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Indore Metro Rail Project. Risk Kick-off Meeting Package IN-03 Xx xxx 2021.

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Contents. What is Risk ? Why Risk Management ? Contractual Requirement Risk Allocation / Example 5. Risk Management Process: Risk Identification Risk Assessment Risk Mitigation Risk Review, Monitoring & Reporting Risk Register.

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Uncertainty, Event or Condition having negative impact on the Objective of the project Events that might happen but when, we don’t know Not the same as Issues – Risks occurred are Issues Not having a Risk Culture is the Biggest Risk.

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Things do not always go as planned Understanding in advance the implications of what we are dealing with – accept few and mitigate (Plan A) the rest Decrease the Probability & Impact of events, Convert Threats into Issues Helps in prioritising critical activities – avoid surprises Cure is always costlier than prevention Helps achieve the project outcome Helps create Contingency Reserve (Plan B) Helps avoid dispute (e.g. Claims, EOT) with Contractor.

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Vol. III, Clause 1.3, Key Personnel Contractor to appoint a Risk Manager as a Key Personnel, who will be experienced in identifying risks to the project and to the program as a whole through a systematic approach and developing risk mitigation strategies. Vol. III, Clause 2.4, Risk Management Contractor shall ensure that: (a) A risk management system is established, compliant with ISO 31000, implemented and maintained; (b) the performance of the risk management system is to be reported to the Contractor’s management for review and as a basis for improvement identified; © the performance of the risk management system is reported to the Engineer for review, and (d) a risk management plan shall be submitted to the Engineer for approval within 60 days of the Commencement Date..

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Owner’s Risk Delay in ROW Conflict with other Civic Developments Delay in Stakeholders’ approval Delay in decision making/ approvals Changes & Delays Contractor’s poor performance Design Non-compliance Delay in Land Acquisition/ R&R H&S Risk Quality Risk Environmental Risk Third party damage Delay in Contractor’s payment.

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Risk Management Process.

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Brainstorming Risk Session/ Workshop Delphi Technique (risk questionnaire) Project Review Meetings Checklist analysis Stakeholders & Interface discussions Assumptions analysis Variance & Trend analysis Contractor’s Risk Register Correspondence.

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. 9. Risk Assessment - Qualitative. Category Rating Description of Likelihood Probability (%) Certain 5 High certainty of occurrence. >75 Likely 4 Balance of probability will occur. >50 - 75 Possible 3 May occur shortly but a distinct probability it won't. >25 - 50 Unlikely 2 May occur but not anticipated. >5 - 25 Rare 1 Occurrence requires exceptional circumstances. Exceptionally unlikely, even in the long term future. 0 - 5.

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. 10. Risk Assessment – Quantitative. 3 Risk Exposure = Probability X Impact.

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. 11. Risk Mitigation. 1 Mitigation Strategy. Mitigation Strategy Avoid Having highly negative consequences Accept Low Probability & Low Impact, Risk Score >=4, No control over the Cause Mitigate High Probability &/ High Impact, Risk Score <=5 Transfer Wherever possible but have control over It.

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. 12. Risk Review/Monitoring & Reporting. 1 Periodical Review – Quarterly recommended.

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Contents of Risk Register Risk ID Date Identified Cause of the Risk Probability Impact Risk Exposure Mitigation Plan Risk Owner Date Closed.

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Thank You.