Risk Management Report 2022

Running head: RISK MANAGEMENT
Risk Management
Name of the Student
Name of the University
Author’s Note:

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RISK MANAGEMENT
Executive Summary
The major objective of the report is to know about the details of risk management in the case
study of Robert Frank Construction Company as well as Lewis project. There exist some of
the distinctive risks and threats that can easily stem from a broader variety of sources like
strategic management errors, legal liability, accidents and many more. It is also helpful for
maximization of opportunity realization. Such risks mainly come from several distinctive
sources such as threats from the project failures, credit risks, uncertainty in the project budget
and few others. This report has clearly demonstrated the various risks that are possible for
this project as well as their suitable risk response strategies. Moreover, this report has also
described about stakeholders’ apprise on the risk management activities within Lewis project.

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RISK MANAGEMENT
Table of Contents
1. Introduction............................................................................................................................3
2. Discussion..............................................................................................................................3
2.1 Risk Identification as well as its Impact Assessment.......................................................3
2.2 Management of Risk and its Reporting............................................................................5
3. Conclusion..............................................................................................................................8
References..................................................................................................................................9
Appendix..................................................................................................................................11

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RISK MANAGEMENT
1. Introduction
Risk management can be referred to as the procedure to identify, assess as well as
control all types of threats to the organizational earnings and capital (Lam, 2014). A specific
plan for risk management increasingly involves every required procedure for successful
identification as well as management of threats to the digital assets and resources for any
particular organization (Project Management Institute. 2013). The following report will be
outlining brief analyses of the case study of Lewis project. Every possible risk for the case
study is being identified in the report with suitable mitigation strategies.
2. Discussion
2.1 Risk Identification as well as its Impact Assessment
2.1.1 Identification and Analysis of Impact of Possible Risks in the Case Study
Robert Frank Construction Company was an engineering and construction
organization that had been serving various industries like iron and steel, pharmaceutical,
chemical, petroleum, mining and many more in several worldwide offices (Glendon &
Clarke, 2015). They have been undergoing some of the most distinctive projects in their
business. One of them is the Lewis project, which is the collaboration of Lewis Company. In
spite of being one of the most significant projects, few possible risks were present in the
project that might have affected the outcome of the project work. Moreover, there might had
been a high impact of poor risk management. Due to such poor risk management in Lewis
project, there might had been poor user adoption and unrealized benefits. As a result, efforts
of this risk management might have taken wrong turn and the project might have suffered
(Hopkin, 2018). Due to the continuous changes, Lewis is even late running and incurring
additional costs for the project.
2.1.2 Risks Identified in the Risk Register