6.3  Risk Management

Outline the risk management strategy

•  Is the Risk management strategy compliant with 4ps guidelines?

•  Maintain Issue Log and Risk Register up to date with details of actions taken.

•  Has the Risk Register been categorised?

•  When might the risks occur?

•  Have all risks for options and for the project been evaluated?

Preferred Option:

•  Have senior stakeholders been involved in assessing the risks?

•  Is the balance of risk and reward understood?

•  Are there plans for managing the risks?

•  Have the worst case costs been assessed?

Are any issues concerning the ability to of the organisation to deliver and support business change included in the risk register?

•  What is being done to mitigate risks?

•  Who is the individual responsible for managing risk?

•  Who is the responsible owner of each risk?

•  Are unproven assumptions included in the risk assessment for the next stage?

•  Have all the assumptions been identified and accepted?

•  Are there plans to verify assumptions included in plans for the next stage?

Are the costs and time for managing risk separately identified?

•  Where risks cannot be reduced is the cost of managing them included in base funding or as a contingency?

•  For construction projects how are residual risk being insured?

•  Are any elements of the project breaking new ground?

•  If so what will be the impact on the business, stakeholders and end users?

•  Are there any similar projects or activities from which lessons can be drawn?

•  Have any innovative solutions been assessed by experts?

•  are the major risks identified, understood, financially evaluated and considered in determining the procurement strategy?

•  are there risk management plans?

•  have all the issues raised in previous reviews been satisfactorily resolved?

•  are the external issues being addressed? statutory process, communications, public relations and environmental issues