Project Risk Management. 7.2.11.1 The PMP shall contain an overview of the Risk Management processes, tools and Risk Register to be used by the Contractor.
Project Risk Management. 7.1 A risk management plan will be developed by the AFPP Manager. A preliminary risk table, with the management plan, including recommended risk responses, is presented in Appendix B of this project document. It will be updated and monitored by the AFPP Manager and used as a risk register.
Project Risk Management. Project risk management refers to the process to identify, analyze and cope with the project risk, in order to maximize the positive effect and minimize the negative effect: Risk identification: identify the risk that may affect on the project and compile a file on its characteristic. Risk quantification: assess possible results of the project through evaluating the risk and interaction among risks. Development of risk response measure: work out steps to expand opportunity and the threat response measures. Control of risk response: response to the change of risk during the project.
Project Risk Management. In the course of project implementation, all risk factors of the project in different aspects shall be fully considered and reasonable measures shall be taken as soon as possible to minimize the losses incurred to the project. Based on our years’ project implementation experience, major risk factors of the project include:
Project Risk Management. Impact Probability Management Low Medium High Medium Lack of interest of state and municipal, holders of IADB loans, to participate in the training sessions Turnover of state and municipal staff Mobilization strategy of participants from state and municipalities to be implemented by the Bank itself, with its power of influence and call. The project foresees the offer of several training sessions at different regions and states. If staff turnover happens at a particular institution, new staff could attend a session in a different state or region Medium Uninformed state and municipal loan holders of the technical assistance available through UNDP project. Together with IADB and based on pre-established criteria, UNDP will have to define a strategy to disseminate and organize the offer and the demand for technical assistance to state and municipal loan holders.
Project Risk Management. Project risk assessments were conducted through workshops for construction projects and commercial ventures costing more than RM100 million. This is to ensure that sufficient consideration was given to risks identified in the risk breakdown structure of respective projects. For projects costing RM100 million and below, risk assessment on project management controls were conducted using the existing TRIS pending completion of the new Project Risk Management System (PRiMS) that is jointly designed with ICT Division. Project management controls and mitigation plans were developed in line with TNB’s strategic objectives, key performance indicators and ISO 9001:2008 standard processes. During the year under review, more than ten risk assessment workshops were facilitated by EWRM Department with the respective project teams. EWRM Department is also working with several Project Risk Advisors and Insurance Brokers to obtain updated information from the insurance industry. In addition, this endeavour gives the assurance that TNB is taking necessary mitigating measures to address the issue of high insurance claims in several projects undertaken by its contractors.
