New Risk Management Solution Supports Formalized Risk ManagementWelcom Releases WelcomRisk, Based on Recognized Best Practices for Risk Management HOUSTON, April 27, 2004 -- Welcom, a global leader in project management software and services, today announced the launch of WelcomRisk -- the first formalized risk management solution for the enterprise. Based on recognized methodologies, WelcomRisk provides comprehensive process support for qualitative risk management on projects. Although risk management has existed for decades, companies have tended to focus on the cost and schedule aspects of project management and control. Risk management has been less embraced because of its overall complexity. WelcomRisk provides companies with a flexible, easy-to-use framework that simplifies the entire risk management process. WelcomRisk supports recognized risk management processes of risk planning, identification, assessment, mitigation, and control as described in publications such as the Project Management Institute's PMBOK(R) Guide and the Association for Project Management's PRAM(R) Guide. It is the first tool to offer such comprehensive support for these methodologies. An essential, complementary product for project cost and scheduling solutions, WelcomRisk integrates with a range of applications including Welcom's Open Plan(R) and Cobra(R), Microsoft Project(R) 2000/2003 and Primavera(R) P3e(R). Using Web services, links can also be set up to other project management systems. In a recent study, AMR Research stated, "A disciplined approach to assessing operational risks makes good business sense. Beyond Sarbanes-Oxley compliance, developing a multi-step operational risk assessment process can save companies millions." "Risk management has gained a lot of recognition recently both in the project management world and the wider business community," says Steve Cook, executive vice president, Welcom. "With many companies looking to meet with the stringent reporting and disclosure requirements mandated in the Sarbanes- Oxley Act, risk management tools are becoming essential for both project managers and executives." At the core of WelcomRisk, a graphical Risk Tree and comprehensive Risk Register deliver visibility into risk exposure at both the project and enterprise level and provide a systematic means of prioritizing risks. Ease- of-use facilitates team member participation at the project level. Based on proven methodologies and best practices, WelcomRisk provides a complete process framework that can also be configured to meet the precise needs of any organizational risk environment. "We recognized a major gap in the market for an easy-to-use risk management solution that supports a formalized process of qualitative risk management and is still flexible to each organization's unique risk management needs," continues Steve Cook. WelcomRisk includes unmatched support for the risk reduction process. Project managers can proactively plan mitigation strategies, map out mitigation steps, and delegate responsibility for mitigation. Graphical risk waterfall reporting and mitigation step management ensure that progress and results can always be tracked and measured. Ease of use and role-based information empower the whole project team to work together to reduce risk exposure. Risks can be reported at any level of the project, program, or organizational structure and WelcomRisk contains unique capabilities in slicing and dicing risk information. Risk matrices, waterfall diagrams, drill-down analysis, project risk summaries, and one-page risk reports all ensure that the right information is available in the appropriate format for all stakeholders. About WelcomRisk WelcomRisk is a formalized risk management tool for the proactive identification and mitigation of project risks and opportunities. WelcomRisk combines a user-friendly interface with a higher level of flexibility and granularity than other products. Its flexible integration capabilities and tight security provide companies with a better solution across the enterprise. About Welcom Welcom leads in the invention, development, and implementation of the world's most advanced project management solutions for the enterprise. Welcom translates global experience, industry knowledge, and innovative technology into software solutions that help people plan more effectively and better manage business-critical projects. Specific areas of project management expertise include: planning and control, resource management, cost management, earned value analysis, project management portals, team collaboration, real-time reporting, and risk management. Industry expertise includes: aerospace and defense, energy, oil and gas, utilities, engineering, and several other vertical industries. Established in 1983, Welcom has two decades of leadership and a worldwide customer base. Welcom is a privately held company that maintains its corporate headquarters in Houston, Texas, with offices in the United Kingdom. Its primary channels of distribution include a direct sales force and a network of resellers located around the world. Welcom, Open Plan, and Cobra are registered trademarks of WST Corporation. WelcomHome and WelcomRisk are trademarks of WST Corporation. All rights reserved. All other product names are trademarks or registered trademarks of their respective manufacturers.
FOR FURTHER INFORMATION:
Contacts: Thomas Aitchison Robert Blakeney
Blanc & Otus Welcom
512.335.8771, x15 281.558.0514
taitchison@blancandotus.com rblakeney@welcom.com
SOURCE Welcom
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