Managing Risk and Uncertainty

Managing risk and uncertainty has always been a priority for organizations, but this year has especially highlighted how imperative it is for businesses to be well-equipped to navigate the unknown. While mitigating risk and uncertainty is important, there is great value in embracing unsure circumstances. This TASK topic provides the resources for contract and commercial managers to re-think the status quo and enhance the role they play in managing the uncertainties that lie ahead.

Managing Risk Virtually

Managing risk and uncertainty in a virtual environment

This course is part of WorldCC’s training program, Managing Contracts Virtually. It will help simplify risk and uncertainty management in the current climate to a 3-step process – Identify; Assess; Act. It also includes tools that have been exclusively developed for this course to manage the 3-step process from a virtual workspace during a time of unprecedented change and uncertainty.

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Icertis Webinar – Contracts & COVID-19: Managing Contracts in Times of Uncertainty

For many global enterprises, COVID-19 has exposed how manual, paper-driven contracting processes are painfully insufficient during a crisis. As the virus spreads, companies find themselves in a mad scramble to surface specific details and aggregate knowledge about their world-wide contracts, risks, obligations and entitlements. Who are they doing business with? And on what terms?

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Thought Leadership: Contracting Case Studies in an Era of Coronavirus

In this strange new world, the air of uncertainty has an enormous impact on contracts, both current and future. From what we are observing at World CC, the impact on contracts will not only be short term. For some, it could represent the beginning of years of confrontation over rights and responsibilities, together with a long-term impact on their market reputation. Others will emerge with an enhanced image, having collaborated with their customers, suppliers and perhaps even competitors to assist in weathering the storm. This webinar will focus on three case studies, drawn from different industries, and illustrating the potential power of this more empathetic approach to shared risk.

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Risk and Uncertainty in Contracting

Post Award Summary Report – The Value Compliance Uncertainty Framework (VCU)

The economic value of contracts is gained or lost during the post-award phase, yet a study conducted by IACCM has confirmed that there is no established 'best practice' governance model to safeguard their performance. This report provides a summary of one of the key frameworks within the research which establishes a new, structured approach to manage contract portfolios. It offers exclusive insights that have the potential to transform the efficiency and effectiveness of post-award contract management.

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Professionalism in Risk Management

Are you a "risk professional"? How do you know? Or do you use the services of "risk professionals"? How can you tell they're really professional? The Risk Management Professionalism Manifesto (Hillson, 2002) provides ten criteria that risk practitioners and their clients can use to determine whether the risk services being offered can be described as "professional" or not.

Using VUCA for Strategic Risk Management

VUCA is well known as a framework for identifying threats and opportunities. The aspects of Volatility, Uncertainty, Complexity and Ambiguity also characterize the enterprise environment for organizational strategy and understanding them gives risk professionals an opportunity to contribute to the way that strategy is crafted.

What Contract Risks are Hiding in the Cloud?

How can you ensure your applications and data are protected if something happens to your Software-as-a-Service (SaaS) provider? Our author, John Boruvka, uncovers big contract risks hidden in the cloud - and the vital things you need to think about before you sign the deal.

Creating Opportunity from Risk and Uncertainty

Managing risk in changing times – past and future

Risk management is a vital tool in all aspects of modern management, including contract management. But it is not standing still! We’ve developed new ways of understanding risk and undertaking its management, and new approaches will surely continue to arise.

But what might the future of risk management look like? This article uses concepts from cosmology to consider the options.

When is a Risk not a Risk?

It is common to confuse the causes of risk with the risks themselves. All risks are uncertain, they have not yet happened, and they may never happen. This means that a risk is not the same as a problem, an issue, a constraint or a requirement, although these things might give rise to risks.

Providing Risk Infrastructure to Support Opportunity Management

Failure to provide an appropriate level of risk infrastructure can cripple risk management in an organization. Too little support makes it difficult to implement the risk process efficiently, while too much infrastructure adds to the cost overhead. Getting the supporting infrastructure right is essential for effective risk management, enabling the risk process to deliver the expected benefits to the organization and its projects.

Insights

Managing Risk and Uncertainty

In 2018, IACCM (now World Commerce and Contracting) was commissioned to identify ‘leading practices in post-award contract management’. Following intensive study, we had not found any organization that could claim a consistent post-award capability, especially for more complex forms of relationship.

Good contract management is not about simply having a robust process and properly skilled and equipped teams. As with any process, the real measure of success lies in the quality of the deliverable and what we discovered was plenty of individual examples of excellence, but none that demonstrated consistency across an entire contract portfolio.

Sally Guyer, Executive, board director, mother and entrepreneur

More training opportunities and further resources

World Commerce & Contracting Training and Certification

Whether you are a large corporation seeking to establish best practice across your organization, a small-medium sized company seeking access to organized collective knowledge and experience, or an individual seeking to enhance your knowledge and attractiveness as an employee, World Commerce & Contracting offers a professional development program to meet your needs.

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