Software tool for risk takers

Software tool for risk takersRoy Rubenstein
The Defence Evaluation and Research Agency (DERA) has teamed up with Line International to develop a risk management software tool.
Called Ris3, the tool is designed to help the user identify and manage a project’s key areas of risk.
According to Andrew Michael, a technical manager at DERA’s Haslar site, undertaking risk management using the tool involves several stages.
The first step identifies all the risks a project faces. Each risk is then assessed, to determine the likelihood of its occurence and the consequences to the project if it does indeed happen. Risk mitigation then follows. This highlights what can be done to reduce or even remove the risk. “Once the mitigation is done, you can get another assessment,” says Michael. This before-and-after assessment allows the user to determine how well the risk is being managed.
Michael describes what Ris3 does as “all quite obvious common sense”. Its merit is that it provides a formal process to ensure that risks are not missed and that the overall process is well documented. “It’s a much more rigorous process and provides the user with an automatic audit trail – it keeps all the changes to the project, and the effects on the risks these have, with time.”
So what differentiates Ris3 from other risk management tools? “The tool doesn’t enforce a particular structure,” says Michael. “The process is left as open as possible so it can be applied to as wide a range of projects and scenarios as possible.”
Michael points out that the tool is the result of accumulated experience of DERA – which performs risk analysis on projects for a number of customers as well as its own in-house projects – and the founders of Line International, previously at BritishAerospace.
Ris3 runs under Windows 98 and NT.

Leave a Reply

Your email address will not be published. Required fields are marked *