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two businessmen playing, try not to make the tower fall on the floor The risk manager is perhaps a position that is not as well recognized as others, however it is essential for the successful development of a company.

The job of a risk manager is to identify potential risks that may affect the organization on multiple fronts: reputation, safety and economic feasibility, even investment security. Although it is common for a risk manager to specialize in a particular area, so as to detect and address potential risks in their corresponding field. For example, risk departments are essential in the banking sector, and insurance companies have risk assessment as one of their core activities. In these areas it is common to find risk directors and risk analysts.

The importance of proper risk management for the development of any economic activity has led to a specialized discipline often known by its acronym: Enterprise Risk Management, or ERM. COSO defines the discipline as follows:

ERM is a process effected by an entity’s board of directors, management team and other personnel. It applies to the entire company in a strategic context, is designed to identify potential situations that may affect the entity, manage risks that are within the scope of its risk appetite and provide reasonable assurance to achieve the objectives of the entity.

Enterprise Risk Management - Integrated Framework

Committee of Sponsoring Organizations of the Treadway Commission

If you are interested in this value proposition, you should know that the culmination of your professional development could come with the title of Chief Risk Officer (CRO). Although this managerial position is more common in the financial sector, large engineering firms also include them in their structure. A very interesting profile in the US, for example, is that of James Durree, Vice President of Risk, Ethics and Compliance at JACOBS. Durree’s career showcases the strong sectorial mobility of risk expertise: having started as a Risk Analyst at Abbot Laboratories, he then moved out of the healthcare industry and spent 21 years managing risk at Avery Dennison, a global packaging manufacturer. Durree’s last move to JACOBS placed him in front of the kinds of risks that are faced by primary process industries across a series of services.

In short, the risk profile of the specialist is so specific to the role that it can’t be confined to finance or insurance companies. Additionally, risk managers often require a strategic integration with project management. Depending on the size of the company and its organization, PMOs are likely to have access to a risk expert, although smaller or more horizontal companies may distribute that responsibility among regular project managers.

The position of risk manager has its own characteristics and expertise, combining technical knowledge with management experience and an important transversal competence: the ability to communicate and persuade. Therefore, to perform effectively as a risk manager you have to be comfortable taking up a central position, interacting with members of other teams within the company and with customers.

Once risks have been identified and assessed, risk managers work to implement procedures to overcome, transfer, or at least minimize them.

They must understand the objectives of the company, to always direct their efforts and make changes in the initial planning towards producing a product that provides the greatest customer satisfaction.

The result is a soaring new professional profile.

Tasks to be performed by the risk manager

Identify risks. Often, risk managers don’t have all the information they need, resorting to team workshops in which they share progress information and collect data from project units. In this case, the risk manager is the facilitator of conversations and a catalyzer of contingency plans.
Develop contingency plans. Once risks are identified, the risk manager is the person with the technical knowledge necessary to develop a contingency plan. It is possible that many details are beyond his competence and direct influence, so his work can sometimes be seen as internal consulting for the units that demand technical assessment.
Provide methodologies to identify and analyze the economic impact of the loss of any of the components of the organization, workforce changes, or any other damaging impacts.
Seek opportunities. The risk manager should select those enterprise opportunities that are more efficient for the company from a risk perspective.
Anticipate additional costs resulting from newly emerging risks through specific budget items. However, this should not prevail over realistic budget forecasts.
Work collaboratively with the board to maintain control over the objectives of each process, ensuring the end result meets customers’ needs.

Training and skills that a risk manager should have

The development of a risk manager will be different depending on the type of project or the type of risk that they will work with.

In addition to specific project management and risk training, a risk manager should be a subject matter expert of the project in which they will work. For example, if it comes to identifying risks in a project related to construction, it is appropriate for the risk manager to have experience in architecture or engineering. Only then will he be able to truly understand the market, challenges and opportunities that may arise during the execution of this specific project.

The professional profile of a risk manager also allows more varied training in other areas. In addition to project management, other measurable training studies include:

• Math

• Physics

• Statistics

• Business Management

• Financial and Actuarial Studies

• Economics

• Industrial engineering

For example, an engineer may have never worked specifically as a Risk Manager but have experience in construction or related engineering projects, and therefore in tracking tasks and managing projects. In this case, the lack of specific training in risks can be bridged by means of the transferable knowledge and skills developed in previous positions.

Besides the specific training in risk, a Risk Manager must have a series of non-specific, transferable competences, including but not limited to:

• Ability in problem-solving and decision-making

• Analytical skills and attention to detail

• Organizational skills

• Negotiation and persuasion skills

• Strong mathematical and quick calculation skills

• Business intelligence, to integrate risk calculations on the dynamics of development of the company.

If you wish to acquire the training and skills needed in the field of risk management, there are a number of institutions of reference in the US. One of the most renowned internationally is the Institute of Risk Management. Other prominent organizations are the International Risk Management Institute, or the Global Association of Risk Professionals. These organizations provide continuously updated courses and training qualifications.

Allies of a risk manager

In addition to the training and skills possessed by a risk manager, one of the keys to succeeding in the risk management field and transferring these assets to a company is the support of specific and advanced software.

In ITM Platform we work to provide a solution that allows you to maximize your productivity and complete projects effectively. You can start by testing the new online version of our risk assessment matrix tool, which you will also find in our integrated solution.

If you request a 14-day free trial on ITM Platform you can see just how easy it is to get custom reports, track tasks and perform the basic functions all risk managers need, including communication and coordination with all departments of the company.

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Collaborative work has changed the workplace. Every day more and more companies are choosing to work remotely from home. Thus, office maintenance costs are saved and the quality of life of workers is improved.

The savings in time and transportation, added to the greater schedule flexibility achieved with these new work systems, means every day more workers are choosing this system, because for workers it is easier to accommodate work and family life.

According to satisfaction studies both workers and companies prefer this method to the traditional office system.

In addition, telecommuting enables companies to choose workers located anywhere in the world, on the sole criterion their suitability for the job offered, without geographical restrictions.

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Even for those who decide to continue with the traditional office work, the use of remote working tools allows a degree of interaction and flexibility that they could not otherwise get.

In a world in which the use of technology is essential for communications and business, using the appropriate software can make the difference between the success and failure of your business.

In this article we'll give you some tips to help you choose the best collaboration software for your company.

Identifying the problem

In order to find a solution, it should raise the problem that needs to be solved. The software will be different depending on your needs. Just as there are sectors where communication is more important than in other more traditional sectors, it is not the same as an international company with hundreds of employees than a local company with few employees who tend to live near their workplace.

Users also participate in the decision making

The company decisions that affect everyone should have the greatest possible consensus, especially those who will be affected by the changes and, after all, use the tool. If they like it and it suits them, adoption is feasible; otherwise, it will become quite a problem.

Good software requires good implementation to squeeze the most out of its technological capabilities, achieve maximum efficiency and get the most benefit for the workers themselves and for the company.

Therefore, the choice of a particular type of software should have the opinions of all the staff who will be using it.

A practical example would be the design of a hospital. Doctors and nurses should be the first port of call when it comes to designing a hospital. The distribution of space and resource management cycles should include information and advice from healthcare workers who subsequently use the facility. In other words, distributing the different services so that they can provide the best patient care is something that exceeds the limits of architecture and economic management.

Returning to project management, using IT solutions can be a breakthrough, as long as they are understood and properly used by the personnel involved, you should obtain answers and solutions to their questions or problems. Therefore, the adoption process must include information collection cycles, both formal and informal. Discussion sessions, surveys or even the use of software testing by the technical staff are some of the alternatives.

Evaluate programs from different companies

When evaluating alternatives, it is likely that most companies offer a similar basic service, so this section will not help you decide on one or the other. However, if you dig deeper under the conditions that each offers, you will note that differences do exist. Some present more complex algorithms or specific utilities that help you perform the most complicated of tasks.

For example, in the case of ITM platform we present, among other utilities, a specifically integrated communication functionality in each of the work panels.

Another increasingly popular trend in both the United States and the rest of the world, is the utilization of team communication platforms such as Slack. This company is looking to transform business communication by adopting the traditional model of chat rooms and adapting them to the needs of modern organizations. One of the most interesting aspects is the fact that, similarly to giants Facebook or Google, Slack are opening an ecosystem of apps developed by third parties with simple text commands entered using the backslash key. While some are humorous, like the one that lets you send animated images taken from giphy, other apps can solve quick calculations or retrieve specific information that a member of another department may need, without opening another window. This communication tool is evidently improving productivity within the workplace.

Consider software integration

Whatever system you choose, it should be integrated into your workflow and accessible to all members of your team.

So, ideally, this would be a cloud software that allows synchronization of all information anytime, anywhere and at the same time allows the maximum number of tasks without leaving the software itself.

Quantify the impact for your company

Introducing the use of online solutions for project management will undoubtedly be a positive change for your company. Although in the early days an extra effort will have to be made to learn to use the software, however, soon you will see that its simple and easy to use interface has much to contribute to your business.

You may have the feeling that it has increased your efficiency and productivity. However, until we quantify its results we cannot know exactly how much the new tool brings.

In the case of ITM Platform, the transition is simple. The platform is cloud based, offers a wide variety of features and is scalable so you do not pay for anything you don’t need.Why not give it to your project managers to test?

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Juan Delgado Moraleda

Blogger ITM Platform

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Sacrificing a project or task when you realize that it is not developing properly can lead to giving more explanations than you would like, or managing the frustrations of the team. However, taking the necessary steps will allow you to rescue the project, save the final result, or even the company!

If both financial and human resources are assigned to a particular task it is because the expected results are worth it. Devoting efforts and resources to a fruitless task involves a twofold cost: firstly the wastage of these resources in a task that will not bring the desired result. On the other, it means less resources for other tasks or projects that could be better developed if they had the required resources.

Therefore, deciding to rescue a lost project or to abandon it within good time are difficult but essential decisions for a well-run company.

How to recover a seemingly lost project? In this article we answer this question.

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Recognizing errors

The first step, though it may be obvious, is the most important. When a project goes wrong, the first thing is to acknowledge it.

In many cases, a way to know if the project can present problems during its implementation is to have completed the proper planning of risks and how to identify them. Identifying these risks, will allow you to take effective measures to rescue the project.

Additionally, before the implementation of the project there must be a series of planned milestones, which allow you to know if the end result will satisfy the established customer expectations. Of course, a task will require monitoring to ensure that goals are being achieved and deviations are forecasted in time. Do not forget to communicate with your client what your estimates are, either through regular reporting procedures or when there is a significant change.

The recognition of an error can serve as a starting point for analysis, both at the company or individually, in search of the aspects that can be improved.

Also, there is no single answer to the temporal dimension: if the risk is imminent, it may be important to launch the analysis during project implementation even if this may slow down the work. In other cases, the best phase for analysis is a post-mortem analysis.

If you want to know more, we recommend reading this article: How do I know if my project is on track?

If there are no other solutions, abandon the project

Once you have identified that the project is likely to fail, the next step is to consider whether it makes sense to continue with it. As mentioned above, an active project inevitably consumes resources. It would be appropriate to consider whether it makes sense to continue to devote these resources to a project that you know will not get the desired results or if it is better to cancel the project and devote those means to other more viable projects.

The opportunity cost of keeping a failing project is the loss of resources which other projects could use in order to achieve the expected results.

A defeat on time can be a final victory. Therefore, identifying the risks and probabilities of failure of a project are essential to ensure the ultimate success of a global project or a company.

Seeking external support

Sometimes it is difficult for oneself to find ones’ own mistakes. Whether it be pride or self-indulgence, we tend to think that what we have done is right, and overlook certain things.

An example is computer programmers. In most companies, when developing software programs, they are not tested on the same computer that they have been created. This is because they have observed that the review is more comprehensive and objective when performed by an external evaluator.

Self-evaluation tends to be more benevolent and more easily satisfied.

In addition, an outside observer, especially an experienced one, can make for a valuable and objective opinion.

It is possible that, entertained with superficial problems, we may be ignoring other deeper and more fundamental problems within the project. These are the essential problems that should focus all of our attention.

Pursue small victories

Although completing an entire project can seem overwhelming and complex, often it is not necessary to do extraordinary things to get excellent results. A small victory every day can culminate in a final success.

What are those little victories? One of the secrets for daily excellence is quite simple: it is to meet each day with the corresponding tasks in the most appropriate manner, with the greatest effort and dedication. This daily combination of efficiency and effectiveness is the key to long term success.

Good engineers mastered this art: the face of such overwhelming projects as a bridge, an aircraft carrier or a new software, the secret is to analyze the ultimate goal, break it down into the smallest components as possible and organize work around those parts.

Instead of an incomprehensible goal lasting a few months, both the project leader and team members can focus on the day-to-day tasks at hand. The challenge of motivating the team can be attributed to the concentration of daily work, reducing the concentration of daily work therefore eliminates the anxiety about the complexity of the project and provides productivity-focused components.

Using more resources is not (always) the best answer

Try to think of the attention and motivation as the psychological capital of the company. This has helped me to realize one important rule: to manage resources, the most important thing is not how much I have and can mobilize, but how to distribute and control them.

I do not want my employees to be distracted in trying to understand the whole project cycle and trying to juggle what they are developing as well as what the responsibilities of another unit are. I want them to focus on their own tasks, maximize their energy and motivation and achieve maximum productivity.

When transferred to financial, material or human resources, the standard is still true: the most important thing is not how many resources are used, but how they are distributed. Companies that achieve greater success are not those with more means and less input. Google started in a garage.

Resources are not the difference between a successful company and one that fails. The key is in how those resources, and projects that leverage them, are managed. If you want to stay competitive, ITM platform offers a simple management solution that allows you to make appropriate use of resources and bring your projects and your company success.