Control 2.I.4: Risks Managed across TECOP
| Title | Description |
|---|---|
| Context | Effective management of technical and non-technical risks directly impacts the entire value chain from early development to the marketing of these products. Inadequate attention to an integrated approach in the management of technical and non-technical risks can lead to poor understanding of the potential impact of risks on the business objectives and decision making. This can result in schedule, cost slippages and HSSE & SP incidents. Ownership of non-technical risk mitigation is often not clear. This leads to poor understanding of the potential impact of risks on the business objectives and decision making |
| Activity | Include technical and non-technical risks in the risk matrix/register including potential Greenhouse Gas performance constraints and regulation Identify and pursue technical and non-technical upside risks Identify actions and action owners for all risks Allocate sufficient resources to implement the actions |
| Purpose | To ensure that the opportunity risk management is performed across the full Technical, Economic, Commercial, Organisational and Political (TECOP) spectrum and the risk register addresses technical and non-technical risks. To ensure the risks have the right owner appointed to manage the risks effectively, resulting in adequate assessment of the value at stake and quantification in support of quality decision making. Risks should be shared periodically with the Decision Executive (DE) and Decision Review Board (DRB) to ensure they are collectively understood, calibrated and unbiased |
| Requirements from other Standards | Risk Management is mandated through Opportunity Realisation Standards (ORS) All projects shall have a risk register. All projects with headline size > 100 million US$ (100%) shall use the approved risk register tool (Easy Risk) |
| Evidence recorded in | Early Development Assessment |
| Accountability for meeting Control Intent | Front End Development Manager |
| Phase | IDENTIFY |