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Guide to risk
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1
Introduction
2
Methodology in summary
3
Client's business objectives and risks
4
Client's project objectives and risks
5
Objectives of key suppliers
6
Risk register
7
Action plan for prioritised risks
8
Regular review of risk register
9
Dealing with consequences of risks
A1
Example
'Value Hierarchy'
A2
Example Project Charter/Protocol
A3
Example Risk Register

8
Guide to risk management

Regular review and updating of risk register

8.1

The preparation of a risk register is of very little use unless it is regularly reviewed and updated and used as a live project control document. To make this work requires the establishment of a genuine collaborative culture of open risk identification and management between all project participants.

8.2

It is most unlikely that the initial review of the potential risk, no matter how thorough, will identify all the risks that may affect the project during its life. New risks may arise during the course of the project and the prioritisation of risks previously noted may change during the course of the project. For example, the obtaining of planning permission may initially be considered a non-serious risk However, if a detailed permission has still not been received two weeks before start on site is due, this risk may have become an extremely serious risk and require actions to be taken (such as the preparation of amended drawings) as a matter of priority. Similarly, once planning permission is obtained, this risk will have been mitigated. It may nevertheless be included in an archive of risks or a separate section of the risk register dealing with mitigated risks which may prove useful as a way of learning from the project and serve as a record of achievement.

8.3

The process for monitoring the risk register needs to identify:-

  • existing risks

  • new risks (perhaps shown in italics or a different coloured ink); and

  • mitigated risks (i.e. those risks that are now past eliminated or mitigated).

8.4

The review needs to be reflected in an updating of the risk register to reflect:-

  • those risks re-prioritised or remaining "serious" risks;

  • action plans and risk owners for all "serious" risks; and

  • the prioritising of resources to deal with "serious" risks that cannot easily be mitigated.

 

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