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RICS professional guidance, UK Management of risk

rics professional guidance , UKManagement of risk1st guidance noteManagement of riskRICS guidance note1st editionPublished by the Royal Institution of Chartered Surveyors ( rics )Parliament SquareLondonSW1P responsibility for loss or damage caused to any person acting or refraining fromaction as a result of the material included in this publication can be accepted by theauthors or by the QS and Construction working group of the Royal Institution ofChartered 978 1 78321 107 4 Royal Institution of Chartered Surveyors ( rics ) June 2015. Copyright in all or part ofthis publication rests with rics . No part of this work may be reproduced or used in anyform or by any means including graphic, electronic, or mechanical, includingphotocopying, recording, taping or web distribution, without the written permission ofRICS or in line with the rules of an existing in Great Britain by Columns Design XML Ltd, Reading, would like to thank the following for their contribution tothis guidance note:Technical author:Richard Newey, AECOMW orking group:Chair:Andrew Smith FRICS (Laing O Rourke)Stuart Earl FRICS (Gleeds)Roland Finch FRICS ()

requires management action. It could be a problem, query, concern, change request or risk that has occurred’ (Management of Risk: Guidance for Practitioners, OGC, 2002). ‘It can be any concern, query, request for change, suggestion or off-specification raised during the project. [They] can be about anything to do with the project’

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Transcription of RICS professional guidance, UK Management of risk

1 rics professional guidance , UKManagement of risk1st guidance noteManagement of riskRICS guidance note1st editionPublished by the Royal Institution of Chartered Surveyors ( rics )Parliament SquareLondonSW1P responsibility for loss or damage caused to any person acting or refraining fromaction as a result of the material included in this publication can be accepted by theauthors or by the QS and Construction working group of the Royal Institution ofChartered 978 1 78321 107 4 Royal Institution of Chartered Surveyors ( rics ) June 2015. Copyright in all or part ofthis publication rests with rics . No part of this work may be reproduced or used in anyform or by any means including graphic, electronic, or mechanical, includingphotocopying, recording, taping or web distribution, without the written permission ofRICS or in line with the rules of an existing in Great Britain by Columns Design XML Ltd, Reading, would like to thank the following for their contribution tothis guidance note:Technical author:Richard Newey, AECOMW orking group:Chair.

2 Andrew Smith FRICS (Laing O Rourke)Stuart Earl FRICS (Gleeds)Roland Finch FRICS (NBS)Christopher Green FRICS (Capita Property and Infrastructure)Roy Morledge FRICS (Nottingham Trent University)Michelle Murray MRICS (DBK)Alan Muse FRICS ( rics )Michael T O Connor FRICS (Carillion Construction Ltd)Martin Stubbington MRICS ( rics )Kevin Whitehead FRICS (McBains Cooper Consulting Ltd) Management of riskiiRICS guidance iiRICS professional 11 Introduction .. 32 General principles (Level 1 Knowing).. Key principles of risk Management .. of risk .. of of risk .. Response/mitigation strategies .. avoidance .. sharing .. of risks .. Procurement routes and route .. factors .. Risk quantification process and requirements .. trees.

3 Limit tree analysis .. tree analysis .. addition .. method of method .. Sensitivity analysis .. Effect of risk on programme and cost ..83 Practical application (Level 2: doing) .. Risk identification techniques .. strategy .. breakdown structure .. categories .. risk-identificationtechniques ..9iiiRICS guidance Qualitative risk assessment and opportunity analysis .. response .. risks for Management actions .. Risk ownership v procurement route .. and Contributing data for quantification .. limit Carlo Practical considerations (Level 3: doing/advising).. Advising on appropriate procurementroute .. return risk responsibilities .. quantificationtechniques and advising clientson level of risk allowance.

4 15 Appendix A: Risk terminology .. 19 Appendix B: Example risk 21ivRICS guidance noteManagement of riskRICS professional guidanceInternational standardsRICS is at the forefront of developing internationalstandards, working in coalitions with organisations aroundthe world, acting in the public interest to raise standardsand increase transparency within markets. InternationalProperty Measurement Standards (IPMS ),International Construction Measurement Standards (ICMS),International Ethics Standards (IES) and others will bepublished and will be mandatory for rics members. Thisguidance note links directly to these standards andunderpins them. rics members are advised to makethemselves aware of the international standards ( ) and the overarching principles with whichthis guidance note complies.

5 Members of rics areuniquely placed in the market by being trained, qualifiedand regulated by working to international standards andcomplying with this guidance guidance notesThis is a guidance note. Where recommendations aremade for specific professional tasks, these are intended torepresent best practice , recommendations that in theopinion of rics meet a high standard of members are not required to follow therecommendations contained in the guidance note, theyshould take into account the following an allegation of professional negligence is madeagainst a surveyor, a court or tribunal may take account ofthe contents of any relevant guidance notes published byRICS in deciding whether or not the member acted withreasonable the opinion of rics , a member conforming to thepractices recommended in this guidance note should haveat least a partial defence to an allegation of negligence ifthey have followed those practices.

6 However, membershave the responsibility of deciding when it is inappropriateto follow the is for each member to decide on the appropriateprocedure to follow in any professional task. However,where members do not comply with the practicerecommended in this guidance note, they should do soonly for good reason. In the event of a legal dispute, acourt or tribunal may require them to explain why theydecided not to adopt the recommended , if members have not followed this guidance , and theiractions are questioned in an rics disciplinary case, theywill be asked to explain the actions they did take and thismay be taken into account by the some cases there may be existing national standardswhich may take precedence over this guidance standards can be defined as professionalstandards that are either prescribed in law or federal/locallegislation, or developed in collaboration with other addition.

7 guidance notes are relevant to professionalcompetence in that each member should be up-to-dateand have knowledge of guidance notes within a reasonabletime of their coming into guidance note is believed to reflect case law andlegislation applicable at its date of publication. It is themember s responsibility to establish if any changes in caselaw or legislation after the publication date have an impacton the guidance or information in this 25 September 2015 rics guidance status definedRICS produces a range of professional guidance andstandards documents. These have been defined in thetable below. This document is a guidance of documentDefinitionStatusStandardInternat ional standardAn international high-level principle-based standarddeveloped in collaboration with other relevant statementRICS professional statement A document that provides members with mandatoryrequirements or a rule that a member or firm isexpected to adhere term encompasses practice statements, Red Bookprofessional standards, global valuation practicestatements, regulatory rules, rics Rules of Conduct andgovernment codes of code of practiceDocument approved by rics , and endorsed by anotherprofessional body/stakeholder.

8 That provides users withrecommendations for accepted good practice asfollowed by conscientious or recommendedgood practice (will beconfirmed in the documentitself). rics guidance note (GN)Document that provides users with recommendations orapproach for accepted good practice as followed bycompetent and conscientious best principles apply in casesof negligence if best practice isnot information paper (IP) Practice-based document that provides users with thelatest technical information, knowledge or commonfindings from regulatory and/orrecommended good principles apply in casesof negligence if technicalinformation is known in guidance noteEffective 25 September 2015 Management of risk1 IntroductionThe aim of this guidance note is to provide a referencepoint for professionals on the discipline of success of construction projects arguably can begauged on the ability of the professional team to mitigatethreats and maximise opportunities in relation to the overallobjectives of the project.

9 A risk register is a risk- Management tool generally adopted as a central repositoryfor all risks and threats identified (see appendix B forexample risk registers). For each threat or risk identified,information in relation to each risk is included, such as adescription of the risk, risk consequences, impact rating,risk owner and so Management as a discipline is becoming far moreprevalent for the success of projects, programmes andindeed the construction industry. This guidance noteprovides details of the general principles of riskmanagement and provides practical applications andconsiderations for successful guidance note supersedes the rics information paperThe Management of risk(2000).Effective 25 September 2015 rics guidance principles (Level 1 Knowing) Key principles of Definition of riskA risk can be defined as an uncertain event orcircumstance that, if it occurs, will affect the outcome of aprogramme/project (note that where this guidance noterefers to a project it could also refer to a programme).

10 Risk Management is now widely recognised as beingconcerned with both threat and opportunity. For thepurposes of this guidance note, risk refers to bothpositive and negative alternative risk definitions:Risk definitions The likelihood of an event or failure occurring and itsconsequences or impact (NRM1, rics , 2012) Risk is a possible future event combining the probabilityor frequency of occurrence of a defined threat oropportunity and the magnitude of the consequences ofthat occurrence (IEC Guide 73:2002, British Standard,2002). An uncertain event or set of circumstances that should itor they occur would have an effect on the achievement ofone or more of the project objectives (APM Body ofKnowledge, APM, 2006). Uncertainty of outcome (whether positive opportunity ornegative threat).


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