Project-Risk

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Project Risk Register – AberForward
A 5 x 5 scoring matrix for risk impact and likelihood should be used.
Risks also to be categorised: Timing, Cost, Quality, Contract fulfilment, scope or risk to the University as a whole
Once this risk register is complete, please email to the Senior Executive Administrator, Clover Winton-Polak: [email protected]
and cc: in the Project Management and Change Unit: [email protected]
Most Significant Risks
Budget significantly exceeded
Gross Mitigating Actions /Controls
Risk
3x4=12  Budget agree and regularly monitored
 Simple processes to keep admin costs down.
Net
Risk
Risk
Trend
3x1=3
(Cost)
Achievement of Project
milestones exceeds deadlines
for delivery
(time)
Failure to provide effective,
quality work placements
4x
4=16
Significant changes
Further Actions
Required
 Budget has been agreed at £40k for Project work order will be
established so that
30 graduate trainees
ongoing costs can be
tracked easily
 Project Group establish project plan including 3x3=9
targets and timelines
3x4=12  Heads of Department have been asked 3x2=6
to provide job descriptions that are
being
quality
checked
by
the
AberForward team
(scope/quality)
Failure to meet all statutory
4x4=16  Candidates will complete all necessary HR 3x2=6
compliance requirements
documentation and send directly to HR.
leading to legal and reputational
 Following advice from HR, Comms wording
issues
complies with statutory requirements.
Some departments have been asked Schedule of training
to revise their job descriptions to
programmes is being
reflect the scope of the project.
planned for the trainees
HR have informed us that all trainees Inform departments that
are entitled to two days statutory
trainees will need 2 days
leave.
leave as part of their
contract.
(reputation)
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Guidance can be found in the Risk Management Policy and Procedures available at http://www.aber.ac.uk/en/pag/risk-management/
.
Risk Owner
Due date
Appendix A - Matrix of definitions to assist in assessment of impact and likelihood risk levels.
For Institutes and Service Departments, the definitions of Insignificant,
Minor, Moderate, Serious and Very Serious financial impact at local level are <£50K, <50K to £100K, <£100K to <500K, and <£500K; or as per the University level measures
if the risk being assessed is a university wide risk, for example, the impact of an incorrect statutory return does not just affect the Planning Department, but is a university
wide hit.
Size of Risk – Likelihood
Severity descriptors
Possible consequences
1 - Insignificant
2 - Minor
Negative outcomes from risks or
lost opportunities unlikely to have a
permanent or significant effect on
the University’s reputation or
performance
No impact

Less than 0.5%of total turnover financial impact

No regulatory consequence

Minor adverse publicity

Minor reversible injury

No more than10 days if senior staff time
3 – Moderate
Negative outcomes from risks or
lost opportunities having a
significant impact on the University.
Can be managed without major
impact in the medium term
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4 - Serious
Negative outcomes from risks or
lost opportunities with a
significant effect that will require
major effort to manage and
resolve in the medium term but
do not threaten the existence of
the institution in the medium term


5 – Very serious
Negative outcomes from risks or
lost opportunities which if not
resolved in the medium term will
threaten the existence of the
institution
Financial loss up to 2% of total turnover in any year
Limited regulatory consequence
Local adverse publicity of subject area
Major reversible injury
No more than 25 days of senior staff time
Examples1
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University sued successfully for
wrongful dismissal
Lecturer has work related injury
e.g. slips
Major IT project late or overspent
Contractual staff injured due to
University negligence
Loss of a major contract
Descriptor
Likelihood
1 – Very low
2% likely to happen
2 – Low
5% likely to happen
3 – Medium
10% likely to happen
4 – High
20% likely to happen
5 – Very
high
50% likely to happen
Total risk score guide
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Financial loss over 2% of total turnover in a single year
Major savings programme required to break-even in the
medium term
Significant regulatory consequence
Negative headlines in the national press
Irreversible injury or death
No more than 45 days of senior staff time
Financial loss (or loss of potential financial surplus) over 2% of
turnover for consecutive years or over 5% in a single year
Substantial regulatory consequence
Sustained negative headlines in national press
Major negative sanction by HEFCW
Closure of major part of business
Irreversible multiple injury or death
Over 45 days of senior staff time
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Research team found to have
falsified results with a major
impact e.g. on health issues
Major overseas recruitment
problems due to war or terrorism
– potential to escalate to very
serious
University financial systems fail
completely and cannot be
recovered
Major accident due to University
negligence
Major fire prevents substantial
part of the University delivering
courses
Collapse in student application
numbers
Sustained failure to recruit staff
Descriptor
Guide
0 – 6 Low
Low level of risk, should not
require much attention but
should be reviewed at least
annually
7 – 12
Medium
Medium level of risk, should
be monitored and reviewed
annually as a minimum, 6
monthly if necessary
13 – 19 High
High level of risk, should be
constantly monitored and
reviewed quarterly or 6
monthly. Possibly escalate
to higher committee if
required
20 – 25 Very
High
Top level of risk, should be
constantly monitored and
reviewed monthly.
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