Business Cases for Risk Management

Having a clear and well-written business case can increase the chances of getting the funding, resources, and support needed to mitigate risks and achieve your objectives. A good business case outlines the problem, identifies potential solutions, and argues why a particular solution is best. It also outlines the benefits and costs of the proposed solution and provides a clear plan for implementation and monitoring. A well-written business case can help decision-makers understand the potential impact of risk treatment and why it is vital for the organization. A solid business case can also help ensure that resources are allocated effectively, and risk treatments are consistent with the organization's goals and objectives. With a good business case, you can improve your chances of success in securing funding for your risk treatments and help to ensure that your projects are well-supported and well-executed. With various models and color diagrams from diverse disciplines, the book takes you through initiating, researching, developing, analyzing, writing, and finally presenting a business case. A constant challenge has been sourcing adequate funding for most of my career. I designed this book with the sole purpose of helping you get the resources you need to support the right risk treatments. Although the focus is on business cases for risk management, the same concepts apply to any business case. Some models and processes include the 4Cs of defining a problem, the 4A's of defining a recommended solution, ESIEAP (The Hierarchy of Controls) to determine which type of risk treatment is better, and the eight simple steps you can do on a single sheet of paper to determine whether your proposed business case has merit. You'll also learn how to use the 4As, 4Cs, and ESIEAP to spot a poor business case in under 5 minutes (including self-assessing your business case before the boss does.