To ensure that Sponsoring Agencies undertake robust risk analysis practices, the Project Team should:
- Clearly define the context and scope of the risk assessment
- Ensure that the analyses of risks and opportunities in the Risk Register are mutually exclusive and there is no double counting
- Undertake sense checks against known benchmarks from previous best practice projects
- Critically assess and comprehensively document assumptions, exclusions, qualifications and any limitations
- Recognise the potential for bias in identifying and analysing risks and ensure that the project is not adversely affected
- Undertake a detailed and stochastic risk analysis where possible
- Undertake further investigations that may reduce the level of uncertainties
- Implement the risk analysis process in a robust and defensible way and ensure that project planning is sufficient
- Ensure residual, unavoidable risks and mitigated risks are documented in the Risk Register for continual monitoring
- Clearly identify and consider interdependencies between risks and opportunities
- Understand any correlation that may exist between risks and opportunities
- Regularly update the Risk Register throughout the Infrastructure Investment Lifecycle and document a clear log of Risk Register updates.
Footnotes: