Anticipating and Managing Risk
The process of identifying and managing the various types of project risk has become especially important in today’s business environment where all parties jump to legal action as the first step in resolving any dispute. Unfortunately, the design firm is in the center of almost every dispute—even the ones in which they hold no contractual responsibility. There are three fundamental elements to limiting the firm’s liability for project risks:
- Identify all potential types of risk that could impact the project.
- Assign the management of each type of risk to the party who is best suited to manage/control the risk.
- Implement a risk management plan for each risk assigned to the design firm so the firm can manage and/or mitigate the risk elements.
This chapter offers suggestions for identifying, assessing, and managing the risk of professional liability associated with professional design/consulting practices. Topic covered include:
- The importance of risk management
- Effective risk management
- The balance of risk and reward
- Risk drivers for design firms
- Project risks you should worry about
- Identifying potential problems during the proposal stage
- Risk management in contracts
- Risk issues during design phase services
- Risk issues during construction phase services
- Clues that a claim may be on the way
- Claims investigation and documentation
- Prioritizing and managing project risks
- Four risk management strategies
- How to use a risk register
- Final thoughts about risk management
DURATION: One Hour
CREDITS: This e-learning course is approved for 1 PDH.
GROUP TRAINING OPTIONS: Do you have a group of individuals who would benefit from this course? Contact us for details on special group pricing and other options to make team learning easy and affordable!
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PSMJ Resources, Inc. is AIA CES-registered to provide this content. This course earns you 1 LU Hour, CEU, or PDH. Not all state and licensing boards accept these programs for learning units.
This course earns you 1 credit towards certification with the A/E/C Project Management Association. This is the only industry-specific certification available for A/E/C Project Managers. Learn more by visiting www.aecpma.org.
PSMJ is a registered provider with the Florida Board of Professional Engineers (provider #3546). PSMJ is a registered provider with the Florida Board of Landscape Architects (provider #2844).
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