Risk Management - Level 2

Question 1

Eastcheap Court - Tell me about your involvement in identifying risks for this project.

Answer 1

I was involved in identifying risks for subcontract packages such as the metal doors and roof works package, where during the tendering process I was able to review the tenders against the contract drawings and specification which generated queries to ensure that the full scope was captured.

Question 2

Eastcheap Court - Tell me more about your involvement in risk mitigation strategies.

Answer 2

Risk mitigation strategies are risk avoidance, risk reduction, risk transfer, risk sharing and risk retention. To transfer risk I have done this through subcontracting risk by identifying scope that should be within the subcontractors package and making them abundantly aware of this and agreeing this before the subcontract documentation is agreed and signed.

Question 3

Tell me about your experience in participating in risk workshops and producing risk registers.

Answer 3

I have not produced a risk register as such, but I have been involved in pricing provisional and prime cost sums during the tendering phase on the Deloitte Project where budget costs were provided and anticipated dates were given as to when firm costs can be provided.

Question 4

Give me an example where you were involved in pricing risks.

Answer 4

I priced a risk contingency in the repair works of the columns on the Manchester project, where a risk contingency was included as a percentage of the works to allow for damages that may be caused by others on-site.

Question 5

Take me through the process of pricing risks.

Answer 5

A comprehensive approach factors in the total amount of retained loss costs, risk transfer premiums and administrative costs, as well as the cost of services to assess, mitigate, and manage all aspects of risk.

Question 6

Take me through a typical risk workshop.

Answer 6

1. Identify the objectives. Before conducting a risk assessment workshop, it’s essential to determine the scope of the assessment.
2. Identify participants.
3. Schedule the workshop.
4. Provide pre-workshop materials.
5. Prepare the workshop.
6. Assemble your dream team.
7. Facilitate the workshop.