
- Opportunities from the recession for risk managers?
Presentations to follow |
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| 03 June 2009 |
Meeting summary
Meeting slides
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| 11 May 2009 |
Minutes |
(pdf 20kb) |
| 30 April 2009 |
Minutes |
(pdf 16kb) |
| 17 March 2009 |
Minutes |
(pdf 41kb) |
| 05 March 2009 |
Minutes |
(pdf - 21kb) |
| 10 February 2009 |
Minutes |
(pdf - 24kb) |
| 10 December 2008 |
Incorporating Opportunity into ERM
Processes |
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| 19 June 2008 |
Corruption, Fraud and Risk Management seminar |
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| 5 June 2008 |
Core meeting of SIG Project 2007 and 2008 review |
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| 22 April 2008 |
Minutes |
(pdf - 39kb) |
| 27 February 2008 |
Minutes |
(pdf - 41kb) |
| 28 and 31 Jaunuary 2008 |
Meeting Summary |
(pdf - 30kb) |
| 31 January 2008 |
Integrating Risk and LEAN Risk and Opportunity |
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| 28 January 2008 |
Minutes |
(pdf - 30kb) |
| 14 December 2007 |
Minutes |
(pdf - 28kb) |
| 11 October 2007 |
Minutes |
(pdf - 35kb) |
| 29 August 2007 |
Preparation for the September IRM Risk Forum Session |
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| 15 August 2007 |
Feedback on questionnaire |
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| 22 June 2007 |
Opportunity and Risk Management |
(pdf - 51kb) |
| 19 April 2007 |
Open meeting to set upcoming events |
(pdf -147kb) |
| 22 February 2007 |
Risk Management Principles and
the Lean Methodology |
(pdf - 74kb) |
| 19 January 2007 |
Open meeting to set upcoming events |
(pdf - 162kb) |
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