Facilitation of risk reviews and risk workshops at which risks are identified and assessed Maintenance and creation of risk register Interviewing the risk owners in order to determine risk responses (Kalantarnia, Khan and Hawboldt, 2010) Responsibility for making sure there is quality in all risk data Analyzing data and producing risk reports Looking at the progress with the risk owners on the risk responses and the actions taken Giving the project manager advise on the matters that relates to risk management Mentoring and coaching team members and other stakeholders on all aspects that deals with risk management. Risk Owner Development of responses to risks in the form of risk actions that are assigned to action owners Monitoring at the progress of risk responses Reporting on the progress on responses to the risk champion through the rsik register Action Owner Implementing the agreed actions to support the reporting strategies Reporting the action progress to the risk owner and recommending any other actions required to managing the risk Project team member Taking active role in the risk management process and identifying risks in their area of responsibility. Providing inputs for risk reports to the project manager. Risk Reviews and Reporting Risk exposure on the BP project will be stated or reviewed in the frequency of major and minor throughput the project life. In the reviews, new risks will be assessed and identified, the existing risks will also be revisited, the progress on agreed actions will then be assessed, and new actions will be allocated where required (Hunter, 2008). As part of the major review, the effectiveness of the risk will be reviewed, in order to determine if the changes to the approach, tools and techniques are needed. In the case were
6 RISK MANAGEMENT PLAN changes are agreed by the project manager and risk champion, the risk management plan will be reissued and updated to document the revised process. Afterwards, a risk report would be issued in the range of major and minor review by the project manager to the project sponsor after all the reviews. The stakeholders and project team members will then be provided with an extract from the current risk register after every review has been conducted, listing those actions and risks for which the individual is responsible. On the project completion, a risk section will then be provided by the BP project lessons learned report, detailing the generic risks(for both threats and opportunities) that might be able to affect other similar projects, and other responses that have been found effective in this project (Kalantarnia, Khan and Hawboldt, 2010). Lastly, input will also be provided to the knowledge database of the project, in order to capture risk related lessons that have been learned from the project. Definitions of Probability and Impacts The probability and impacts chart is on the principle that risk management has two primary dimensions. Probability - this means that a risk is an even that may occur. The occurrence of this event can occur in the range anywhere from just above 0 percent to below 100 percent. However, the probability cannot be 100 percent since this would be certainty, and not a risk. In addition, it cannot be 0 percent or else it would not be a risk (Krane and Langlo, 2010).