Contract, Project Risk Management and Compliance
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Contract, Project Risk Management and Compliance Course
Introduction:
Project risk management is the systematic process utilized by project managers to handle potential risks that may impact a project, whether positively or negatively. The primary objective is to minimize the adverse effects of these risks. A risk refers to an unforeseen event that has the potential to affect individuals, technology, resources, or processes, including projects. Unlike regular problems that may arise, risks are incidents that can occur suddenly and sometimes unexpectedly. Project managers may not always be aware of the specific risks a project faces, when they may occur, or why they occur. Due to this high level of uncertainty, project risk management requires a thorough and comprehensive approach.
Controlling and mitigating risks associated with projects and contracts proves to be one of the most challenging tasks in today's business landscape. The increasingly complex nature of modern contracts and projects further complicates the process of allocating risks. For any successful organization, it is crucial to anticipate and manage various types of risks, as they can impact reputation, cost overruns, client relationships, and other business-related activities.
The Contracts, Project Risk Management, and Compliance training course have been specifically designed to address the aforementioned task and equip participants with the essential skills and up-to-date knowledge needed to effectively manage contract and project risks while ensuring compliance with existing rules and regulations.
Course Objectives:
By the end of the Contracts, Project Risk Management & Compliance course the participant will be able to:
- Apply useful techniques in identifying, analyzing, mitigation and monitoring risks in the project life cycle
- Appreciate the entire process of contract and project risk mitigation
- Assess Different types of risks associated with project scope, schedule and available resources
- Apply Effective tools and techniques while performing quantitative and qualitative risk assessments
- Use a practical, six-step process to manage project risk
- Review the impacts of different approaches to risk allocation
- Explore different contract types to transfer risks
- Consider the contractual techniques to ensure effective risk allocation
- Learn how to create an effective risk monitoring plan and risk management strategies
Who Should Attend?
Contracts, Project Risk Management & Compliance training course, is ideal for :
- Project Risk Managers, Project Managers & Officers
- Professionals working with Purchasing, Procurement or Tendering
- Risk & Compliance Managers and officers
- Finance & Audit Personnel
- Individuals who want to develop and refine their project and contract risk management skills.
Course Outlines:
Risk Management Framework and Planning
- The Definition of Risk
- Understanding & identifying the risks in Contracting
- Different Types of risks associated with Contracts
- Impact of Local, National and International laws on contracting
- Contract Risk Assessment Process
- Applied tools and techniques for managing contract risks
- Inadequate Contract Execution
- Purpose & Benefits of Risk
- Responsibilities in Project Risk Management
- Integrating Risk Management into the Project Management Process
- Risk Management Planning
Risk Identification Processes
- Project Context & Stakeholders
- Risk Identification Inputs
- Risk Identification Tools & Techniques
- Risk Identification Outputs
Risk Assessment Process
- Project Estimating Techniques
- Schedule Diagramming - Critical Path Method (CPM)
- Project Evaluation & Review Technique (PERT)
- Qualitative Risk Analysis
- Quantitative Risk Analysis
Risk Response Plan Development
- Risk Prioritization
- Risk Response Strategy Guidelines
- Response Strategies for Threats & Opportunities
- Response Planning & Analysis
- Alternative Responses
- Response Validation
- Reserves - Contingency & Management
Risk Response Control
- Resource Management
- Risk Control Guidelines
- Risk Control Inputs
- Risk Control Tools & Techniques
- Risk Control Outputs
- Risk Reporting & Documenting
- Course Summation & Work Session Review