Innovation Management and Business Risk Management Methodology

The main result of the project is a complete solution that will utilize but also highlight innovative cutting-edge technologies. The partnership intends to commercialize the innovation of the solution, with rapid transfer & integration of the application that will be developed in the production process. He will also use it indirectly, having acquired know-how & experience through the implementation of the project. The management and exploitation of the resulting innovation will be based on the European standard CEN / TS 16555-1, which provides for the identification and creation of appropriate conditions for the management of innovation in five axes: (j) innovation strategy, (ii) culture innovation, (iii) managing the innovation life cycle, (iv) identifying stakeholders within and around partners, and (v) managing innovation outcomes.

The design and formulation of a project risk management strategy will aim at identifying, evaluating and prioritizing the conditions that could impede the successful completion of the project and will define the actions that should be implemented both for the detection. as well as for dealing with risks. Methodologically, the management of business risk in the project will be done within the framework of internal control after the following actions have been taken: (j) Identification of business objectives (ii) Determination of acceptable level of risk (iii) Identification of risks (iv) risk measurement (v) Definition (vi) Disclosure of the management strategy to all partners.

Within the framework of the project and work unit 1, the European tool IMP3rove will be used, among others, for the self-evaluation of the partners and the identification of the appropriate interventions for the management and exploitation of the innovation that will be created. At the same time, the potential risks will be identified and the appropriate risk management plan will be developed.