Managing risk

Learn about the Victorian Government risk management framework, the risk management process during all stages of the project lifecycle and best practices for managing unique project risks.

Understanding risk management

Building works and construction are risk-prone activities: risks being defined as being the chance of something happening that will have an impact on objectives. Risks may prevent a project from finishing on time, within budget and/or to the required standard, which may ultimately impact the realisation of its benefits. It is important to identify, assess, respond and monitor risks that could affect the project.

The status of issues should be reported to the OTCD at regular intervals; the frequency of which will be based on the project's size and complexity.

The TAFE's risk management framework should also be considered when identifying and managing project risks.