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RISK MANAGEMENT PRINCIPLES
RISK MANAGEMENT PRINCIPLES
Risk management principles are used in all industries across many areas of business activity, including occupational safety, project planning, finance, quality assurance and project planning. Risk can have a slightly different definition depending on its source, however in its essence it is “the effect of uncertainty”. Identifying and mitigating risk is a key company activity which should be addressed during all stages of product development.
There are many approaches to risk management that companies can utilise with varying degrees of complexity. Businesses with low risk can simply document their risk awareness whilst implementing the quality processes. Businesses with a high risk will need to implement and document a complete risk assessment process.
Risk matrices are a common tool used during risk assessments across all business functions. They define the level of risk by multiplying the probability of a hazard / failure by the severity of the consequence. The criteria of the risk acceptability used with these tables is essential for the ultimate effectiveness of the risk management process. Mitigation strategies can be incorporated into the matrix and a refined ‘mitigated severity’ score can show the impact of the mitigation strategy and allow effective management of individual risks.
RISK MANAGEMENT IN INNOVATE GRANTS
RISK MANAGEMENT IN INNOVATE GRANTS
There is a separate question in all Innovate grants asking for a description of the ‘the main risks and uncertainties of the project, including the technical, commercial, managerial and environmental risks’. You should also describe how you will mitigate these risks as part of the approach. The risk register generated as part of the application is an organic document that forms part of the regular quarterly review meetings with the Innovate Monitoring Officer. It should be reviewed and amended as required by the project consortium prior to these meetings.
As normal, there are 400 words allowed on the portal to summarise the major risks but there is the opportunity to upload a more comprehensive risk register as a two-page appendix. This is the transposed into the standard Innovate project report form for review following grant award.
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