Five C’s
Risk Doctor Briefing
SERIES ARTICLE
Dr David Hillson, PMI Fellow, HonFAPM, FIRM
The Risk Doctor Partnership
United Kingdom
Many of the pieces are now in place to support widespread adoption of inclusive risk management that addresses both threats and opportunities. International standards define risk as double-sided, and this is supported by professional bodies, recognised thought-leaders, expert practitioners, and leading-edge organisations. All that’s needed is for more people to start doing it! But why should we?
Here are five reasons (and number 5 is the best):
- Compliance. International risk standards use a double-sided definition of risk, and organisations wishing to align with these standards will have to follow suit.
2. Contracts. Some clients require their suppliers to use formal risk management, and if you want to do business with them you must have risk processes in place. If your client includes opportunity management within the contractual requirement, you’ll have to do the same.
3. Conformance. Many leading organisations use an integrated risk process to identify and capture opportunities proactively as well as to deal with threats, including those who are role models or “best of breed”. This may influence other organisations to adopt a similar approach, in order to keep up with the leading players in their industry.
More…
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How to cite this paper: Hillson, D. (2019). Why Should We Include Opportunity? Five C’s, Risk Doctor Briefing; PM World Journal, Volume VIII, Issue XI, December. Available online at https://pmworldlibrary.net/wp-content/uploads/2019/12/pmwj88-Dec2019-Hillson-Why-Include-Opportunity-the-Five-Cs.pdf
About the Author
Dr David Hillson HonFAPM PMI-Fellow CFIRM CMgr FCMI
The Risk Doctor
United Kingdom
Known globally as The Risk Doctor, David Hillson leads The Risk Doctor Partnership (www.risk-doctor.com), a global consultancy offering specialist risk services across the world.
David has a reputation as an excellent speaker and presenter on risk. His talks blend thought-leadership with practical application, presented in an accessible style that combines clarity with humour, guided by the Risk Doctor motto: “Understand profoundly so you can explain simply”.
He also writes widely on risk, with eleven major books, and over 100 professional papers. He publishes a regular Risk Doctor Briefing blog in seven languages to 10,000 followers, and has over 7,500 subscribers to the RiskDoctorVideo YouTube channel (www.youtube.com/RiskDoctorVideo).
David has advised leaders and organisations in over fifty countries around the world on how to create value from risk based on a mature approach to risk management, and his wisdom and insights are in high demand. He has also received many awards for his ground-breaking work in risk management over several decades.
To see other works previously published in the PM World Journal by Dr David Hillson, visit his author showcase at http://pmworldlibrary.net/authors/dr-david-hillson/
