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TM -02- Business Operations Risk & Opportunities Management Plan (002) Final.docx
1. BUSINESS OPERATIONS
RISKS AND OPPORTUNITIES
MANAGEMENT PLAN
TM- 02
Rev 1.0 20-12-22
Issue NO
Reviewed by
QHSE & Org. Risk Manager
Approved by
Chief Executive Officer
CEO
Date
0.01 December-2022
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Document Information
Document Owner Chief ExecutiveOfficer( CEO)
Document Title BusinessOperations RiskandOpportunityManagement
Document Name TM-02
Issue Date December-2022
Document History
Issue No
Revised Clause Description of Change Comments
Previous New
1 N/A N/A FirstIssue
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Table of Contents
Contents
1. Introduction.......................................................................................................................... 4
2. Reference Documents ...........................................................................................................4
3. Glossary of Terms & Abbreviation .......................................................................................... 4
4. Scope ...................................................................................................................................6
5. Responsibilities ..................................................................................................................... 6
6. Risk Progress Maps................................................................................................................ 7
7. Process Description............................................................................................................... 9
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1. Introduction
“CompanyName”RiskManagementsystem consistsof fourelements:-
ProjectRiskManagement
SafetyRiskManagement
OperationsRiskManagement
Enterprise RiskManagement
Thisdocumentonlyconcerns“OperationsRiskManagement”andisapplicable toall headoffice
operations,departmentsaswell as DivisionssuchasPlantDivision.
2. Reference Documents
Doc. No Document Name Document Ref #
1 Risks & Opportunities register
2 Risk & Opportunities Reports (Operations)
3 Risk & Opportunities Tracker Graph
4 Bid and Tender Gateways
5 Risk & Opportunities Policy & Guidelines
3. Glossary of Terms & Abbreviation
Abbreviation Description
Company Name CompanyName
EMT
Executive ManagementTeam
(CEO,COO,CFO, Commercial Mgr,Procurement Mgr)
SMT
SeniorManagementTeam
(CEO,COO,CFO,Commercial Mgr,ProcurementMgr, RD’s,HR & QHSE)
CEO Chief ExecutiveOfficer
COO Chief OperationsOfficer
RD Regional Director
RAO Risksand Opportunities
PD/PM/PL ProjectDirector/ProjectManager/ ProjectLeader
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Risk
Any perceived negative issuethatmay impact “Company Name” ability to achieve
its objectives;Often characterized in reference to potential events, consequences,
and the likelihood thereof.
Opportunity Any perceived or identified positiveissuethatmay impact“Company Name” ability to
achieveits objectives positively; Often characterized in reference to potential events,
consequences, and the likelihood thereof.
Risks/ Opportunities
Management
Coordinatedactivitiestodirect andcontrol anorganizationwithregardsto
risks/opportunities.
Risks/ Opportunities
Assessment
Overall processof identifying,analyzing,andevaluatingRAO.
Risks/ Opportunities
Analysis
Processto comprehendthe nature of RAOandto determine the level of a
RAO;providesthe basisforRAOevaluationanddecisionsaboutRAO
response.
Consequence
(Severity)
Outcome of an event affecting organization’s objectives, either positively or
negatively. Can be certain or uncertain; can be expressed qualitatively or
quantitatively.
Likelihood
(Probability)
The chance that something will happen – whether defined, measured, or
determined objectively or subjectively, qualitatively or quantitatively, and
described using general terms or mathematically.
Risk Impact Severity(Consequence) X Likelihood (Probability)
Risk Event Horizon The (ever decreasing) periods of time between the risk assessment/ reviews and the
estimated risk event occurrence.
Risk Graph A tool use to monitor long term and variable risk levels
Proximity to action
window
The indicator of the reducingtime to react to the risk or opportunity and the period
of time necessary to complete the risk mitigation action.
Risks/ Opportunities
Evaluation
Processof comparingthe resultsof RAOanalysiswithriskcriteriatodetermine
whether the RAO and/or its magnitude are acceptable / exploitable.
Risks/ Opportunities
register
Record of information about identified RAO; the complete list of all RAO
identified. Per project or department
Risk and opportunity
Report The document/ template used to record each individual risk and opportunity
Risk Appetite
The quantum level of risk deemed appropriateto the risk owner usually expressed in
terms of AED or time
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4. Scope
The purpose of this procedure is to identify, evaluate and manage the whole range of risks
faced by, and opportunities presented to all departments in Head office and Divisions(such as
Plant) of the company on an ongoing basis to achieve its objectives, to enhance desirable
effects and to prevent, or reduce undesirable effects.
The policy, concepts, themes and general “101” concepts of risk and opportunity, as personal
awareness skills, are not defined within this documents but elsewhere (Ref 8.5)
5. Responsibilities
5.1 Senior Management Team (SMT) is responsible for identification, evaluationand management
of Risks/ Opportunities at organizational / business level raised by departments and projects which
will have substantial impact on the strategic and operational aspects of the business operations
5.2 BusinessDevelopment/TenderingDepartmentare responsible foridentification,evaluationand
transferof Risks/Opportunitiesduring projectbidselection, tenderandcontractaward stagesof the
projects usingour“Gateway”process(Ref 8.4TenderGate wayProcess).Thiswillincludethe detailed
assumptions considered, and include the details of the agreed tender strategy.
5.3 Department Health are responsible to:-
- Set risk and opportunity reviews schedule to suit the nature and timing of their work/process based on
their inputs and outputs.
- Establish risk and opportunity criteria based on the nature of the work/function of the department
- Determine and define their “appetite for risk and opportunity”
- Produce, maintain and update risk and opportunity register and Risk and Opportunity Reports
- Inform monthly the EMT monthly of the department’s Top 5 Risk and Opportunities
Note: PM / PD are responsible foridentification,evaluationandmanagementofRisks/ Opportunities
at “Project Level” and to escalate the Project risk to the Regional Director’s level where required.
7. 6. Risk Progress Maps
6.1 Illustrationof “Whole of Risk”Management Process
Gateway Risks Safety Risk
Top 5
Knowledge Sharing
& Transfer of Risks
Department Risk (Operations Risk)
Top 5 Top 5
Top 5
Knowledge sharing &
Transfer of (some) Risk
ENTERPRISE RISKS
Tender
Top 5
Project Risks
“Company Name” Holding
Top 5
Top 5
8. 6.2 Risk Management and Reporting
Projects
Holdings
Business
Work Packages
Holdings
Enterprise
Operations
Projects
CEO managesRisks
Dept.Headsmanage Risks
PD/PMsmanage Risks
Package Manager manage
Risks
Operations
Top Down
interventionwhere
requestedor
perceivedas
necessaryby the
higherparty
Work
packages
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Business Risk and Opportunities Management Guildline
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7 Process Description
S
NO.
ACTIVITY DESCRIPTION REFERENCE DOCUMENT RESPONSIBILITY
AA
Operations/Business Level Process
1 Identify Arabtec Construction’s uncertainty (Threats &
Opportunities) consideringthe organizational context,the
needs and expectations of the interested parties, the
business plan/ objectives, etc.
Business Strategy Department/Division Heads
2 Conductthe Risks/OpportunitiesAnalysisforthe business/
organization (strategic and Operational) and record in
Risks/ Opportunities Register (Form #TM-RAO (Rev 0-July
17) () asperthe attached Risks/OpportunitiesAssessment
Guidelines.
Risks/ Opportunities Register
Form #TM-RAO (Rev 0-December 17)
Department/DivisionHeads
3 Evaluate the Risks/ opportunities levels and priorities
accordingtothe severityandprobabilityof theoccurrence,
and the impact if it occurs and taking into comidreration
risk Proximity to Risk Action.
Risks/ Opportunities Register
Form #TM-RAO (Rev 0-December 17)
Department/DivisionHeads
4 Evaluate all appropriate options for preventing and
controllingrisks, orrealizingopportunities,andidentifythe
mitigationmeasures, oraction forOpportunity (withcost)
to control the risks to an acceptable level or enhance the
opportunity.Recordthe residual risks/opportunitieslevel
Risks/ Opportunities Register
Form #TM-RAO (Rev 0-December 17)
Department/DivisionHeads
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after the expected mitigation measures on the Risk
Register and on the Risk Report.
5 Identify the ownership foreach riskfor the continuous
monitoring, update and communicate the
Organizational Level Risks/ Opportunities Register to
all concerned personnel.
Risks/ Opportunities Register
Form #TM-RAO (Rev 0-July 17)
Department/DivisionHeads
6
Prepare and update Risk and Opportunity Reports
Form # XX Riskowner
7 Inform Top Management of the 5 top Risk and
Opportunities and update status months until closed.
Department/DivisionHeads
8
Monitor, review and update the Organizational Level
Risks and Opportunities register during the monthly
Senior Management Meeting,ifnecessary,or at least
quarterly
Risks/ Opportunities Register
Form #TM-RAO (Rev 0-July 17)
Department/Division
Heads/C.O.O