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RIMS EXECUTIVE REPORT - Root Cause Analysis: More Than Just Cleaning Up the Mess 7/24/2013

 

Report Highlights Techniques for Post-Event and Predictive Analyses

NEW YORK (July 24, 2013) — Risk professionals who have traditionally used a root cause analysis approach following an adverse risk event are increasingly using this same management strategy to “plan forward”, enabling them to manage the risks associated with their new business objectives before they happen - as well as exploit opportunities that might otherwise have been overlooked - according to RIMS new executive report titled, “Root Cause Analysis: More Than Just Cleaning Up the Mess.” 

The report, co-authored by RIMS Director of Strategic and Enterprise Risk practice Carol Fox and Andrew Bent, a Risk Coordinator with Suncor Inc. provides in-depth detail about the advantages of eight different root cause analysis techniques that have been proven to help identify the underlying reason for a loss, and the factors that could contribute to future success.

“As highlighted in the RIMS Risk Maturity Model, a root cause discipline is a key attribute or competency for mature enterprise risk management programs,” said Carol Fox. “With more precise information on the likely causes and impact of risks, organizations can make more informed choices about how they manage the 20 percent of root causes that drive 80 percent of the outcomes in a predictive way, along with the more typically used post-event analyses.”

Andrew Bent said, “The formal use of root cause analysis techniques provides an opportunity to not only radically overhaul the management of risks before they occur, but can also provide a means of systematically lowering the cost of risk. By strategically integrating root causes analyses into an organization’s business model through both the planning and operational phases, risks can truly be managed across their whole business life cycle.”

The full report can be purchased at www.RIMS.org/RIMStore.  The report is $29 for RIMS members and $79 for non-members.


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About RIMS

As the preeminent organization dedicated to advancing the practice of risk management, RIMS, the Risk Management Society™, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS brings networking, professional development and education opportunities to its membership of more than 11,000 risk management professionals located in more than 60 countries. For more information on RIMS, visit www.RIMS.org.

 

For more information, contact:

Josh Salter, RIMS communications manager, (212) 655-6059 or jsalter@RIMS.org

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