Manage the risks

Without funding the project won’t proceed. Obviously! But this is also the opportunity to identify funding to secure the specific items of value which you aim to get out of the project.

You should consider:

Review earlier risk registers

Conduct formal reviews of current risk registers with all stakeholders to test current status of all risks and to consider new risks.

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Allocate risks to those best able to manage them

Don’t ignore risks. Don’t simply pass them down the supply chain – you’ll pay a heavy price for this. Consider which risks are best retained and managed by the client. Consider which risks are best shared and what proportion of risk should be attributed to each party.

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Consider economic, social and environmental impacts of risks

Adapt risk registers to force the team to consider economic, social and environmental impacts of all risks – use separate columns for each of these risks.

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Clarify client risks (and financial consequences)

Be clear about which risks are retained by the client and ensure that sufficient financial contingency is made to cater for the potential realisation of the risk.

If the risk does not arise and the potential for the risk has passed either reduce the overall project budget or re-assign the risk fund to another element of the project – always maintaining financial control and transparency.

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Identify residual risks and measure impacts on value

Further information is awaited.

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Reduce risks through surveys and investigation

Always undertake desktop and physical surveys in advance of construction and proportionate to the value and complexity of the project – and the level of certainty that is required.

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