Highlights from Chapter 6:

• The Authority has developed seven key risk management process areas carried out across the entire organization, which enables cross-functional collaboration to achieve operational excellence in reducing threats and enhancing opportunities.
• Recognizing that not all risks are the same, the Authority’s treatment of risks reflects the differences in the magnitude and level of controls or mitigations already in place:
  • Risks are not limited to downside risk exposure, but also opportunities;
  • Risks are tied to the Authority’s objectives;
  • The Authority uses standardized risk rating criteria; and
  • Risk profiles are mapped rating impact, likelihood and management preparedness.
• Risks and mitigation strategies to address those risks in this chapter include:
  • Funding Uncertainty;
  • Inflation;
  • Track and Systems and other Major Procurements;
  • Third Party Schedule Management; and
  • Management of Change Orders.

The Authority’s Enterprise Risk Management Process Framework