Contract & Project Risk Management
& Compliance

Legal and Project Perspective to Protect the Investment

Format availability:

In-Person, Online streaming

Duration:

10 Days

Introduction to the course

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

Course details

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

Participants will increase competencies through a variety of instructional methods including lecture, exercises, reviewing published articles, checklists, videos, and group discussions. A comprehensive 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.

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

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

  • 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

Daily Agenda

{heading_content}Module I: Contract Risk Management & Compliance:
DAY 1:
Types and Management of Risk
  • The Need for Contractual Relationships
  • Defining Risk
  • Categories of Risk for Both Sides of a Contract
  • Risk Assessment Processes
  • Managing Risk Before and During the Contract
  • Qualifying Suppliers
  • Negotiating Terms that Carry Risk
  •  Internal Control and its Proportionality
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
  • Terms, Conditions and Warranties
  • Indemnities and Cross Indemnities
  • Insurance and Guarantees
DAY 3:
Risk Related Terms & Conditions in a post-Pandemic World
  • External Events
  • Force Majeure
  • Strikes and Other Labour Disputes
  • Risk and Title
  • Use of ICC Incoterms
  • Assignment, Novation and Re-Negotiation
  • 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
DAY 5:
Remedies When Bad Stuff Happens
  • The nature of contractual remedies generally
  • Mistakes and Misrepresentations
  • Impracticability of Performance
  • Types of Remedies
  • Liquidated Damages
  • Warranties
  • An Overarching View of Dispute Resolution
  • Review of Course, Questions and Answer Session
{heading_content}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 Process
  • The Effect of Project Macro-Environment on Risk
  • The Effect of Project Complexity on Risk
  • Risk Identification Techniques
  • Managing Risk through Project Estimating
  • Managing Risk through Earned Value Management
  • Schedule Risk Management – Critical Path Method & PERT
DAY 8:
Risk Assessment Process
  • Qualitative Risk Analysis
  • Bow-Tie Risk Analysis Technique
  • Probability/Impact Risk Matrix Technique
  • Quantitative Risk Analysis
  • Monte Carlo Simulation
  • Decision Trees and Expected Monetary Value
  • Managing Project Risks through Integrity Assurance
DAY 9:
Risk Response Plan Development
  • Risk Prioritisation
  • Risk Response Strategy Guidelines
  • Response Strategies for Threats & Opportunities
  • Response Planning & Analysis
  • Alternative Responses
  • Risk Response Validation
  • Contingency & Management Risk Reserves
DAY 10:
Risk Response Control
  • Resource Management
  • Risk Control Guidelines
  • Risk Control Inputs
  • Risk Control Tools & Techniques
  • Risk Control Outputs
  • Risk Reporting & Documenting
  • Course Summation & Work Session Review

Frequently Asked Questions

There are no prerequisites. Our courses are open to students of all backgrounds who are 18 years of age and older. All courses are conducted in English. Video lectures include English subtitles and the option to slow-down, pause, or replay lectures for better retention. Discussion boards are a critical component of each of our courses; therefore, we suggest students have a conversational knowledge of English when pursuing a Certificate of Completion. For any of the art writing courses, students need to be 100% proficient in written English.

You should have an up-to-date web browser such as: Chrome, Safari, Firefox, or Internet Explorer. For more detailed information, please see the guides for supported browsers and basic computer specifications. Our Online Courses can be accessed on a mobile or tablet device, although we strongly encourage you to have access to a desktop or laptop computer and reliable internet connection for certain course components. Former students have told us it is easiest to read discussion threads and complete written assignments on a laptop or desktop computer.

Registration is available on our website. Just follow these simple steps: Click the “Apply Now” button in the top right corner of your screen. Select “Online Courses.” Choose your course(s). You will be asked for basic contact information and your credit card payment. We require full payment at the time of registration and all tuition is billed in US dollars. Be sure to check with your bank or credit card company, as your financial institution may charge a foreign transaction fee.

Our classes are kept small, at no more than 30 students, to better facilitate and encourage personalized interaction with the instructor and fellow participants. Your classmates come from all over the globe and contribute their global perspectives and experience. Some are currently working within the arts while others are just beginning. All classmates share in their passion for the art world.

It is recommended that you begin your course promptly. If you do need to start the course a few days late, contact your instructor as soon as possible after the course has opened to discuss your options. Registration closes on the Friday after the course begins.

Enroll now

Click on a date to enroll and save your seat
London
27 May-07 Jun 2024
Fee: $11,900
Online streaming
01-12 Jul 2024
Fee: $7,900
Dubai
01-12 Jul 2024
Fee: $11,900
Houston
26 Aug-06 Sep 2024
Fee: $13,900
London
04-15 Nov 2024
Fee: $11,900
Amsterdam
16-27 Dec 2024
Fee: $11,900
London
30 Dec 2024-10 Jan 2025
Fee: $11,900
Course customization available
Course customization available

This training course is available to be conducted at your own pace & at your own time. Request for a quotation now and our training advisor will contact you shortly

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