Attachment A - Risk Management Sample Clauses

Attachment A - Risk Management. Establishment of an array and the process of risk management in the Project

Attachment A - Risk Management. 1. Establishment of an array and the process of risk management in the Project 1.1. The Management Venture will implement an array and a risk management process, as part of the ongoing management of the Project, with the purpose to provide a reasonable level of security to prevent the realization of risks by carrying out a methodical process to search and identify the risks, assess their consequences and the probability of their occurrence, define a method of handling them and control of the execution of the actions arising from such handling. 1.2. The Management Venture is required to establish a risk management array in its operations and in the field of its responsibility in all the stages of the Project, as well as to ensure the existence of a quality reporting and monitoring mechanism to the company. 1.3. The process and array of risk management will be based upon a methodology and practice that is customary in risks management - see the methodology principles for risk management and required formats as the basis of implementation of the process and the risk management array by the Management Venture in section 2 (Methodological aspects of the risk management process), section 3 (The main components in the risk management array) and section 4 (Definitions) of this appendix. 1.4. In view of the operational structure of the construction of the airport and the operation of the Management Venture as Project manager on the one hand and as Project management office (PMO) on the other hand, the risk management array of the Project will be comprised of a main - integrative risks management array as well as from a secondary - comprehensive risks management array. 1.5. Each one of the risks management arrays will include the three risk management lines of defense (see section 2.2 of this appendix), in the framework of which the authorities and obligations of the management will be defined, pursuant to its position, and for each one of the values a separate risks map will be managed. Herein below is a schematic description of the risk management array in the Project: First line of defense Third line of defense (A) Integrative risk management array as a “second line of defense” (B) A comprehensive risk management array as a “first line of defense” - will be fully managed by the Management Venture. It is emphasized that the comprehensive risk management array will serve as foundation for uncovering the risks and the reports that are required for the main and integ...