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(RISK-1241) (Presentation Only) Planning for Risk Management - A Review of Recommended Practice 72R-12

Primary Author: Mr David C. Brady P.Eng.

Audience Focus: Intermediate
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA

Abstract: There have been a lot of presentations and papers on implementing qualitative and quantitative risk programs but not much on we plan such a program. What this presentation will do is review the recommended process for planning the risk management program per RP 72R-12 and as applied on a multi-billion dollar oil and gas project. The time invested in preparing, documenting, and communicating a solid Risk Management Plan will increase the success of the execution of the project by describing specific processes, procedures, tools and systems that guide and support effective risk management through out the life cycle of the project. The plan is a narrative of the Who, What, Where, When, Why, and How the risk process for the project will be implemented, as well as providing a typical Table of Contents and RASCI. The benefit of this presentation is provided by clarifying in part what should be included in a Project Risk Management Plan, especially those new to risk management.