Risk Management Process Sample Clauses

Risk Management Process. The risk management processes the UGL CPB JV will implement will be governed by a project-specific Risk Management Plan that complies with AS/NZS ISO 31000:2018 Risk Management – Principles and Guidelines. The plan will be based on similar plans successfully implemented for major infrastructure projects performed by the JV partners. It will detail our risk management strategy, risk framework and risk management system, processes and internal controls to manage project risks. It will also describe the specification, implementation and maintenance of a risk management database. The database will be supported by a risk management software package on a shared platform. This plan will be implemented and updated until Practical Completion. Note that the project workplace health and safety risks will be comprehensively addressed in the Workplace Health and Safety Management Plan as outlined in the Workplace Health and Safety Management Plan of the Returnable Schedules. Both plans will form part of the suite of interrelated plans in the project management system that together, outline how the project will be managed using an integrated approach to satisfy the requirements of the Deed and meeting Powerlink’s requirements. Table 1 outlines how we will implement. our risk management process to maintain ISO standard compliance. Table 1: Risk Management Process Implementation Risk management creates and protects value Risks will be assessed against multiple criteria to ensure all elements of value are assessed and addressed. Risk management is an integral part of all project processes The risk management process will be applied in every element of the project from tender to planning and design, through construction to pre- commissioning, commissioning, acceptance and handover. It will include all disciplines and activities including safety, environment, people, technical, community and stakeholders, financial, legal, reputation and interfacing. Risk management will be integrated across the project as a whole and at individual activity levels. Risks will be categorised and escalated and aggregated between each level and reported on a regular basis. Risk management is part of decision making Risks and opportunities will be regularly updated as the project progresses and presented and discussed in a number of project-level forums to guide decision making. Risk management reporting will also be an agenda item at divisional project review meetings. Interaction with stakehol...