Risk management is an integral part of the management of the project. The risk management processes have been guided by Partnerships Victoria policy and the Australian Standard for Risk Management AS4360:2004. They included detailed consideration of risk in preparing tender documents, the tender process and contract settlement. Appropriate oversight has been provided by the steering committee during those processes.
The project currently uses a headline risk table as a means of informing stakeholders of the key risks to the successful completion of the design and construction phase. The headline risk table is sourced from the risk allocation matrix. This matrix contains a large number of risks, but we noted that it could be improved by categorising the risks in accordance with guidance from Partnerships Victoria and the Australian Standard for Risk Management AS4360:2004.