Elements and Performance Criteria
- Determine risks
- Technical risks are identified, documented and analysed, in consultation with stakeholders and a higher technical/engineering authority, as a basis for risk planning
- Within delegated technical/engineering authority, established risk management techniques and tools are used to analyse risks and assess options, and preferred risk approaches are recommended to a higher technical/engineering authority
- Plans are developed, agreed with stakeholders, and communicated to ensure clarity of understanding and ongoing management of technical risk factors
- Designated risk management processes and procedures are established to enable effective management and communication of risk events, responses and results
- Monitor and control risk
- Activities are managed in accordance with the organisation's Engineering Management Plan to ensure a common approach to the achievement of objectives
- Progress is monitored against the organisation's Engineering Management Plan and Risk Management Plan to identify variances and recommended responses to a higher technical authority for remedial action
- Agreed risk responses are implemented and plans are modified to reflect changing project objectives in an environment of uncertainty
- Assess risk management outcomes