A risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives. Risk is inherent with any project, and project managers should assess risks continually and develop plans to address them.
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities.
The risk management plan contains an analysis of likely risks with both high and low impact, as well as mitigation strategies to help the project avoid being derailed should common problems arise. Risk management plans should be periodically reviewed by the project team to avoid having the analysis become stale and not reflective of actual potential project risks.
In case of an inconvenience and a request accordingly, any kind of a knowledge, experience, reporting, analysis, legal support that assists risk management Bunkerist believes in, will be available for any party involved immediately in the light of ethical understanding to support the correct party in terms of international practice.