IRIS Intelligence Risk & Opportunity Management Software is a user friendly system, which can be customized to your organizational structure and industry requirements.
- Personalized Home Screen for Every User
- Personalized Timeline for Every User
- Flexible Project Set Up and Instant Exports
- Use of Candidates to Maintain Data Integrity
- Cost/Benefit Analysis and ROI Calculation
- Waterfall & Burndown Charts
- ERM Roll Up of Risk Registers
- Additional Features Covered in a Free Demo
Personalized Home Screen for Every User
On log-in, users see their own personal upcoming tasks such as actions or risk reviews.
Personalized Timeline for Every User
Each user receives a personal action plan and email reminders to help them stay task focussed and keep risks up to date. Users also receive a personalised risk register view for any risks that they are responsible for across all programs, projects and WBS elements
Flexible Project Set Up and Instant Exports
Risk Identification Support
IRIS supports the risk identification process in four ways:
- Brainstorming Prompts to inspire divergent thinking about potential unforeseen risk items
- Checklists to determine whether potential known risks impact the project
- Link to Project Milestones / Objectives / Success Criteria
- Risk Library to collate lessons learned (accessed from the left hand Navigation Menu)
Use of Candidates to Maintain Data Integrity
The system can be configured so that “non-core” users can identify risks but these are sent to a candidates register (i.e. draft status) rather than impacting the live data.
In this way project managers can benefit from widespread risk identification from individuals “on the ground” but ensure that only approved risks are included in the reporting and return on investment calculations
Cost/Benefit Analysis and ROI Calculation
Throughout the data set, IRIS will highlight the return on investment from risk mitigating activity. This is shown for individual mitigating actions and for the overall mitigation strategy for a risk as a whole.
The cost of risk mitigating activity is considered against the benefit of the expected reduction in risk exposure following completion of the mitigation. Risk action plans are therefore prioritised according to the greatest return on investment (ROI) to facilitate the most effective prioritisation of budgets.
Waterfall & Burndown Charts
Risk Waterfall Charts are available throughout the system. On the left you can see an individual risk burndown chart with the planned mitigation actions marked up. On the right, is a project level burndown chart showing the aggregate risk score from all of the identified risks within that project. Higher level burndown charts (e.g. for the program as a whole) are also auto-generated.
ERM Roll Up of Risk Registers
Using the “Normalise” button, risks can be viewed according to their impact on the “home” registers or according to their impact on the upper registers (e.g. impact on “Component Manufacture” may be “Very High” but on the Aerospace Program as a whole may be only “Medium”).
Customers may use the data slicing in the ways that most benefit them using the Tags and Custom Data Field Options. In this way, all of the risks associated with a particular data element may be viewed rolled up across all of the projects in the Portfolio.
Below you can see the summary screen for the example departments such as IT, Finance and Manufacturing. This gives a high level risk profile for the risks impacting each department from across the entire project portfolio. Clicking on the link for each department leads to a full risk register with access to the detailed risk information.
Additional Features Covered in a Free Demo
If you would like to learn more about IRIS software, our free demo includes additional features such as:
- User access determined on a Register by Register basis (i.e. those working on “Power Supply” cannot see the risks from “Guidance System” unless you give them dual access)
- Unique URLs for each Risk and Register. This facilitates co-ordination with Data Management Systems as you can paste the direct link to a risk in these other systems via the unique IRIS URL
- The ability to append additional information to risks, including:
- Comments / Message Board Function
- A secure audit trail, held both as a visible summary table and as a detailed access log
- Email notifications sent out as reminders when risk reviews or mitigating actions are overdue (with a clickable link to the specific item)
- Quantitative analysis functionality with risk items automatically hooked up to a Monte Carlo analysis engine (@RISK). This functionality also benefits from the “auto-populate” feature for the three point estimates to facilitate data collection (particularly useful for low value risks).