Navigating Risk in Business: Where Does Risk Management Apply in an Organization?

Introduction In the world of business, risk is an inevitable part of the journey. It lurks around every corner, ready to spring up when you least expect it. That’s where risk management comes into play, helping organizations identify, assess, and deal with the uncertainties they face daily. But where does risk management apply in an […]

Organizational Benefits Of A Centralized Risk Register

In today’s fast-paced business environment, organizations face various risks that can impact their operations, reputation, and profitability. It is crucial to identify, evaluate, and manage these risks effectively to ensure the organization’s success. One way to do this is by creating a centralized risk register that tracks all the risks faced by the organization and […]

Management Team Risk Reviews – Frequency and Approach

As companies and projects grow and evolve, the importance of a strong management team becomes increasingly apparent. The management team is responsible for overseeing the daily operations of the business, as well as setting long-term goals and strategies. Highly successful management teams also ensure that they manage risk. In this article, we discuss the frequency […]

5 X 5 risk matrix the best option for qualitative risk

TRM Advantage: Using the 5X5 Risk Matrix for Qualitative Risk Analysis Risk management is an essential aspect of any organization. It involves identifying, analyzing, and managing risks that may consequence the organization’s objectives. Risk management can be qualitative or quantitative, depending on the approach used to evaluate risks. In this article, we will focus on […]

Projects and Business Schedule Risk

How to Assess Schedule Risk in Projects, Turnarounds, or Business Operations   Schedule risk is a critical factor that can significantly impact the success of any project, turnaround, or business endeavor. Missed deadlines and schedule overruns can have severe consequences on several measures of success, including customer satisfaction, lost production, schedule overruns, and earned value. […]

The Importance Of Pre-Activity Risk Management Reviews

Pre-Activity Risk Reviews: A Critical Part of Complex and Hazardous Activities   As businesses grow, they often face new challenges that require them to undertake activities that are difficult, complex, or hazardous. These activities may involve the use of new equipment, personnel, or locations, and they may carry significant risks that could lead to health, […]

How Risk Management and Quality Management Work Together

Risk management and quality management are two important aspects of any successful organization or project. They complement each other, and when combined, they help reduce company losses and streamline business operations. A new app called TRM Advantage has been introduced to enhance risk management efficiency. What is Risk Management? Risk management involves identifying potential risks, […]