Project Risk Management

Risk management creates value and is an integral part of all organizational processes and decision making. It supports more effective decision making through better understanding risk and encourages a high standard of accountability at all levels in the organization. Risk management explicitly addresses uncertainty. It is systematic, structured and timely. Risk management is tailored, transparent and inclusive, and is based on the best available information. It takes human and cultural factors into account, is dynamic, iterative and responsive to change. Risk management increases the likelihood of the organization achieving its objectives and facilitates continual improvement of the organization.

The risk management process in Polytec is based on the international standard NS-ISO 31000 – Risk Management, Principles and Guidelines.

The risk management process is a systematic application of management policies, procedures and practices to the activities. The process of risk management is an iterative process for continuous improvement throughout the entire lifecycle of a project or development phase.

A Risk Management Tool is established by Polytec to manage the process of Risk Management. The Tool contains a Risk Register which allows for recording of all identified risks with necessary risk information and risk handling such as schedule validity, relevant discipline and activity, risk ranking, actions to be taken, responsible persons, due dates, strategy for risk treatment and manageability.