Risk Management
Description
Risk management is the systematic process of identifying, assessing, mitigating and monitoring potential threats and uncertainties to minimise negative impacts and maximise opportunities.
Key components of risk management include:
- Risk identification
- Risk assessment
- Risk mitigation
- Risk monitoring and review
- Risk reporting and communication
Techniques for managing risk include:
- Avoidance
- Mitigation
- Transference
- Acceptance
Main types of risk include:
- Operational
- Financial
- Strategic
- Compliance
- Reputational
Engagement
- Project Team - including designers, quantity surveyors, end-user coordinators and specialist consultants (planning etc.)
- Imperial College Health and Safety Team Members - both construction and departmental
- Design Team/Construction Team - once appointed for the project
- Property Operations and Critical Infrastructure/Maintenance Teams
- Wider stakeholders as required by the scope of the project (Real Estate, Finance etc.)
Forms & Links
- Risk Register: PM17 Risk Register
Approvals & Compliance Review
Risk register items highlighted during the project risk workshop meetings are to be included with project board meetings and on STPs. Please note the Risk Register is a comprehensive document that includes original risks, mitigation measures and residual risk level after mitigation measures. Risks included in the STP are to be collated from this template and input into the summary table within the STP. The full Risk Register will be included as an appendix to the STP.
Repeated Subsequent RIBA Stages
RIBA Stages 0-5
As part of project design a Risk Workshop shouuld be scheduled for each stage (generally set-up and managed by the QS). Identified risks should be captured on a risk register where they are reviewed and updated throughout the project. Key risks from the risk workshop are to be included with project board meetings and STPs.