Risk management will be a directed, focused, and intentional effort for this project. To that end, the following items are included in this RMP:
1. Level of risk assessment has been determined. As indicated in EO E 1053, this project will conduct a Cost Risk Assessment workshop as required for all projects between $25M and $100M.
2. Risk management activities are in the project schedule. Risk management activities are included in the appropriate sections of the project schedule, using the appropriate WSDOT Master Deliverables List (MDL) codes.
3. Risk management is an agenda item in regularly scheduled project meetings. Risk management is included as an agenda item in our monthly project meetings and is the number one agenda item each quarter.
4. Communication regarding our risk management effort and expectations has been communicated to the project team. During Initiate and Align, Plan the Work, and Endorse the Plan, risk management has been communicated as an item of work for this project. Specifically, it is included in the Team Mission/Assignment and in our Roles and Responsibilities.
5. Risk will be managed, documented, and reported. Risk will be incorporated into the project schedule and monthly meetings is an item for reporting on the status of risk response actions. In addition, this team will use the RMP spreadsheet for summarizing and tracking risk response action efforts for significant risks.
This project team is committed to aggressively and proactively managing risk. We recognize that project risk management is at the heart of project management and is an ongoing activity throughout the life of the project. We also recognize the two pillars of risk management (see Chapter 1), and we embrace both, and we will respond to identified risks and track the effectiveness of our response actions.
Identify Risk Events
This project team will begin identifying risks and building its risk register early in project development. Our Risk Manager will maintain the risk register in anticipation of the CRA workshop and following the risk management workshop. The WSDOT Risk Breakdown Structure (RBS), is used for organizing risks via appropriate categories. Organizing risks in this manner provides a consistent and convenient way to monitor and track risks at the appropriate level of detail; this also allows for the development of a risk database by category.
An example of how to use the RBS is provided in Exhibit 7-3.
