Highlights from Chapter 6:
Refocusing the Enterprise on Risk Management
The Authority is enhancing its approach to risk. This chapter outlines three basic ways the Authority intends to enhance risk management:
- Recommending additional contingency for potential risks on current Central Valley construction
- Establishing an Enterprise Risk Management Program
- Creating a Stage Gate process for project development and delivery
In addition, the chapter provides information related to key risks facing the program including funding, litigation, organization, program delivery and future operations.
- The Authority has established an Enterprise Risk Management (ERM) Office and a committee to oversee and recommend actions to address ongoing program risk
- A new Stage Gate process is outlined to strengthen project development, project delivery and risk management
- “Gates” represent major project milestones at which a formal decision is made on a project’s readiness to advance to the next stage, bringing greater rigor and oversight
Enterprise Risk Committee
Text description of chart
This graphic shows the structure of the Authority’s Enterprise Risk Committee. It is portrayed in a circular fashion as it is intended to represent a cohesive, collaborative, cross functional and inclusive risk organization. Components include:
- Governance and Policy – CEO
- Administration – Deputy Director of Legislation, Chief of Strategic Communications, Chief Deputy Director
- Project – COO, Chief of Rail, PMO
- Internal Audits – Chief Auditor
- Legal – Counsel
- Financial Asset Management – CFO
- Enterprise Risk Management – Risk Director
The Stage Gate Process
Text description of the chart
This graphic shows the Stage Gate process and the Authority’s application to the process. A Stage Gate project development and delivery process provides more rigor and focus on risk-informed decision-making at every stage of project development.
- Initiate – Stage 1: Project Initiation
- Preliminary Engineering & Environmental Approval – Stage 2: Identify Preferred Alternative and Begin Preliminary Design, Stage 3: Environmental Clearance, Prepare for Pre-Construction
- Early Works – Stage 4: Early Works and Right-of-Way Acquisition
- Procurement – Stage 5: Procurement for Construction
- Design and Build – Stage 6: Final Design, Construction, Testing and Commissioning
- Project Close Out – Stage 7: Project Close Out
Learn more about the California High-Speed Rail program and business plan online at https://www.hsr.ca.gov/ or contact the Board of Directors at (916) 324-1541 or firstname.lastname@example.org.
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