A simple register keeps risks visible during the project.
In this article
Identify
Clauses and site.
Likelihood
Rating.
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Impact
Cost and time.
Owners
People.
Mitigation
Actions.
A closer look
Risks noted at bid time are often forgotten after award. A register reviewed monthly keeps them on the radar.
Where to start
Create a register at contract award with the top ten risks.
An example
A GC listed long-lead equipment as a risk and ordered early. The project avoided a delay.
Common mistakes
Listing and forgetting, no owners and no updates.
What to track
Track risks closed and realized.
Questions to ask
What could hurt this job? Who owns it? When do we review?
Who owns it
PM maintains; executives review monthly.
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Frequently asked questions
What goes in a contract risk register?
Each risk, its likelihood and impact, who owns it, the mitigation plan and the review date.