RISK MANAGEMENT PLAN

[PROJECT NAME] Project Number: Construction Manager: Project Manager: Project Engineer: Revision: Author: [Name Title]* ID Number Date Reviewer: [Name Title]* ID Number Date Reviewer: [Name Title]* ID Number Date Approver: [Name Title]* ID Number Date *Refer to Project Management Review and Approval Matrix.

1.0PURPOSE/BACKGROUND 1.1The Risk Management Plan defines the detailed approach for implementing the Risk Management process for a specific project or program. The risk management plan should be completed in the initial planning stages of the project. The risk management plan should define the project specific risk management objectives and priorities, roles and responsibilities, Project Specific Risk Tolerance Levels for schedule and cost, and risk reporting requirements. Refer to 16-000-000-0028, Risk Management Procedure.

The purpose of this Risk Management Plan is to identify, assess, and manage risks associated with the "Construction of a suspension bridge" project to ensure its successful completion within scope, budget, and schedule constraints. 2.0APPROACH 2.1Determine roles and responsibilities of project team as it relates to managing project risks. 2.2Determine frequency and method of risk review. 2.3Determine Probabilities and Impact Matrix values and document in Risk Plan. 2.4Setup Probability and Impact Matrix values. 2.5Determine how the risks shall be identified.

The risk management approach for this project will involve continuous monitoring, evaluation, and mitigation of potential risks. It will include identifying risks, assessing their impact, prioritizing them, and implementing risk mitigation strategies to minimize their effects on project objectives. Input details as necessary:

3.0RISK MANAGEMENT ROLES AND RESPONSIBILITIES 3.1Project Manager (PM): 3.1.1Determines at which level Risk Register will be developed; Project Group, Project, or Major Area of Work (MAW) and document decision in Risk Management Plan. 3.1.2Reviews applicable project plans to identify risks (i.e., Project Charter and Project Stakeholder Engagement Plan). 3.1.3Develops and maintains Risk Management Plan and Risk Register. 3.1.4Clarifies project specific roles and responsibilities for executing Risk Management Plan process. 3.1.5Defines Project Specific Risk Tolerances for ranking risk likelihood and impacts to Project, Project Group or MAW. 3.1.6Collaborates with Financial Analyst and Scheduler for risks that exceed system established threshold for Project, Project Group or MAW. 3.1.7Schedules and facilitates Risk Management meetings for update with Project Team and Stakeholders. 3.1.8Assigns an owner for each risk. 3.1.9Reviews Risk Register in no less than once per month (more frequently is preferred). 3.1.10 Reports progress on risks and escalates as necessary. 3.1.11 Holds Risk Owners responsible for assigned risks and Risk Register updates. 3.1.12 Updates schedule with risk related activities as appropriate. 3.1.13 Makes recommendations for risks to be added to Risk Thought Starter List or Common Risks. 3.1.14 Notifies other Project Managers or Department Managers of cross-functional risks or risks that impact the organization. 3.1.15 Submits Lessons Learned related to Risks to Lessons Learned database in. 3.1.16 Acquires approvals to Risk Management Plan revisions as applicable. 3.1.17 Ensures project plans are updated if a risk affects the plan, as necessary. 3.1.18 Closes risk(s) during project as needed. 3.1.19 Closes all risks at project completion. 3.1.20 Ensure programs/projects comply with Risk Management processes, procedures and tools. 3.1.21 Update Issues Tracking log when risk events occur and become issues.

3.2Project Team (PT): 3.2.1Attend Risk Management meetings for the development, review and update of the Risk Register. 3.2.2Identify new risks as they present themselves. 3.2.3Update Issues Tracking log when risk events occur and become issues.

3.3Risk Owners (RO): 3.3.1Attend Risk Management meetings for development, review and update of Risk Register. 3.3.2Identify new risks as they present themselves. 3.3.3Document and monitor risk drivers for assigned risks. 3.3.4Determine and document likelihood and impacts for assigned risks. 3.3.5Develop and implement Risk Response Strategies for assigned risks. 3.3.6Develop and implement Contingency Plan(s) for assigned risks. 3.3.7Report progress on risk and escalate as necessary. 3.3.8Classify and categorize assigned risks. 3.3.9Monitor assigned risks on a regular basis. 3.3.10 Document lessons learned for assigned tasks. 3.3.11 Recommend assigned risks for closure. 3.3.12 Document issues for assigned risk.

3.4Financial Analyst (FA): 3.4.1Attend Risk Management meetings for development and update of Risk Register. 3.4.2Provide input and financial information for Risk Register and Risk Management Plan as applicable. 3.4.3Complete Financial Analysis section of Risk Register when the risk score exceeds system established threshold. 3.4.4Monitor and adjust the contingency funding for project based upon risk for the project. 3.4.5Ensure adequate funding is available in project budget to allow for Response Strategy activities. 3.5Scheduler: 3.5.1Attend Risk Management meetings for development and update of Risk Register. 3.5.2Provide input and schedule information for Risk Register and Risk Management Plan as applicable. 3.5.3Complete Schedule Analysis section of Risk Register when the risk score exceeds system established threshold. 3.5.4Monitor and adjust the schedule for project based upon risks for the project. 3.5.5Ensure that adequate resources are available in project schedule to allow for Response Strategy activities. 3.6Key Role Assignments Role Assigned Team Members Project Manager See Cover Risk Owners See Risk Register for Specific Owners Project Team See Project Organizational Chart Financial Analyst See Project Organizational Chart Scheduler See Project Organizational Chart

Input details as necessary. 4.0FORMAT FOR RISK DOCUMENTATION 4.1Project Manager and Risk Owners shall utilize the tools in for documenting and maintaining risks and opportunities. 4.2Define where in the risk register will be maintained. The Project Manager has the discretion to establish a risk register in at either the Project Group, Project or Major Area Work Level.

Input details as necessary: 5.0FREQUENCY OF REVIEW AND UPDATES 5.1Status of the Risk Register will be reviewed at a Minimum of monthly as established by the Project Manager (more frequently is advised). Project Manager, Risk Owner Financial Analyst and Project Scheduler are required to attend the meeting. 5.1.1Define Frequency (monthly, bi-monthly, weekly) Input frequency requirements:

Risk reporting will include: Quarterly risk assessments with updated Risk Registers. As needed reports for high-impact or urgent risks. Monthly progress reports to stakeholders, highlighting any significant risks or mitigation measures.

Input details as necessary: 6.0PROBABILITY AND IMPACT MATRIX SAMPLE ONLY (PM to complete matrix) Likelihood Low Medium High Unlikely Likely Almost Certain Impacts Low Medium High Schedule No Impact to Critical Path or Field Work Potential to affect Critical Path or Field Work Certain to affect Critical Path or Field Work Cost Less Than $50,000 $50,000 to $100,000 Greater Than $100,000 Quality Minor impact to product deliverables Moderate impact to product deliverables Major impact to product deliverables Safety No impact to worker safety Minor impact to worker safety Major impact to worker safety Scope <1% 2% to 5% >5%

7.0RISK CATEGORY 7.1Risks may be categorized using pre-established categories, for example: Project Type Work Type Category Knowledge Area COE Platform Phase Category may also be typed in as necessary. Input details as necessary: The risk categories for this project will include, but are not limited to:

Safety and Health Risks Environmental Risks Financial Risks Technical Risks Schedule Risks Stakeholder Risks