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Effective Risk Management
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"In developing the IRIS software product, Istria have successfully managed to integrate our leading-edge quantitative techniques within an extremely intuitive and user friendly application. With IRIS’s qualitative risk matrices, customers now get the best of both worlds"

Chris Marlow, European Sales Director, Palisade Europe

"IRIS risk mangement software helped us to derive major financial and performance improvements. The combination of quantitative and qualitative functionality provides robust decision support and the ability to navigate through complex scenarios"

Mehender Rawat, Programme Manager, London Underground

"WFI searched for a risk management support tool for many years. With IRIS, we have finally found a product we can introduce to our clients and ensure they manage their risks effectively"

Michel Sabatier, Head of Consulting, WFI

"Recent research indicates over 70% of programmes are late, over budget or ineffective. Organisations employing effective risk management have reduced this failure rate significantly and gained a significant competitive advantage"

Colin Wheeler, Istria Technical Director and PMI Risk Liaison

"The IRIS software tool provides us with a rigorous methodology and our clients are able to generate a competitive advantage through risk management"

Mark Cook, Managing Director, Persides Ltd

IRIS Risk Management Software - Features

All versions of IRIS have been specifically designed by risk managers. As a result all features of the software have been driven by specific needs identified in the field.

Each product is tailored to the client’s organisational hierarchy and can be specifically customised as required. Most customisation can be driven by a simple selection from a menu of preferences at the start of an implementation, although Istria’s team of developers are also available to deal with specific requests.

This section outlines some of the standard functionality of the tool, based on the Enterprise version of IRIS. For details of the other product versions, click here.

Dynamic Risk Matrices

Our Risk Matrices provide an instant snapshot of the most significant risks faced by the organisation, ensuring the organisation (and the individual) can immediately focus on the most important risks and prioritise their risk management activity.

Opening the Software Package

The current status of each risk is displayed on the matrix, along with the change during the period. A simple click on any risk leads the user directly to the detailed Risk Action Plan, with links to the mitigation strategy, impact assessment and contingency plan.

Quantified Risk Exposure

IRIS provides robust decision support through the use of sophisticated Monte Carlo simulations. Utilising the @Risk package developed by Palisade, IRIS provides the user with the ability to quantify the total risk exposure of the organisation, programme or project and understand the relative cost and benefit of implementing risk mitigating actions.

Opening the Software Package

Secure access rights and a clear audit trail

IRIS is designed to provide internal and external auditors with assurance on the effective management of risk within the organisation. Every user is set up with specific access rights (either read only or read-write) according to their position in the organisation. For example, specific departments can only view the risks associated with their own department, while sensitive projects could be restricted to a single individual. Each time a risk is updated, IRIS captures any changes made and the individual that made it, providing a clear audit trail on how every risk has been managed over time.

Automated E-mail Notification and Export to MS Project

Once a risk is due to be reviewed, IRIS automatically sends an email reminder to the risk owner to address the issue. If the action is not addressed within a specified time frame, the risk is escalated to the appropriate level.

IRIS is also fully compatible with Microsoft Project. All mitigating actions are automatically exported into an overall plan for the project or programme.

Opening the Software Package

Customisable Reports

IRIS offers a variety of reporting formats. Risks can be viewed by risk owner, by department, by risk status etc. All reports can be customised and exported into specific report formats according to client requirements

Opening the Software Package

Click here to request a live demonstration or a trial copy of the software

Click here to understand more about the product portfolio to see which version of IRIS is most applicable to your organisation