Knowledge and information gathered through the project lifecycle should be used in conducting regular reviews of the project's risk profile. Keeping information up to date and continually analysing information is a necessary foundation for ongoing review of the project's contract management framework. |
A regular review of the government party's knowledge and information management strategy should consider:
• whether new risks have emerged - this requires a consideration of the entire project context, including the business and policy context;
• whether the likelihood or severity of existing risks has changed significantly;
• whether new standards or best practice approaches have emerged, for instance updated KPI regimes;
• whether there has been any intended or unintended shift in the allocation of a risk;
• whether existing risk controls and mitigants remain effective; and
• whether any new risk controls and mitigants should be implemented.
It is important that contract managers keep abreast of changes in the external environment and the latest industry or sector developments that may impact their Partnerships Victoria project. To keep up to date, contract managers may take a number of actions, including attending relevant industry conferences and events, regularly interacting with fellow practitioners and participating in communities of practice, such as the Partnerships Victoria Contract Management Forum or National Contract Management Forum.