5.1 Risk Identification
A risk is any event that could prevent the project from succeeding as planned. Risks can be identified from a number of different sources. Some may be quite obvious and will be identified prior to project kickoff. Others will be identified during the project lifecycle, and a risk can be identified by anyone associated with the project. Some risk will be inherent to the project itself, while others will be the result of external influences that are completely outside the control of the project team.
Interstate Expansion Construction Incorporated (IECI) has overall responsibility for managing the project risk. The IECI Project Manager has been assigned as the person responsible for administering risk management processes and activities for the project. Risk identification will be discussed throughout all phases of the project in order to instruct the project team in the need for risk awareness, identification, documentation and communication.
• Risk awareness requires that every project team member be aware of what constitutes a risk to the project, and being sensitive to specific events or factors that could potentially impact the project in a positive or negative way.
• Risk identification consists of determining which risks are likely to affect the project and documenting the characteristics of each.
• Risk communication involves bringing risk factors or events to the attention of the project manager and project team. The project manager will identify and document known risk factors during creation of the Risk Register.
Updates to the risk register will occur as risk factors change. Risk management will be a topic of discussion during the monthly project meetings. The project team will discuss any new risk factors or events, and these will be reviewed with the project manager. The project manager will determine if any of the newly identified risk factors or events call for further evaluation. Those that do will undergo...