Risk issue | Tool or process | Chapter/source |
• Information collection and analysis • Contract administration • Knowledge and information management | ||
Has the risk/risk allocation altered since the signing of the contract? | • Governance of change management process • Ongoing review | |
What is the likelihood of the risk occurring? | • Risk analysis | |
Who is responsible for averting the risk? | • Contract administration | |
What needs to be done to avert the risk? | • Contract administration | |
How will it be done? | • Contract administration | |
When must it be done? | • Project timetable/ milestones | |
What do we need to do? | • Contract administration | |
Do we need to monitor compliance? | • Risk analysis • Governance, probity and compliance | |
How do we know if the private party has complied? | • Performance monitoring • Reporting mechanisms | |
What do we need to do to avert the risk? | • Contract administration | |
Do we have the authority, power, resources and expertise? | • Budget • Delegations register • Succession planning • Allocation of roles and responsibilities to contract administration staff | |
What are the consequences if the risk eventuates? | • Contract administration • Risk analysis • Default plan | |
What is the magnitude of the consequences if the risk occurs? | • Risk analysis | |
How do we mitigate the consequences? | • Issue management procedures • Contingency plan | |
Who else is affected by the risk eventuating | • Stakeholder communication and consultation plan | |
What should we do if the risk eventuates? | • Contract administration • Contingency plan • Business continuity plan • Disaster recovery plan • Step-in plan | |
What sanctions, remedies are available? | • Contract administration | |
Who do we tell? | • Escalation procedures • Internal reporting mechanisms |