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The effective management of risk is crucial to business success. This CD-ROM guide is intended to help organisations put in place effective frameworks for taking informed decisions about risk. It brings together recommended approaches, checklists and pointers to more detailed information on tools and techniques. The topics covered include: the principles of risk management; how risks are managed; managing risks at the strategic, programme, project and operational level; techniques and examples of the benefits of risk management. The publication draws on the experience of experts from both the private and public sectors. (Please note: a print version of this publication is also available as ISBN 0113309090).

Risk and risk management can sometimes be misunderstood. There is a view that the prudent approach is to avoid risk by simply maintaining the status quo. Linked to this is the idea that audit is a barrier to risk taking and innovation. Also spending time developing risk management strategies can sometimes be perceived as mere pointless bureaucracy.

A number of small improvements have been made to this 2004 Edition primarily to provide more clarity on some key principles.

Failure to take opportunities can be a huge risk in itself. By not looking at new ways of doing things organisations can miss out on real opportunities to manage better their business, improve service delivery and achieve value for money.

Following the Turnbull report organisations are now busy working on risk management frameworks and internal control statements to embed risk management in their management processes.

This publication draws on experience from a variety of experts from the public and private sectors. It sets out a framework for taking informed decisions about risk at a project, programme and strategic level to ensure that key risks are identified, assessed and that action is taken to address them.

This guidance should be a valuable springboard for innovation and encourage a sound approach to risk.