ROMS stands for Risk Opportunity and Management System. It can be applied throughout an organisation. This system helps in establishing a practical, integrated, systematic, rigorous and collective approach for managing the risks and opportunities over a business’s or project’s lifecycle.
It can also be used for formulating standard operating procedures and understanding the business risks and opportunities across the entire project portfolios. At a project level, it can be used for assessing the feasibility, analysing the design options, costing and making the handover and transition arrangements.
Objectives
The following are some major objectives of ROMS:
- To train and orient people to think about opportunities and risks
- To encourage people to be proactive and plan their decisions to ensure successful outcomes
- To help people take responsibility for their decisions and not pass the potential problems to others
- To ensure that your customers’ business objectives are achieved and ideally exceeded
Output of ROMS
The output of ROMS is a Risk and Opportunity Management Plan (ROMP). This important document acts as a repository of the risk-related information for the entire lifecycle of a project.
It records all decisions and any calculations and assumptions you have made in arriving at them. It is also crucial for demonstrating compliance and for measuring productivity and efficiency.
Benefits of ROMS
- It creates a centralized repository of the risks and opportunities that can be accessed by project teams and stakeholders.
- It results in higher quality documentation for decision-making and improved record keeping.
- It results in fewer unforeseen problems.
- It avoids buck-passing. People have to take the responsibility of their own decisions.
- It is a strong and visible statement of your corporate values and intended public image.
- It allows you to demonstrate a core commitment to your corporate, legal, moral and ethical responsibilities to your customers and to the community.
