Blog

Risk Management

Risk is the weighted display of the possible results and outcomes associated with them.

The components of risk management:

  • Identification
  • Analysis of the risk impact
  • Respond planning to risks
  • Risk decreasing
  • Monitoring and risk management

Risk management in our company consists of 9 steps included in the draft:

  1. Use the process of identifying risks for drawing up the list of risks, which threaten the project
  2. Make sure that all major risks of design, are presented in the list of risks
  3. Hold a training for each risk:

    • Give a name and a number
    • Conduct a brainstorming session to identify the indicators of risk event occurrence
    • Assess the impact of the cost and the schedule of the project
    • Assess the probability of occurrence
    • Calculate the risk exposure in relation to the schedule and budget
    • Determine beforehand what measures will have to be taken, if and when risk event occurs
    • Enable actions of risk mitigation in the General plan of the project
    • Write out all the details in a special form
  4. Specify possible catastrophic risks as the assumptions of the project. Determine the delegation of managing each of these risks to the senior management
  5. Make the first approach to the assessment of the schedule, on the assumption that none of the risk will materialize
  6. Use our own and industry factors of uncertainty for the risks diagram of cross at the point of N
  7. Express, using a diagram of risks, all liabilities to the project, showing the uncertainty associated with each of the planned date and the budget in an explicit form
  8. Track all the risks on the subject of their occurrence or disappearance and implement contingency plans every time, when risks occur
  9. Track all the risks on the subject of their occurrence or disappearance and implement contingency plans every time, when risks occur