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What are the key roles and responsibilities of risk management professionals in contract management?

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Contract management is the process of planning, negotiating, executing, and monitoring the performance of contracts between parties. It involves identifying and managing the risks that may arise from the contractual obligations, expectations, and relationships. Risk management professionals play a key role in contract management, as they help to ensure that the contracts deliver the desired outcomes and benefits, while minimizing the potential losses and disputes. In this article, we will explore what are the key roles and responsibilities of risk management professionals in contract management.

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Supratim Roy

Sourcing and Procurement Professional

1 Risk identification and assessment

One of the main roles of risk management professionals in contract management is to identify and assess the risks that may affect the contract objectives, scope, quality, cost, schedule, and stakeholders. This involves conducting a risk analysis, which is a systematic process of identifying the sources, likelihood, and impact of potential risks, as well as the existing controls and mitigation strategies. Risk management professionals use various tools and techniques, such as risk registers, risk matrices, risk ratings, and risk maps, to document and communicate the risk information to the relevant parties.

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2 Risk response planning and implementation

Another key role of risk management professionals in contract management is to plan and implement the appropriate risk responses, which are the actions and measures taken to avoid, reduce, transfer, or accept the risks. Risk management professionals work with the contract parties to develop and agree on the risk response plans, which specify the roles, responsibilities, resources, timelines, and indicators for each risk response. They also monitor and report on the progress and effectiveness of the risk response implementation, and make adjustments as needed.

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3 Risk monitoring and review

A third key role of risk management professionals in contract management is to monitor and review the risk situation throughout the contract lifecycle, and update the risk information and plans accordingly. This involves collecting and analyzing data and feedback from various sources, such as contract performance reports, audits, inspections, surveys, and stakeholder feedback. Risk management professionals use key performance indicators (KPIs), dashboards, and scorecards to measure and evaluate the risk performance and outcomes of the contract. They also conduct regular risk reviews, which are meetings or workshops where the contract parties discuss the current risk status, issues, and lessons learned.

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4 Risk communication and reporting

A fourth key role of risk management professionals in contract management is to communicate and report the risk information and plans to the contract parties and other stakeholders. This involves establishing and maintaining effective communication channels, methods, and protocols for sharing the risk information and plans in a timely, accurate, and consistent manner. Risk management professionals use various communication and reporting tools, such as risk reports, newsletters, presentations, and meetings, to inform and engage the contract parties and stakeholders about the risk situation and actions.

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5 Risk governance and compliance

A fifth key role of risk management professionals in contract management is to ensure that the risk management process and activities comply with the relevant standards, policies, regulations, and best practices. This involves establishing and following a risk management framework, which is a set of principles, processes, roles, and tools that guide and support the risk management practice. Risk management professionals also ensure that the contract parties adhere to the contractual terms and conditions, as well as the ethical and legal obligations, related to risk management. They also conduct audits, reviews, and evaluations to verify and improve the quality and effectiveness of the risk management process and activities.

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Supratim Roy

Sourcing and Procurement Professional
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the main purpose for contracting is to mitigate the risk involved - Risk management professional can assess the risk and structure the contracts so that maximum of those risk factors are taken care of.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Efemini F-Awosika MCIPS CSCP

Leadership Coach for Procurement Managers Aspiring to Become Team Leaders ?? Successfully Managed Tenders and Contracts Worth Billions of Dollars ?? Executive Director, Roducate Ltd ?? Mother
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Such professionals also maintain documentation and educate relevant stakeholders. They keep thorough and accurate records of risk assessments, mitigation strategies and compliance activities. And they document any changes to the contract terms and conditions, ensuring clarity and transparency. They also provide training and education to stakeholders on risk management principles and the importance of adhering to contractual obligations.

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Sameer Fayez Alhomsi

Contract Manager @ Jeddah Historical Program
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Risk management is something that comes from the top of the organization and should be embedded in the organization's culture and procedures. Otherwise, it is just talk and excessive administrative work.

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What are the key roles and responsibilities of risk management professionals in contract management?

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1 Risk identification and assessment

2 Risk response planning and implementation

3 Risk monitoring and review

4 Risk communication and reporting

5 Risk governance and compliance

6 Here’s what else to consider

Contract Management

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