Project Risk Management

INTRODUCTION

Risks are all around us and as such they are a daily occurrence. Risk management is therefore a proactive and systematic approach to taking control to the events that create uncertainties around us. It is therefore the art of increasing the opportunities and decreasing the threats. Tailored risk management can be applied to wide range of situations and organizations.

Risk management allows the organization and the stakeholders to take control over the situation early on; either the opportunities or the threats. If the processes are not kept to, then the later outcomes will be harder to manage.

This course has been designed to provide both project and operational teams with the necessary processes, tools, templates and information to be able to identify, document and manage vendor risks in an effective manner.

Since risk needs a holistic approach, the area of Contracts & Procurement will also be addressed especially since it intertwines with Risk Management to provide a vehicle to transfer risk to the relevant parties. Human Resource management will be another area that will be looked at as it is imperative that the organization forms a Risk Team whose task is to develop the Risk Register and monitor and control variances.

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OBJECTIVES

  • Their role in Risk Management
  • Understand and apply the Risk Process
  • The role of the team members
  • The allocation of risk between the contracting parties and other stakeholders
  • Grasp the importance of being proactive in: establishing a project plan; monitoring work and progress; and managing Risk
  • Being aware, alert and taking ownership to of the Risk Management process
  • Understanding Risk thresholds and Enterprise tolerance levels
  • Understanding the objectives of the Risk Process
  • Using templates to map out a Risk Plan
  • The Risk Manager’s and the Team’s roles
  • Tailor Risk management activities to the needs of the organization to ascertain the level, type and visibility of the activities commensurate with:
  • Magnitude and type of work
    • Timing of the risk activities
    • Who is involved
    • What standard rating schemes are used
    • What forms and process are used
  • The anticipated Risk level of the project
  • Methodology
  • Roles and Responsibilities
  • Choosing the right contract to transfer risk
METHODOLOGY
  • Lectures
  • Exercises
  • Group Discussions
  • Simulated Questions
TARGET AUDIENCES

Executives, Assistant Managers, Managers, Senior Managers, Top Management

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