Risk Management Assessment and Reporting

Risk Management Assessment and
Reporting

Table of Contents
INTRODUCTION...........................................................................................................................1
Risk identification and impact assessment.............................................................................1
Identify and explain how stakeholders will be apprised of risk management activities........5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The term risk management refers to the practice of determining the various types of
potential risks in advance, evaluating those risks and taking precautionary measures to minimise
the impact of those risks (Wang and Ahsan, 2019). For example- Information technology related
risks, data related risk etc. The Report is based on The Lyle Construction Project. Don who is the
project manager of Atlay Company was assigned the Lyle contract. The Report will outline
various types of potential risks and their impact on the project, risk probability matrix for
prioritising the risks. Further, it will describe response strategies to manage those risks and risk
register. Moreover, it will explain the various types of risks.
Risk identification and impact assessment
Risk register
Risk identification
ID CATEGORY RISK NAME RISK DESCRIPTION RISK OWNER
1 Managerial Management Risk It is the most common type
of risk which is also faced by
Lyle Construction project in
which risk is related to
uncertain productivity of
resources.
Project
management
2 Transportation Logistic risk This type of risk includes
availability of transportation
facilities and availability of
equipment such as fuel.
Labor because it may leads
to project delay and losses as
well
Supervisor
3 Competitive
risk
Competitive risk It is another risk which Lyle
Construction project faces
because the supervisor Fred
Wilson also suggest Don to
Supervisor and
project manager
1

complete the project on time
because company's rivals are
also in a process to build the
similar facility in same
location.
4 Administrative Poorly written contract It is the bid or agreement
which mention all the
activities and job roles of
entire team with specified
deadline. The company's
contract is poorly written
such that many times it reject
and sent back for making
addition correction and
resubmit.
Owner
5 Environment Environmental risk This type of risk includes
natural disaster, weather and
seasonal implication. This
type of risk commonly occur
when the entire team is
unfamiliar with local
condition.
Project manager
Risk Assessment
PROBABILITY
(1-5), 1= Low, 5= High
IMPACT RISK LEVEL
(H= High)
(M= Medium)
(MO=Moderate)
(L= Low)
3 Don Jung did not allocate Medium
2