Page 39 - Insurance Times JUNE 2022

9.Identify both Threats & Opportunities. The challenge of bringing SR methodology
An opportunity is a positive outcome that may bring
to risk assessment
additional value to a project by achieving improvement.
While it might seem like a no-brainer for risk management
Project opportunities management is a set of techniques and
professionals to rely on systematic review processes in their
tools to help a risk manager to identify and understand
work, you would be surprised to know that many in the
possible improvements to the project objectives.
industry are only just beginning to adopt these practices in
their workflow. The reason for this is something we see all
This component of a strategy for project risk management
too often - a lack of time and resources.
refers to actions for identifying, analysing, and mitigating
negative consequences that are risks. Threats management
For some risk management pros, systematic reviews were
involves utilization of project risk management resources to
not part of their initial education or training. It was a
describe risks, analyse their attributes, evaluate the
relatively new concept that required further learning. And
probability of occurrence, and add identified risks to the risk
in many cases, that further learning just wasn’t possible due
register.
to time or resource constraints. The challenge becomes
retraining and applying the ideas of systematic reviews to
Like with managing opportunities, managing threats refers
the unique evidence that risk management professionals are
to a 4-stage process (Identify, Analyse, Plan and Manage).
handling.
A project risk manager is responsible for organizing a team
which will follow a risk treatment plan and report back on
current progress of project risk management strategy. How systematic review software can
help
Try to decrease the impact of threats & to increase the
As more risk management professionals are conceptualizing
chances of occurrence of opportunities. Plan to spend time
the use of systematic reviews in their workflow, the rise of
for both.
specialized systematic review software is making things even
easier and more efficient for them to complete reviews.
10. Analyze & prioritize risks.
Systematic review software integrates seamlessly into their
For risk management to be effective, you must take the time
risk management steps.
to identify risks; otherwise it’s impossible to prioritize them.
Once you’ve identified potential risks, use our risk treatment
Some of the benefits of using systematic review software
plan template to help you prioritize them. Project managers
for risk assessment and management include:
need to be a sort of judge and jury when prioritizing risk.
a) Increased consistency across research teams
Too much intervention to align your risks will produce chaos.
To begin, put on that judge hat and get a head start on your b) More transparent and consistent processes
project using effective prioritizing skills. c) Dramatic gains in efficiency through automation
d) Improved collaboration
Why Risk Management Process needs
Systematic Review? Once the role of systematic review is understood from a risk
Many industries that undertake policy and guideline creation assessment standpoint, adopting the use of specialized
perform some type of risk assessment. It could be identifying software provides further structure and methodology -
and quantifying specific risks relating to a company and its speeding up the process to save time and money.
stakeholders, or a broader mandate to assess risk and
harm in the general population. Regardless of its purpose, The future of systematic reviews in the
the assessment, in turn, dictates the risk management
risk management process
process.
For professionals in the risk assessment industry, gathering
The process of risk assessment, and therefore risk evidence and reporting on it is only going to get more
management, is a prime candidate for the robust and complicated and fast-paced given the tightening regulatory
rigorous methodology used in systematic reviews. Let’s take requirements we are seeing across all industries. This means
a closer look at what role systematic reviews play in the risk that systematic review software has become a “need” vs. a
assessment and management process. “nice to have”.
The Insurance Times, June 2022 39