Course Details
Course Outline
5 days course
Fundamental Project Risk Management Concepts
- What is risk?
- What is different about project risk in the Oil and Gas Industry?
- The dual nature of risk: – threats and opportunities.
- Business, operational and project risk.
- Introducing the risk management process.
- Planning risk management.
Roles & Responsibilities and Identifying Risks
- Key risk management roles and responsibilities
- Good practices adopted in oil and gas organisations
- Alternative approaches – which is right for your organisation?
- Risk identification
- Oil and Gas Industry specific techniques
- Overview of MAR, LOPA, HAZID HAZOP
- The ‘Bow Tie’ methodology
- Alternative techniques based on team dynamic
- Sabotage teams
- Categorisation and the use of Risk Breakdown Structure (RBS)
Risk Analysis Techniques
- Alternative Risk Analysis assessment formats & recommended practices in the oil & gas industry
- Differences between Qualitative, Semi-Quantitative and Quantitative
- Assessing Impact
- Organisational / Business impact versus Safety / Environmental impact
- Tools and techniques for risk analysis
- Sensitivity Analysis
- Expected monetary value analysis
- – Further factors to consider – the people side of risk
- Perception, past experience and mental outlook
- External factors – regulator activities & the effect of catastrophic incidents in the industry
- An overview of Modelling and Monte Carlo simulations
- Risk Analysis outputs
Planning Risk Responses and Implementing Risk Responses
- Risk prioritisation
- Risk response strategies
- Action plan formulation / evaluation
- Appropriate approval / endorsement of action plans
- Implementing and monitoring
- Earned value management
- Reserve Analysis
- Implementing response plans – good practices)
Reporting and Communicating Risk, Extracting Lessons & Lessons Learned
- Risk reporting
- Escalating risks
- Embedding the risk management process
- How to identify and feedback lessons learned
- Key risk management lessons from the oil and gas industry and megaprojects in particular
- Applying the lessons and how to implement in an organisation
