Risk management for projects

Good practice risk management must be followed during the Design and Construction phases of the project.

You'll need to continually:

  • identify, manage and monitor potential risks (threats and opportunities)
  • react to issues when they occur
  • keep the Board of Trustees informed.

Risks and issues should be discussed at the regular Project Control Group meetings and site meetings.

Depending on the level of risk/criticality of the issue, you may have to:

  • Adjust timelines to accommodate delays and work in with other project tasks
  • Look for ways to adjust the budget so that the project stays within budget, including making changes to specifications.

Before starting a large and complex project, it may be useful to hold a risk identification workshop with the Project Control Group and relevant stakeholders.

Keep a risk register and an issues register

To manage major problems, keep a risk register and an issues register in the project file.

The risk and issues registers should record, as a minimum:

  • Identification date
  • The person managing the risk/issue
  • A description of the risk/issue
  • Potential impact on the project (risk)
  • Actual impact on the project (issue)
  • Responses to the risk/issue
  • The date by which you need to resolve the risk/issue

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