Professional Documents
Culture Documents
Risk Management
Risk Management
14006151006
MPM
Submitted to: Sir Amir Butt
Assignment: Professional consultancy for the construction of
LUMS academic block by Nayyir Ali Dada of amount
PKR.350million.
Risk management Plan for the consultancy.
1. Risk Identification
Sr.N
o
Risk
Impact(0 Probabili
-5)
ty (0-5)
Description(How to
mitigate)
Scope of
services
Terms of
reference
(TOR)
Statement of
work (SOW)
Scope of
work/
Deliverable
Milestone
Project scope
checklist
Payment
terms
Penalties
Included in TORs
Included in TORs
Included in TORs
Project
duration
Work
breakdown
structure
(WBS)
Risk
5
6
7
8
10
11
12
Breakdown
structure
(RBS)
Cost
Time of
payment
Quality of
work
Bank
guarantee
16
Insurance
17
Forex
18
Security
conditions
Boarding
&lodging
Environment
al factors
Scope
variation
Health &
safety
23
Responsibilit
y matrix
24
Cost variance
25
Termination
26
Breach of
contract/
remedial
action
Force
Majeure
Confidentialit
y clause/
13
14
15
19
20
21
22
27
28
29
nonDisclosure
Communicati
on Failure
Technical
risk/Failure
Key
performance
Indicators
(KPIs)
Subcontracting
Business
workplace
Fairness in
dealing
Adherence of
applicable
government
laws
Govt. duties
Change
management
board
Company
code of
conduct
Indemnificati
on
Implementati
on of risk
strategy
Contingencie
s
42
Conflict of
interest
43
Financial
implications
44
Arbitration
30
31
32
33
34
35
36
37
38
39
40
41
45
Capacity/
Capability
46
Co-operation
in handover
47
Assumption
48
Waivers
parties.
Selection criteria of a consultant must
be defined clearly and a consultant
should be hired who is capable and as
the capacity to fulfill the requirements.
All the work should be recorded and
documented and when the person
leaves he/she must hand it over to the
company. In the absence of handover it
will take the new person a while to
understand everything.
Clearly define any assumptions made in
the contact
By including the waivers in the contact.
2. Risk assessment
Risk assessment is done through categorizing risk by: