One of the critical outcomes of contract and project management is to ensure that risks to owners and contractor are identified and controlled in a proactive way so that both parties are satisfied with the project outcome. While world class project and contract management cannot, of itself, make risk “go away”, it can, and should, identify the risks and opportunities, determine who is responsible for managing each individual risk, and for the consequences should the risk occur.
The following are the highlights of this Contract & Project Risk Management & Compliance training course:
Knowledge to move contracts and project management from the tactical / reactive to the more important proactive / strategic focus
Critical understandings of the risk mitigation process
How to examine both the threats and opportunities facing contracts and projects from both a top-down and bottom-up perspective using a proven risk management processes
Skills in allocating contract and procurement risk
Ability to identify the warning signs of cost overruns, schedule delays, and poor quality, as early as possible in the project to minimize or mitigate the impact
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a 2-week training course.
Objectives
The primary objectives of this Contract & Project Risk Management & Compliance training course are to help delegates to:
Apply useful techniques in identifying, analyzing, mitigation and monitoring risks in the project life cycle
Use a practical, six-step process to manage project risk
Review the impacts of different approaches to risk allocation
Explore different contract types to transfer risks
Consider the contractual techniques to ensure effective risk allocation
Learn how to create an effective risk monitoring plan and risk management strategies
Training Methodology
Participants will increase competencies through a variety of instructional methods including lecture, exercises, reviewing published articles, checklists, videos, and group discussions. A comprehensive GLOMACS training course manual enabling practical application and reinforcement is provided.
Delegates are encouraged to bring real problem examples with them, for discussion on a confidential basis, and to share their experience of particular issues. Time will be allowed for general discussions, and for one-to-one discussion with the trainer.
Organisational Impact
The organization will benefit by:
Expanding the expertise of personnel involved in project and contract development and management will allow project, contract, and general management teams to be more effective
The total cost of ownership will be understood and reduced by properly identifying and managing the risks during the project life cycle
Clear allocation of risk will reduce the possibility of contractor disputes, and any that do arise should be settled more quickly, with less cost, delay and disruption
Reducing project failure, poor quality, costly changes, and cost overruns resulting from poor understanding and management of risk
Implementing better risk management through the understanding of the relationship between scope, cost, and time which improves the chance of project success
Developing an appreciation of the true effect of contractual indemnities which will enable better decision-making as to contract structures and ensure that risk is passed to others properly and in a cost effective manner
Personal Impact
Attendees will gain by participation in this Contract & Project Risk Management & Compliance training course as a result of:
Increased understanding of risk and opportunities through the development of risk identification and assessment skills
Able to control multiple project risks using concise strategies
Make risk and opportunity integral components of your next project plan
Better ability to allocate risk, and to select the appropriate project processes and contractual regime to achieve the organizations goals
Improve the ability to reduce the negative impact of poorly-managed risk on a project or a company
Identify threats and opportunities and weigh their relative value in your project
Who Should Attend?
Contracts, Tendering, Purchasing, Procurement, and Project Personnel
Contract Administration, Engineering, Operational, and Maintenance Personnel
Risk, Claims, Financial, and Audit Personnel
Project Management Professionals
And all others who are involved in the planning, evaluation, preparation and management of tenders, specifications, awards, and contracts that cover the acquisition of materials, equipment, and services and who are in organizations whose leadership want high levels of competency in those involved in these activities
Course Outline
Module I: Contract Risk Management & Compliance
DAY 1
Types and Management of Risk
The Need for Contractual Relationships
Defining Risk
Categories of R for Both Sides of a Contract
Risk Assessment Process
Managing Risk
Qualifying Suppliers
Defining Internal Control
Proportionality of Control
DAY 2
Minimizing and Transferring Risk
Transferring Risk through Contract Types
Firm Fixed Price or Lump Sum Contracts
Cost Reimbursable Contracts
Incentive Contracts
Award-Fee Pricing Arrangements
Indemnities
Cross Indemnities
Insurance
DAY 3
Risk Related Terms & Conditions
External Events
Force Majeure
Strikes and Other Labour Disputes
Risk and Title
Use of ICC Incoterms
Assignment and Novation
Other Clauses that Need to Flow Down to Sub-contractors
Risks Associated with Sub-Contractors
DAY 4
Dealing with Financial Risks
Controlling Risk Associated with Payments
Currency Risk
Economic Risk
Fraud and Corruption
Limiting or Excluding Liability
Distinctions between Liability in Contract, and The General Law
Gross Negligence
A Review of Some Sample Clauses from Standard Contracts, and Other Real Documents
DAY 5
Remedies When Bad Stuff Happens
Mistakes and Misrepresentations
Impracticability of Performance
Remedies Generally
Types of Remedies
Liquated Damages
Warranties
Cover
Discussion of Real Examples (delegates are encouraged to bring real or made-up examples for discussion)
Module II: Project Risk Management & Compliance
DAY 6
Risk Management Framework and Planning
Key Definitions
The PMBOK® Six Risk Management Processes
Purpose & Benefits of Risk
Responsibilities in Project Risk Management
Integrating Risk Management into the Project Management Process
Risk Management Planning
Risk Planning Process
DAY 7
Risk Identification Processes
Project Context & Stakeholders
Risk Identification Inputs
Risk Identification Tools & Techniques
Risk Identification Outputs
DAY 8
Risk Assessment Process
Project Estimating Techniques
Schedule Diagramming - Critical Path Method (CPM)
Project Evaluation & Review Technique (PERT)
Qualitative Risk Analysis
Quantitative Risk Analysis
DAY 9
Risk Response Plan Development
Risk Prioritisation
Risk Response Strategy Guidelines
Response Strategies for Threats & Opportunities
Response Planning & Analysis
Alternative Responses
Response Validation
Reserves - Contingency & Management
DAY 10
Risk Response Control
Resource Management
Risk Control Guidelines
Risk Control Inputs
Risk Control Tools & Techniques
Risk Control Outputs
Risk Reporting & Documenting
Certificates
On successful completion of this training course, GLOMACS Certificate with eligible Continuing Professional Education credits (CPE) from National Registry of CPE Sponsor and Professional Development Units (PDUs) / Contact Hours from Project Management Institute (PMI®), will be awarded to the delegates
Providers and Associations
Endorsed Education Provider
A PMI registered mark
GLOMACS is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
In Association With
Oxford Management Centre
A GLOMACS - Oxford Management Centre collaboration aimed at providing the best training services and benefits to our valued clients.
A Project Management Institute, Inc. (PMI)® Approved Training Course Contract & Project Risk Management & Compliance
Legal and Project Perspective to Protect the Investment
Upcoming Dates
Code
Date
Venue
Fees
CM038
30 Jan - 10 Feb 2023
Dubai - UAE
$11,900
CM038
29 May - 09 Jun 2023
London - UK
$11,900
CM038
03 - 14 Jul 2023
Dubai - UAE
$11,900
CM038
28 Aug - 08 Sep 2023
Houston - USA
$13,900
CM038
06 - 17 Nov 2023
London - UK
$11,900
Introduction
One of the critical outcomes of contract and project management is to ensure that risks to owners and contractor are identified and controlled in a proactive way so that both parties are satisfied with the project outcome. While world class project and contract management cannot, of itself, make risk “go away”, it can, and should, identify the risks and opportunities, determine who is responsible for managing each individual risk, and for the consequences should the risk occur.
The following are the highlights of this Contract & Project Risk Management & Compliance training course:
Knowledge to move contracts and project management from the tactical / reactive to the more important proactive / strategic focus
Critical understandings of the risk mitigation process
How to examine both the threats and opportunities facing contracts and projects from both a top-down and bottom-up perspective using a proven risk management processes
Skills in allocating contract and procurement risk
Ability to identify the warning signs of cost overruns, schedule delays, and poor quality, as early as possible in the project to minimize or mitigate the impact
Each module is structured and can be taken as a stand-alone training course; however, delegates will maximise their benefits by taking Module 1 and 2 back-to-back as a two-week training course.
Objectives
The primary objectives of this Contract & Project Risk Management & Compliance training course are to help delegates to:
Apply useful techniques in identifying, analyzing, mitigation and monitoring risks in the project life cycle
Use a practical, six-step process to manage project risk
Review the impacts of different approaches to risk allocation
Explore different contract types to transfer risks
Consider the contractual techniques to ensure effective risk allocation
Learn how to create an effective risk monitoring plan and risk management strategies
Training Methodology
Participants will increase competencies through a variety of instructional methods including lecture, exercises, reviewing published articles, checklists, videos, and group discussions. A comprehensive GLOMACS training course manual enabling practical application and reinforcement is provided.
Delegates are encouraged to bring real problem examples with them, for discussion on a confidential basis, and to share their experience of particular issues. Time will be allowed for general discussions, and for one-to-one discussion with the trainer.
Organisational Impact
The organization will benefit by:
Expanding the expertise of personnel involved in project and contract development and management will allow project, contract, and general management teams to be more effective
The total cost of ownership will be understood and reduced by properly identifying and managing the risks during the project life cycle
Clear allocation of risk will reduce the possibility of contractor disputes, and any that do arise should be settled more quickly, with less cost, delay and disruption
Reducing project failure, poor quality, costly changes, and cost overruns resulting from poor understanding and management of risk
Implementing better risk management through the understanding of the relationship between scope, cost, and time which improves the chance of project success
Developing an appreciation of the true effect of contractual indemnities which will enable better decision-making as to contract structures and ensure that risk is passed to others properly and in a cost effective manner
Personal Impact
Attendees will gain by participation in this Contract & Project Risk Management & Compliance training course as a result of:
Increased understanding of risk and opportunities through the development of risk identification and assessment skills
Able to control multiple project risks using concise strategies
Make risk and opportunity integral components of your next project plan
Better ability to allocate risk, and to select the appropriate project processes and contractual regime to achieve the organizations goals
Improve the ability to reduce the negative impact of poorly-managed risk on a project or a company
Identify threats and opportunities and weigh their relative value in your project
Who Should Attend?
Contracts, Tendering, Purchasing, Procurement, and Project Personnel
Contract Administration, Engineering, Operational, and Maintenance Personnel
Risk, Claims, Financial, and Audit Personnel
Project Management Professionals
And all others who are involved in the planning, evaluation, preparation and management of tenders, specifications, awards, and contracts that cover the acquisition of materials, equipment, and services and who are in organizations whose leadership want high levels of competency in those involved in these activities
SEMINAR OUTLINE
Module I: Contract Risk Management & Compliance
DAY 1
Types and Management of Risk
The Need for Contractual Relationships
Defining Risk
Categories of R for Both Sides of a Contract
Risk Assessment Process
Managing Risk
Qualifying Suppliers
Defining Internal Control
Proportionality of Control
DAY 2
Minimizing and Transferring Risk
Transferring Risk through Contract Types
Firm Fixed Price or Lump Sum Contracts
Cost Reimbursable Contracts
Incentive Contracts
Award-Fee Pricing Arrangements
Indemnities
Cross Indemnities
Insurance
DAY 3
Risk Related Terms & Conditions
External Events
Force Majeure
Strikes and Other Labour Disputes
Risk and Title
Use of ICC Incoterms
Assignment and Novation
Other Clauses that Need to Flow Down to Sub-contractors
Risks Associated with Sub-Contractors
DAY 4
Dealing with Financial Risks
Controlling Risk Associated with Payments
Currency Risk
Economic Risk
Fraud and Corruption
Limiting or Excluding Liability
Distinctions between Liability in Contract, and The General Law
Gross Negligence
A Review of Some Sample Clauses from Standard Contracts, and Other Real Documents
DAY 5
Remedies When Bad Stuff Happens
Mistakes and Misrepresentations
Impracticability of Performance
Remedies Generally
Types of Remedies
Liquated Damages
Warranties
Cover
Discussion of Real Examples (delegates are encouraged to bring real or made-up examples for discussion)
Module II: Project Risk Management & Compliance
DAY 6
Risk Management Framework and Planning
Key Definitions
The PMBOK® Six Risk Management Processes
Purpose & Benefits of Risk
Responsibilities in Project Risk Management
Integrating Risk Management into the Project Management Process
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