Project Risk Management, Contract & Compliance

Introduction

One result of contract and project management is the proactive identification and management of risks to owners and contractors so that both parties are satisfied with the project outcome. Adequate project and contract management cannot "eliminate" risks on their own, but it is necessary to identify risks and opportunities, identify the person in charge of each sector, and determine the consequences of risk manifestation.

The following are the highlights of this training course:

• Knowledge to reposition project management and contracts from the tactical/reactive to the more proactive/strategic focus

• Crucial understandings of the risk mitigation procedure

• How to analyze both the opportunities and threats encountering projects and contracts from both a bottom-up and top-down perspective using a verified risk management process ?

• Skills in allocating contract and procurement risk

• Ability to identify the warning signs of cost overruns, schedule delays, and poor quality, as early as possible in the project to minimize or mitigate the impact

This training course is split into two modules:

MODULE I - Contract Risk Management & Compliance

MODULE II - Project Management & Compliance

Each module is structured and can be taken as a stand-alone training course; however, delegates will maximize their benefits by taking Modules 1 and 2 back-to-back as a 2-week training course.

Course Objectives of Project Risk Management, Contract & Compliance

The primary objectives of this 2-part series are to help delegates to:

• Apply useful techniques in identifying, analyzing, mitigating, and monitoring risks in the project life cycle

• 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

Course Methodology of Project Risk Management, Contract & Compliance

Participants will increase their skills through a variety of teaching methods, including lectures, exercises, published article reviews, checklists, videos, and group discussions. Comprehensive training manuals enable practical and deepening. 

Participants are encouraged to bring in real-world examples of issues for confidential discussions and share their experiences with specific issues. General discussions and one-on-one interviews with trainers can be time-consuming.

Organizational Impact Project Risk Management, Contract & Compliance

The organization will benefit by:

• Expanding the expertise of personnel involved in project and contract development and management will allow project, contract, and general management teams to be more effective

• The total cost of ownership will be understood and reduced by properly identifying and managing the risks during the project life cycle

• Clear allocation of risk will reduce the possibility of contractor disputes, and any that do arise should be settled more quickly, with less cost, delay and disruption

• Reducing project failure, poor quality, costly changes, and cost overruns resulting from poor understanding and management of risk

• Implementing better risk management through the understanding of the relationship between scope, cost, and time improves the chance of project success

• Developing an appreciation of the true effect of contractual indemnities will enable better decision-making as to contract structures and ensure that risk is passed to others properly and in a cost-effective manner

Personal Impact of Project Risk Management, Contract & Compliance

Participants will gain by participation in this training course as a result of:

• Increased understanding of risk and opportunities through the development of risk identification and assessment skills

• Able to control multiple project risks using concise strategies

• Make risk and opportunity integral components of your next project plan

• Better ability to allocate risk, and to select the appropriate project processes and contractual regime to achieve the organizations goals

• Improve the ability to reduce the negative impact of poorly-managed risk on a project or a company

• Identify threats and opportunities and weigh their relative value in your project