Overall Monitoring Table example

Governance dimension: Risk management

 For the offline PPSL Excel workbook

Among 11 possible issues or objectives in the Governance Dimension one selects, for example, the first namely 1.1.1 - Risk Management as it is considered as an important issue for Oversight (Theme 1.1). It is registered under 'O' as an Objective, and the Priority  is set '1'.

In the overall Monitoring Table (table OVERALL) a comment is available in cell 1.1.3 - Risk Management. To access the comment, position the cursor on the cell and click. The following comment appears:


  • This issue involves consideration of the management of risks in order to anticipate their control, not only during the project or programme development phases but also during operation.
  • During project or programme development, all phases – both current and future, namely, planning, design, construction, operation, and end-of-life – need to be examined. Only phases that have been completed are not considered. Nevertheless, traceability for earlier phases is essential.
  • During operation, the only phases considered are those for actual operation and the end-of-life of components of the project or programme
  • The aim is to repeatedly identify the risks and to estimate them (for instance, the probability, impact, etc.) in order to establish their relative importance (for example, the extent to which a certain risk is greater than ...), to evaluate/expand upon the risks (i.e., assign a value in terms of cost or time, for example), and to determine a management strategy and the action plan that follow.
  • This activity relates to all types of risk – natural, political, project management, social, technological, health and safety, environmental, technical, etc.

This first level of information is not sufficient to document the three required cells:

  • REFERENCE FRAMEWORKS CONSIDERED
  • TARGET PERFORMANCE
  • ASSESSMENT METHODOLOGY. 

For this, it is better to have a look into the PSL Repertoire which cvers a much larger scope, even if not exhaustive. One may select the Reference Frameworks given below because for example, they are:

  • international and not easily disputable;
  • sufficiently generic to be used for all possible cases. 

Moreover, they contribute to a common understanding through a precise language that is not dogmatically restrictive.

The Reference Frameworks are:

  • Standard ISO/CEI 31000:2009 Risk Management - Principles and guidelines for implementation
  • ISO Guide 73 : 2009 Risk Management vocabulary
  • Standard ISO/CEI 31010:2009 Risk management – assessment technics

Once Reference Frameworks have been  selected, one may establish the following Target Performance:

  • 100 % project review or operation review ( for example, annual), including risk assessment;
  • Risk funds allocation to decrease.

In line with these Target Performances, one may decide on the following Assessment Methodology:

  • Ratio of the number of risk reviews to the number of project or operation reviews;
  • Savings on risk cost before / after completion.

One may prefer to select that Target Performance and Assessment Methodology which are easy to implement and monitor. Even when referring to international standards, one may proceed pragmatically to be efficient for the duration of the project/programme, because those who will monitor the objectives up to the end-of-life of assets are probably not those who selected them at the beginning of the project.

For a specific issue or objective only one Target Performance would be preferred, but selecting two can be considered when there is no difficulty to implement them jointly.

To contribute to good understanding of non-specialists, information can be outlined in tables. Additional documentation in annexes (not proposed here) could be useful.

Given below are the completed cells for the Overall Monitoring Table.

GHI
Reference Frameworks
Performance Target
Assessment Methodology
ISO/CEI standard 31000:2009: Risk Management - Principles and guidelines for implementation100 % project review or operation review (for example annual) Risk reviews / Project or operation review
ISO Guide 73: Vocabulary on risk management - Risk assessment techniquesRisk fund allocation to decreaseSavings on risk cost before / after completion