Risk Management

Introduction:

GRC’s risk terminology is an integral part of the daily activities which include conducting and recognizing challenges at all levels.

Risks are defined as the outcome of and not by uncertain events with potential impact on the group’s objectives.

GRC constructed a structured Risk Management System which identifies potential risks and effectively mitigates the impacts.

GRC ‘s culture ensures that all its team members across the various projects, spectrum and expertise share a common understanding of risk management.

Assessing, mitigating, monitoring & reviewing risks within

GRC ‘s diversified infrastructure business segments highlight potential risks that can negatively impact project deliverables.

We protect GRC ‘s reputation and assets.
We support our staff’s aims in fulfilling their roles and delivering their objectives.
We provide risk management awareness training.
We implement a periodical risk review at all levels in the organization.
We maintain transparent & constructive input with no blame approach.

We implement proactive rather than reactive management of risks’ consequences and exposures.

We embed risk management in our operations and processes.
We clearly identify and evaluate risk exposures.
We improve awareness of risk management principles and techniques across GRC ‘s group.

Risk management activities.

We are applying the Risk Management processes as per PMI -Risk Management Professional methodologies through the following activities & tasks.

Identify risks.
Assess and rank risks.
Develop risk management strategies.
Monitor and reassess risks.
Coach & Educate Stakeholders and Project team members in risk principles and implementing risk processes.
Assess stakeholders risk tolerance and engage them in risk prioritization.
Perform specialized risk analysis using advanced tools & techniques and evaluate the attributes of risks.

Risk management Tasks.

1.Risk Strategy and Planning (5 Tasks):

Activities related to developing policies, processes, and procedures for risk assessment, planning, and response.

2.Stakeholder Engagement (9 Tasks):

Activities related to promoting the understanding of project risk management for stakeholders and project team members, assessing stakeholder risk tolerance, prioritizing project risk, and promoting risk ownership.

3.Risk Process Facilitation (7 Tasks):

Activities related to facilitating risk identification, evaluation, prioritization, and response among project team members.

4.Risk Monitoring and Reporting (7 Tasks):

Activities related to monitoring risk, evaluating risk response against established metrics, and communicating risk response performance to stakeholders and project team.

5.Perform Specialized Risk Analyses (3 Tasks):

Activities related to the specialized quantitative and qualitative tools and techniques used by project risk management professionals.

Total (31 Tasks)

Lessons Learned

Lessons learned covers all aspects, positive or negative,

that GRC has encountered in all business activities and deemed useful for the organization, projects, or departments to learn from.

Lessons learned items resemble GRC’s acquired experience throughout the past years in the contracting industry.

It is aimed at augmenting, enhancing and standardizing group performance and project execution as well as improving productivity.

These are recorded for future information and referenced for all relevant GRC staff.

Lessons learned are captured and shared within GRC, as well as other business partners in a controlled manner.

We aim to strengthen cross-functional engagement across the GRC group business.
We incorporate lessons learned into existing methodologies, processes, procedures, and training.
We Communicate with Project Managers and other department heads regarding the Lessons Learned input.
We introduce programs as deemed necessary.