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Australian Rail Track Corporation CONFIDENTIAL Page 0 of 11

Project Risk Management Plan(insert name of project)

Project Risk Management Plan (insert name of project)

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Project <insert name project or program>

Date Issued <insert date issued – leave blank when circulating as draft>

Version <insert version number or indicate as draft>

Prepared by <insert name of document author>

Purpose To document the risk management arrangements for <insert name of project or program, and any other relevant details>

Endorsed by <insert name and title>

Approved By <insert name and title>

Date Approved <insert date approved – leave blank when circulating as draft>

ARTC Reference RSK-FM-005 Version Number 1.0 Date Reviewed 26 May 2016


This document is uncontrolled when printed.


1. TABLE OF CONTENTS

1. TABLE OF CONTENTS..................................................................21. INTRODUCTION..........................................................................3

1.1 Project Overview...............................................................................................................3

1.1. Project Objectives..............................................................................................................3

1.2. Purpose............................................................................................................................. 3

1.3. Disclaimer..........................................................................................................................3

1.4. Reference Documents.......................................................................................................3

1.5. Definitions..........................................................................................................................4

2. PROJECT RISK MANAGEMENT ACTIVITIES.....................................52.1. Overview........................................................................................................................... 5

3. RISK MANAGEMENT METHODOLOGY............................................73.1. Risk Criteria....................................................................................................................... 7

3.2. Risk Tolerability.................................................................................................................7

3.3. Risk Assessment Workshops............................................................................................8

3.4. Endorsement and Approval of Risk Assessment Reports.................................................8

3.5. Notification and Escalation of Identified Risks...................................................................8

3.6. Risk Reviews.....................................................................................................................9

4. RESOURCES, ROLES & RESPONSIBILITIES...................................104.1. Nominated Project Risk Manager....................................................................................10

4.2. Specialist Expertise.........................................................................................................10

4.3. Corporate Risk Manager.................................................................................................10





1. INTRODUCTION1.1 Project Overview<Provide a description of the project, including any relevant information regarding the activities, scope or context of the project. If appropriate, refer to other project documentation, e.g. Project Management Plan>.

1.1. Project Objectives<Provide a brief description of objectives of the project that are required to be met>.

1.2. PurposeThis Project Risk Management Plan (PRMP) provides a framework for the identification and management of risks related to <insert project name> to ensure that Project Objectives and ARTC Corporate Objectives are met.

The PRMP does not contain strategies to address specific risks that arise during, and as a result of, the Project, but rather describes the overall requirements, approach and resourcing for risk management activities related to the Project.

<Amend wording as deemed appropriate. Add extra information if required>.

1.3. DisclaimerThis PRMP has been produced based on information available regarding the Project at the time of development. Assumptions have been made that sufficient information has been provided and that information is factually correct.

In the event that further information is identified or there is a significant change in the nature, scope or scale of the Project, this PRMP will be reviewed and amended if deemed appropriate.

<Amend wording as deemed appropriate. Add extra information if required>.

1.4. Reference DocumentsThe following documents are relevant to this Project Risk Management Plan:

COR-PO-006 Risk Management Policy

RSK-PR-001 Risk Management

RSK-WI-001 Conducting a Risk Assessment Workshop

RSK-WI-005 Project Risk Management

RKS-GL-004 Project Risk Management Overview

AS/NZS ISO 31000:2009 Risk Management – Principles and guidelines

SA/SNZ HB 436:2013 Risk management guidelines – Companion to AS/NZS 31000:2009

Rail Safety legislation (various)

Commonwealth Work Health and Safety legislation

Environment legislation (various)

EGP-20-01 Project Management

Major project guideline, ONRSR, issued November 2014





1.5. DefinitionsThe following terms and acronyms are used within this document:

Term or acronym Description

ARTC Australian Rail Track Corporation Ltd.

“The Project” The project as defined in sections 1.1 of this Project Risk Management Plan

PRMP Project Risk Management Plan

ONRSR Office of the National Rail Safety Regulator

<Enter any additional specific terms and acronyms utilised for the purpose of the project>





2. PROJECT RISK MANAGEMENT ACTIVITIES2.1. Overview

<Insert relevant introductory text, if appropriate>

<Determine which diagram is appropriate, and delete the other version. Amend activities as appropriate, by double clicking to open object and amending text>.

<Project risk management activities may be depicted in an alternative manner if deemed appropriate, for example, providing a schedule with timeframes, listing activities in dot point or table, or a diagram that integrates project risk management activities with other project management activities etc. If this method is chosen, both diagrams may be deleted>

<Example Visio diagram below, if project is being managed in accordance with EGP-20-01 Project Management. Double click to open in Visio and amend. Delete if alternative method is used>

Figure <insert no> – Overview of Project Risk Management Activities





<Example Visio diagram below, if project is an ICT project, and is being managed in accordance with ICT Project Management Office requirements. Double click to open in Visio and amend. Delete if alternative method is used >

Figure <insert no> – Overview of Project Risk Management Activities

<If deemed required, appropriate sub-headings may be included in this section, and further detail provided on any of the identified risk activities that are to be undertaken>





3. RISK MANAGEMENT METHODOLOGYRisk management activities conducted for the Project will be undertaken in compliance with:

RSK-PR-001 Risk Management Procedure

RSK-WI-005 Project Risk Management

The following arrangements will be applied specific to this project.

<Include any other additional information if deemed appropriate>

3.1. Risk CriteriaProject Risks will be assessed utilising ARTC Project Risk Matrix as depicted in RSK-WI-005 Project Risk Management and RSK-GL-005 Project Risk Management Overview.

The following customised criteria will be utilised for Financial risk and Schedule risk:

<Include customised criteria in table where indicated in blue text>

Risk Category

Consequence

Focussed on Financial Impact, Cash flow, liquidity, Capital, Asset Value, Procurement & Contracts related exposure

Programme/Project - Focused on Total Outturn Cost Impact

F: Financial

Minor cost impact, that is able to be absorbed within existing project budget

Minor cost impact to project budget:

(insert criteria here)

Moderate cost impact to project budget:


Major cost impact to project budget:


Significant cost impact to project budget: (insert criteria here):


Programme/Project - Focused on time based impacts

S: Schedule

Schedule milestone exceeded with no significant impact on business objectives &/or cost

Schedule milestone exceeded with minor impact on business objectives &/or cost:


Schedule milestone exceeded with moderate impact on business objectives &/or cost:


Schedule milestone exceeded with major impact on business objectives &/or cost:


Schedule milestone exceeded with severe impact on business objectives &/or cost:


DescriptorNot

Significant Minor Moderate Major Extreme

Table 1: Customised Risk Criteria for Financial and Schedule Risks

3.2. Risk Tolerability<Include any relevant information regarding risk tolerances that have been set for quantitative risk assessment. If this is not applicable, delete this section>





3.3. Risk Assessment Workshops<Include any relevant information for anticipated risk assessment workshops. This could include what topics are expected to be assessed, anticipated timeframes for workshops, who stakeholders/attendees might be, or expected methodologies (e.g. bow tie analysis>.

3.4. Endorsement and Approval of Risk Assessment ReportsRisk Assessment Reports are to be endorsed by the manager responsible for convening the risk assessment workshop to indicate that ARTC risk management processes have been followed.

Risk Assessment reports must be submitted for approval as follows:

Where all risks have been assessed with current residual risk rating as Low or Medium risk – approval by the manager directly responsible for the relevant area

Where one or more current residual risks have been assessed with current residual risk rating as High or Very High risk – approval by <insert as deemed appropriate>of the identified High or Very High Risk

<Amend wording as deemed appropriate. Add extra information if required>

3.5. Notification and Escalation of Identified RisksNotification and escalation of identified project risks will be undertaken as depicted in Table 2.

<Include customised criteria in table where indicated in blue text>

RISK LEVEL ESCALATION

Very High <Insert as appropriate> is informed immediately and <Insert as appropriate> is made aware of the risk as soon as practicable.

Reported to <Insert as appropriate>.

High <Insert as appropriate> is made aware of the risk.

Reported to <Insert as appropriate>.

Medium <Insert as appropriate>

Low No escalation is determined to be required. Project risk management practices in place are sufficient to manage this risk.

Table 2: Notification and Escalation Requirements

In the event that new ongoing risks are identified as a result of project activities or change impacts, notification and escalation will occur in accordance with requirements specified in RSK-PR-001 Risk Management.

In the event that a project risk is determined to have a High or Very High potential risk to ARTC as an enterprise, the risk will also be notified and escalated in accordance with requirements specified in RSK-PR-001 Risk Management, including notification to the Committee of the Whole Board for Risk.






3.6. Risk ReviewsRisk Reviews will be conducted at:

Project Gate Reviews / Hold Points Where significant changes are made to the project that may impact risk, including, but not limited to,

changes to:o project scopeo project / site conditionso stakeholderso project activities o process or work methods

Investigation / review of a major incident Where there is a change in the effectiveness of a control.


Risk reviews will be conducted by <insert description of how risk reviews are expected to be conducted>.





4. RESOURCES, ROLES & RESPONSIBILITIES4.1. Nominated Project Risk ManagerThe Nominated Project Risk Manager for the Project is <insert name, job title>.

The Nominated Project Risk Manager is responsible for the risk management activities described in this PRMP including:

Risk Assessment Workshops

Risk Assessment Reports

Risk entries in the Risk Management Information System

Project Risk Registers

Closure and transfer of risks at project close.


4.2. Specialist ExpertiseSpecialist expertise is required as follows:

<list requirements>

<Amend wording as deemed appropriate. Add extra information if required. If no specialist expertise is required, provide appropriate wording to indicate that requirements have been considered and no specialist expertise is required>

4.3. Corporate Risk ManagerAppropriate liaison will occur with the Corporate Risk Manager, including:

Submission of approved Risk Assessment Reports for the Risk Assessment Library

<Include any other agreed liaison or assistance>

<Amend wording as deemed appropriate. Add extra information if required. If no further assistance is required, retain requirement for Risk Assessment Reports to be submitted to the Risk Assessment Library>

(Note – requests for specific liaison and assistance from the Corporate Risk Manager must be made to the Corporate Risk Manager and agreed to, prior to approval of the PRMP).

<If deemed required, additional sections or appendices may be added to the PRMP as appropriate>


