Risk Event Name Cause of the Control Gap Consequence Bank's Control Risk Response (Action Plan) Activities

l Risk Response (Action Plan) Activities Performed New Control Implementation

Risk (Vulnerability Objective Mechanism (Implemented Action Plan)
) Affected
Failure to Meet Poorly defined Inadequate Legal disputes, Contractual Legal Review and Develop comprehensive contract Enhanced contract templates Implemented a centralized
Obligational contractual contract financial Compliance Compliance templates. Conduct thorough with detailed clauses for scope, contract management system
Contracts during terms, drafting and penalties, Measures legal reviews of contracts before penalties, and dispute with automated compliance
Construction or disagreements review project delays execution. Establish clear resolution. Regular legal checks and alerts for
Breach of on project scope processes dispute resolution mechanisms. reviews of all contracts. upcoming obligations.
Contract
Failure to Achieve Inaccurate Lack of Delays in project Project Comprehensive Develop a robust contingency Established a dedicated project Implemented regular schedule
Required project contingency completion, Completion schedule risk plan for potential schedule scheduling team. Regularly reviews and proactive
Completion Date scheduling, planning for potential Timeline analysis, realistic delays. Communicate potential updated the project schedule communication strategies to
or Delay unforeseen schedule financial timelines delays early and renegotiate and maintained open address potential delays
events delays penalties timelines if necessary. communication with all promptly.
stakeholders.
Failure to Achieve Inadequate Lack of Reduced asset Project Rigorous quality Implement regular quality audits Conducted regular third-party implemented a quality control
Required Quality quality control, quality lifespan, Quality and control processes, and inspections. Establish clear quality inspections and audits. approach of continuous
and Operational poor design or assurance increased Performance third-party quality benchmarks and conduct Introduced a comprehensive improvement, which included
Requirements execution and control maintenance inspections regular reviews with quality control manual for all frequent training sessions for
processes costs, disputes stakeholders. construction phases. project staff.
Failure to Achieve Substandard Inadequate Project failure, Material Thorough supplier Establish strict material Implemented a comprehensive Introduced a real-time
Compliance of material supplier legal Quality and selection, regular standards. Conduct regular supplier evaluation program. material tracking system and
Material to sourcing, lack of vetting, poor consequences, Compliance material supplier audits and inspections. Conducted surprise inspections increased collaboration with
Specification quality control material increased costs inspections Develop contingency plans for on-site and at supplier suppliers to ensure adherence
inspections material non-compliance. locations. to specifications.
Failure to Inaccurate cost Poor cost Financial strain, Financial Rigorous budget Implement a robust cost control Conducted regular budget Implemented a dynamic
Complete Within estimation, control project delays, Management estimation, regular system. Regularly review and reviews and introduced a budgeting tool that allows
Budget or Cost unforeseen mechanisms potential legal financial monitoring update the budget. Establish proactive cost control team. real-time updates and
Overrun expenses issues Established a contingency fund forecasting for potential cost
and engaged in ongoing overruns.
financial monitoring.
Financial Failure Insufficient Lack of Project delays, Financial Thorough financial Monitor contractor's financial imposed frequent evaluations Introduced a financial
of the Contractor financial financial due potential legal Management screening, health regularly. Establish clear of contractors' financial performance bond
or Poor Financial planning, diligence complications, contingency plans payment schedules and standing; created a uniform requirement for contractors
Management mismanagement contractor for contractor penalties for non-compliance. payment schedule with and implemented a real-time
replacement issues Develop contingency plans for performance-based rewards; financial monitoring system.
contractor financial issues. and created thorough backup
plans in case of financial
collapse.
Change in Design changes, Inadequate Delays, Project Regular Establish a clear change Conducted stakeholder Implemented regular
Material Types unforeseen change increased costs, Specifications stakeholder management process. Ensure workshops on change stakeholder training programs
and circumstances management potential communication that any changes are thoroughly management. Implemented a on change management and
Specifications procedures disputes with reviewed, approved, and centralized change request enhanced the change request
during stakeholders communicated to all system with clear approval system for greater
Construction stakeholders. processes. transparency.
Failure to Select Inadequate Poor Project delays, Contractor/Co Comprehensive Develop a comprehensive Conducted a thorough review Introduced a continuous
the Right evaluation contractor/con poor quality, nsultant selection criteria, evaluation matrix for contractor of the contractor selection improvement process for the
Contractor and criteria, lack of sultant potential Selection thorough and consultant selection. process. Implemented a more contractor/consultant selection
Consultant expertise in selection disputes qualification checks Regularly review and update the robust evaluation matrix and process, including regular
selection criteria selection criteria based on updated the criteria based on audits and updates to
process project needs. lessons learned. evaluation criteria.