EXECUTIVE SUMMARY
This 4-day, intermediate level course for key officials, project managers, project engineers, and integrated project team discipline members addresses the key areas associated with capital project risk management. The course focuses on managing risk throughout the entire project life cycle. This course is very much hands-on with class exercise case studies that focus on participant development of risk management deliverables. The class also addresses the methods that project team leaders can utilize to ensure that project team members and management buy in and are part of the risk management process.
Oil and gas companies operate in a highly sensitive and vulnerable environment. Especially now that the NNPC is settling down to being a profit oriented organization, Climate change, price volatility, dangerously-situated reserves, oil rig explosions, fires, gas leaks, and IT security threats are just some of the inherent risks which, if not managed properly, can have serious economic, environmental, health, safety, and security consequences.
As companies expand their global operations and publicly list their subsidiaries in multiple countries, they have to ensure compliance with country specific regulations. Compliance regulations are growing more numerous and complex, and impacting oil and gas companies both operationally and strategically.
COURSE HIGHLIGHTS
- Apply risk management to a capital project throughout the entire life cycle
- Write a risk management plan and gain alignment with key stakeholders
- Engage management and project team members in the risk management process
- Systematically identify risks for your project
- Determine those risks that are owned by the project team and those owned by management
- Use risk assessment to analyze and prioritize risks for treatment
- Develop robust risk mitigation plans
- Control and monitor risk
- Incorporate risk planning into project cost and schedule
- Use the role of probabilistic cost and schedule in risk management.
COURSE CONTENT
Module 1: Risk management planning
- Roles/responsibilities, governance, and risk ownership
- Identify, analyze, and respond to risk events
- Types of risks: threats vs. opportunities
- Risk analysis and prioritization
- Risk mitigation and contingency planning
- Monitor and control risk
- Risk reporting and communication
- High level overview of probabilistic cost and schedule peer reviews
Module 2: Introduction to Organisational Risk
- Pro’s and cons of risk management
- Practical experience with risk assessment & risk management in various industries
- Risk Management throughout a project life cycle
- Methods to increase company-wide awareness, understanding & senior level support
- Risk Management at various levels of an organization
- Business risks vs technical risks vs implementation risks
Module 3: The Risk Management Process Wheel & Identifying risk
- Proactive Risk Management Process
- The risk management process wheel
- The risk register
- Risk Management Planning
- Risk Identification
- Risk Identification tools & Techniques
Module 4: Risk Analysis
- Qualitative risk analysis
- High Reliability Organisations (HROs)
- The risk matrix
- Decision Making Grid (DMG)
- Quantitative Risk Analysis (QRA)
- Fault Tree Analysis (FTA) and Reliability Block Diagrams (RBD)
Module 5: Risk Responses & Managing Risks
- Risk Response planning
- Building a Risk Management Plan
- Calculating risk management budget
- Monitoring & Reviewing
- Opportunity Assessment
- Project Execution Risk Assessment
Module 6: Reporting Risk Management Outcome
- What makes a bad report?
- What makes a good report?
- Creating an oil & gas risk questionnaire
- Risk evaluation
- Risk evaluation report
- Course evaluation
DESIGNED FOR
Project managers, project engineers, and all disciplines that work on integrated project teams for upstream onshore and offshore developments. Case studies include deep-water projects with complex production components, as well as unconventional shale projects that require significant infrastructure investment.
