Wednesday, February 8, 2012

ERCB requirements

Planning from vision/concept to approvals requires clear understanding and stewardship of the risks and the mitigation plan. Not all risks occur or mitigation strategies are effective and often risks and/ or strategies arise in a dynamic and changing environment throughout the project. Provide a plan to ensure that risk management is integrated into the project delivery process from the earliest stages of development through to completion and is a key element of our assurance process. Risk Management should be an active and ongoing process throughout all project phases. Effective early assessment and proactive management of uncertainty (both upside opportunities and downside threats) is essential in ensuring a successful project outcome.


Risk management is an essential and integral part of the project delivery process.

The Risk Management Plan (RMP) details the risk management activities that will be undertaken by the Project including the purpose, scope, process, responsibilities and extent of technical risk studies (quantitative studies). A key activity in the RMP is the project risk assessment. The assessment results in a Project Risk Register and Action Plan that identifies and ranks risks, mitigation actions and responsibilities for their implementation. The RMP is either referred to or included in the Project Execution Plan (PEP) as required. There are two types of formal Project Risk Assessments:

- Type 1 is a qualitative risk workshop with only Company attendees. The workshop should include consideration of particular risk factors directly impacting on Company interests and client interface/interaction.

- Type 2 is a qualitative risk workshop that includes Company and external stakeholders (including Clients). This workshop should address total project risks, but would not address issues that are particular to the Company.

References:
 
1. https://portal.talisman-energy.com/dana/home/index.cgi


2. http://cal.ems.worleyparsons.com/documents/EMS;documentNumber=002-002-CQP-053.doc

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