Step 1: Identification of risks

A number of techniques could be used to identify risks associated with the project including:

  Structured review meetings - wherein key Stakeholders participate and articulate the probable risks;

  Risk audit interviews - wherein experienced  managers and/or advisers conduct sessions with Stakeholders in order to better understand and quantify the risks involved; and,

  Risk brainstorming workshops - which includes all key members involved with the project and encourages innovative, original ideas.

A generic list of infrastructure project risks can be circulated at the beginning of such sessions in order to better inform thinking. Once sufficient experience has been gained by the Government Entity in such projects, testimonials from prior projects on risk management in practice can also be shared. It is advised that the PPP Project Team involve senior representatives from the Government Entity and the Transaction Advisor Consortium - comprising technical consultants such as design engineers, legal advisers and risk analysts as part of the broader financial advisory team, in addition to other governmental and external representatives as deemed fit - in these discussions.