The Right Risk Tool

Known globally as The Risk Doctor, David has been working in risk management for about 30 years. He has worked in 48 countries on every continent except the Antarctic (too cold!), with clients in most industries.

  Risk Management   ProjectsAtWork  

When considering a risk management tool, a number of factors should be considered, from cost to functionality to customization. Here is some guidance on choosing the right risk tool for your needs.

Having a copy of Microsoft Word will not make you a good writer, and owning a power-drill does not mean you can build a wardrobe. In the same way, the use of a risk tool does not ensure the ability to manage risk. But tools can certainly play a part in supporting the risk process — if we choose the right one.

The risk process produces large amounts of data that are needed to support analysis, reporting, decision-making and action. Tools can help us to manage these data efficiently. But there are many alternative risk tools, so how can you choose the right one for your needs? The following factors should be considered:

   __ User base. Ask potential users of the risk tool what they need. Consider each user group as their needs will be different.

   __ Functionality. Define and prioritise the required technical risk functions for the tool.

   __ Process support. Be sure that your risk process is mature and stable, and then be sure that the chosen tool can support your process.

   __ Integration. Consider how the risk tool should integrate with other tools and processes in projects and the wider business.

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