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- 1. Project Risk Management British Petroleum (PLC) and John Browne: A Culture of Risk Beyond Petroleum
- 2. Two-day workshop: Provide a description of the project objective and scope. Objective •Determine a strategic path forward in the wake of the investigative results of poorly regulated safety measures in their plants, and risk management •Decide on a successor to the firm’s current group chief executive, Lord John Browne who had requested early retirement.
- 3. Scope •Review the primary issues and unquestionable evidence of the safety problems •Differences of opinion between the firm and the independent observers with respect to the depth of culture of safety and the firm‘s reputation.
- 4. Scope, continued • Lack of public credibility has had a negative effect on the already-stated strategy and goals of the firm. • Identify specific top down processes that need to occur, prioritize and decide how to implement the process. The board also must decide on the company’s future leader.
- 5. Day 1 Morning 2.Introduction of key board members 3.Confirm project objectives 4.Confirm scope of the risk process for the workshop 5.Set the workshop ground rules 6.Perform a risk management briefing 7.Expectations a results 8.Identify risks (Brainstorm risks using the risk breakdown structure) Afternoon 10.Rationalize risk 11.Describe risks using risk metalanguage 12.Record identified risk
- 6. Implementation, continued • Outputs – Updated Risk Register – Inputs to risks reports – Inputs to the project issue log
- 7. Minor Review, continued • Activities – Pre-meeting preparation – Risk review meeting • Introductions • Review red risks • Review draft risks • Identify new risks • Review amber risks • Update the Risk Register • Close meeting – Post-meeting actions
- 8. Minor Review, continued • Outputs – Updated Risk Register – Summary risk report – Project review meetings – Periodic project reports
Editor's Notes
- The Minor Review is conducted through a risk review meeting, which requires a number of pre-meeting activities and post-meeting tasks. The risk champion is responsible for either performing these activities or ensuring that they are carried out by others. There are several Minor Review activities. The first one is pre-meeting preparation , in which a formal agenda is prepared and circulated to all attendees. In addition to the meeting agenda, risk owners receive a prioritized list of all the active risks for which they are responsible, which should be automatically available from the risk tool. The second one is a risk review meeting , which includes the following elements: One. Introductions . If meeting is part of a routine project progress meeting, the risk champion will not need to set the scene because this will have been done by the project manager earlier in the meeting. If the risk review is standalone, the project manager gives a short commentary on the current status of the project, highlighting progress to date and any current issues or problems. Two. Review red risks . The aim is to review all active red and amber risks, but in many circumstances time constraints make this impossible. For each risk, the current status, current probability and impact, and action status must be reviewed. Three. Review draft risks . The meeting next considers all draft risks raise since the last formal review, as well an any secondary risks. Four. Identify new risks . The risk champion, as facilitator of the meeting, leads a discussion to identify new risks. Five. Review amber risks . If time permits, amber risks are viewed, concentrating on current status, current probability and impact, and action status. Six. Update the Risk Register . The risk champion ensures that the Risk Register is updated with the current status of each risk. This can be done during the risk review meeting or immediately afterward. Seven. Close meeting . The risk champion closes the meeting by summarizing the outputs and notifying attendees when the next risk review meeting will take place. The third Minor Review activity is a post-risk review meeting. Immediately following the risk meeting, risk owners deal with action owners to refine any new responses, revise existing actions, and define new actions. Please go to the next slide.
- The main output from a Minor Review is an updated Risk Register containing full details of all risks, including current status and action progress. A further output is a summary risk report. It contains the following: One. Executive summary . A summary of the results of the Minor Review is given, in no more than one page. Two. Scope and objectives of report . The purpose is described, highlighting its place in both the risk process and the overall project reporting cycle. Three. Overall risk status . A short summary is presented of the current level of risk exposure for the project. Four. Top risks, actions, and owners . In this section, lists of the top threats and opportunities are presented in priority order. Five. Changes since last review . It is important to communicate whether the risk exposure has improved or worsened since the last review. Six. Conclusions and recommendations . This section presents conclusions at a summary level, together with key recommendations. And seven . Appendices . The complete Risk Register is included, listing full details of every active risk in priority order. Additional outputs include project review meetings and periodic project reports, most likely in the form of customized outputs from the Risk Register. Please go to the next slide.