Risk Management : Robert Frank Company

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

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RISK MANAGEMENT
Table of Contents
1. Introduction............................................................................................................................2
2. Discussion..............................................................................................................................2
2.1 Risk Identification and its Impact Assessment................................................................2
2.1.1 Proper Identification as well as Analyses of the Impacts of every Possible Risk.....2
2.1.2 Identified Risks with Risk Register Details and Mitigation Actions........................2
2.1.3 Probability and Impact Matrix of Risks for Prioritization........................................5
2.2 Management of the Risks and its Reporting of Risks......................................................5
2.2.1 Response Strategies for Risks...................................................................................5
2.2.2 Stakeholders in Activities of Risk Management.......................................................6
3. Conclusion..............................................................................................................................6
References..................................................................................................................................7

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RISK MANAGEMENT
1. Introduction
The process for identifying, assessing and even controlling different kinds of risks to
capital and earnings of the company is termed as risk management (Project Management
Institute. 2013). Robert Frank Company is executing Lewis project and hence it is needed to
analyse the risks and provide their response strategies. This report will be extensively
demonstrating about risk management for this case study.
2. Discussion
2.1 Risk Identification and its Impact Assessment
2.1.1 Proper Identification as well as Analyses of the Impacts of every Possible Risk
A construction and engineering company, which serves numerous industries such as
petroleum, chemical, steel and iron and few others. Lewis project is being executed by this
organization after collaborating with Lewis Company. Although, there would had been
numerous significant and important advantages within the project, few risks are also possible
for the project, since the data is exposed to open field. Risk management is quite helpful in
this case as it allows eradication of unfortunate events and making the project extremely
efficient and effective in comparison to others (Snyder, 2013). Since Lewis project is
overrunning both budget and time, it is estimated that the project might become failure.
2.1.2 Identified Risks with Risk Register Details and Mitigation Actions
Description of
Risks
Likelihood Impact Severity
(Average of
Likelihood
and
Impact)
Owner Mitigating Actions
Risk related to High High High Project To make the most