Risk Management

Risk is the weighted display of possible results and the outcomes associated with them.

The components of risk management:

  • Identification
  • Analysis of the risk impact
  • Respond planning to risks
  • Decreasing risk
  • Risk monitoring and management

Risk management in our company consists of 9 steps:

  1. Identify risks which threaten the project and develop a descriptive list
  2. Ensure that all major risks of design are presented in the list
  3. Meet for assessment of each risk:

    • Assign a name and a number
    • Discuss and identify the indicators risk occurance
    • Assess the impact on project cost and the schedule
    • Determine the probability of occurrence
    • Calculate the risk exposure in relation to schedule and budget
    • Determine corrective measures to be applied in the event of risk occurrence
    • Implement risk mitigation activities in the general project plan
    • Document associated details in proprietary format
  4. Identify possible catastrophic risks as part of the project. Determine the assignments of managing each of these risks to senior management
  5. Make initial schedule assessments on the assumption that none of the risk will materialize
  6. Use proprietary and industry factors of uncertainty to develop risk diagrams to determine overlaps
  7. Using the risk diagrams, assess all liabilities to the project, showing the uncertainty associated with each and related effects on milestones and budgets in an explicit form
  8. Track all risks with respect to occurrence or disappearance and implement contingency plans on the occasion of risks occurrence
  9. Prepare a Risk Management report at the conclusion of the project with suggestions for future improvements