RICO
Risk In Complex Operations
Risk Management Tools
Simplifying risk management
Providing risk management tools for better and simpler risk management.
Risk Education
Teaching through examples
We post examples of projects with different risk scenarios and analyse what went wrong.
Read the latest RICO post
Risk communication
Risk communication, a specialised branch within communication, is as important as risk governance. If you can’t communicate risk within the organisation, how do you expect to handle risk?
Why we are not very good at risk assessment
Intro People, or at least most people, are not objective in their decision making. We rely on our intuition to make decisions easier for us. Emotion, is one bias we rely on to make decisions easier. Past experience, is another. Intuition is not a bad thing, it has enabled us to survive on this world …
Risk governance
Risk governance is not as much a tool as a way of running an organisation (risk wise). Risk governance should already be a thing in every organisation and if it isn’t in yours, the read this post…
Risk Management
It does not have to be time consuming, complicated and expensive.
But unfortunately it is most of the time… Especially in complex projects!
That is why we use risk management tools!
In risk management there is a number of tools, or methods, one can use to identify, rate and mitigate risk. These methods are a combination of simple and inexpensive ones, such as a brainstorming exercise. To the more complicated, expensive and time consuming ones, such as organisational risk governance and organisational risk communication.
Read about the risk management tools
Risk communication
Risk communication, a specialised branch within communication, is as important as risk governance. If you can’t communicate risk within the organisation, how do you expect to handle risk?
Risk governance
Risk governance is not as much a tool as a way of running an organisation (risk wise). Risk governance should already be a thing in every organisation and if it isn’t in yours, the read this post…
SWOT analysis
Most project managers know this tool. But it can be used to manage risk as well as the standard project management use. Read more to find out how…
Bow-Tie Diagram
Used extensively by the Maersk organisation, this tool is a powerful one if used correctly. It can be difficult to grasp but is quite logical once understood. Read more to find out…
Capacity assessment
Does your organisation have the capacity to handle unforeseen risk or even disasters? Are you preventive or reactive when it comes to risk management? Read more to find out…
The wonderful risk matrix
The risk matrix is the crème de la crème of risk management and specifically, rating risk(s). This tool is useful for all types of cases whether travel safety, chemical safety or something entirely different.
Scenario risk analysis
A scenario risk analysis is almost just a brainstorm on steroid… But it has some advantages. It focuses on ONE scenario with however many details you want in that scenario.
Brainstorming risk
A brainstorm is a well known technique for generating ideas. This fact can be exploited for benefits in the risk management sector. As even a risk manager needs ideas for how to handle risk…
Educational Examples
With educational examples, our goal is to present the reader with situations or projects where a risk became an incident. By analysing what went wrong and what should have been done, we can hopefully provide valuable knowledge to the reader.
What went wrong
In these educational examples we present a case where a specific project or part of the projects have gone wrong. We try to examine where the “point-of-no-return” is (i.e., where the risk became an incident).
What should have been done
Then, when we know where the project went wrong, we will go back in time before the “point-of-no-return” and see what could have been done differently to avoid the risk becoming an incident.
What can we learn
By doing so, we can provide valuable knowledge and “experience” to, hopefully, get your critical thinking going, so you can avoid the same incidents in your projects!
Read about our risk education content
Why we are not very good at risk assessment
Intro People, or at least most people, are not objective in their decision making. We rely on our intuition to make decisions easier for us. Emotion, is one bias we rely on to make decisions easier. Past experience, is another. Intuition is not a bad thing, it has enabled us to survive on this world …
Subjective risk perception
We promised a dive into subjective risk perception, on our LinkedIn. This is it. How does subjective risk perception affect cooperation and what are some methods to hopefully combat the negative effects of this theory.
Where is my Bulldozer?!
This case study – which is said to be true – is about a project manager, hired by a mining company to build a 3-mile road to the mining site. Upon completing stage 1, the company wants to celebrate. Not with a scissor and ribbon no, with bulldozer and ribbon…
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