MANAGING AND MITIGATING CONTRACT RISKS TEXAS, OKLAHOMA, ARKANSAS & LOUISIANA
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1 MANAGING AND MITIGATING CONTRACT RISKS TEXAS, OKLAHOMA, ARKANSAS & LOUISIANA
2 OBJECTIVES DEFINING RISK MANAGEMENT UNDERSTANDING RISK IDENTIFYING AND PREPARING FOR RISKS RISK SAFEGUARDS ONGOING PREPARATION AND RESPONSE TO RISK
3 LEARNING OUTCOMES UNDERSTAND RISKS ARE INHERENT TO ANY PROCESS DEVELOP A COMMON UNDERSTANDING OF RISKS QUALIFYING, PLANNING FOR, ELIMINATING AND/OR MITIGATING RISK ESTABLISHING AND BUILDING RISK SAFEGUARDS ENSURING CAPABILITIES FOR PREPARING FOR AND RESPONDING TO RISK
4 UNDERSTANDING RISK CONTRACTING HAS THE INHERENT POTENTIAL TO CREATE MANY RISKS. MANAGING RISKS PROTECTS THE INSTITUTION FROM LOSS. THEREFORE, IT IS STRONGLY RECOMMENDED ALL INSTITUTIONS HAVE WRITTEN POLICIES REGARDING RISK MANAGEMENT IN CONTRACTING.
5 DEFINING RISK MANAGEMENT WHETHER POSITIVE OR NEGATIVE, RISK MANAGEMENT IS THE IDENTIFICATION, ANALYSIS, ASSESSMENT, CONTROL AND AVOIDANCE, MINIMIZATION, OR ELIMINATION OF UNACCEPTABLE RISKS.
6 DEFINING RISK MANAGEMENT POSITIVE RISK IS THE CHANCE A PROJECT S OBJECTIVES WILL PRODUCE TOO MUCH OF A GOOD THING AND IS DETERMINED TO BE AS UNDESIRABLE AS A NEGATIVE RISK.
7 PURPOSE OF RISK MANAGEMENT THE PURPOSE OF RISK MANAGEMENT IS TO: IDENTIFY AND LIST POTENTIAL RISKS ASSESS AND EVALUATE THE RISKS PLAN HOW TO REDUCE, MITIGATE, ELIMINATE, SHARE OR INCORPORATE RISKS
8 IDENTIFYING & PREPARING FOR RISKS WHY WE NEED RISK ASSESSMENT TO PROTECT THE UNIVERSITY AND IT S INTERESTS, WE NEED TO BE PROACTIVE IN ASSESSING CONTRACT RISK. THEREFORE, WE SHOULD CONSIDER PERFORMING A CONTINUOUS ASSESSMENT BY REVIEWING CONTRACTS TO MITIGATE RISKS THAT WILL IN TURN ENHANCE THE BUSINESS WHILE INCREASING REVENUES AND REDUCING COSTS.
9 HOW DO YOU IDENTIFY RISKS? COMMON (INHERENT) RISK CATEGORIES BUSINESS RISKS FINANCIAL RISKS PRODUCT RISKS SCHEDULING RISKS RECORDS RISKS TRAINING INTERNAL & EXTERNAL RISKS SECURITY RISKS PERSONNEL RISKS UNIVERSITY RISKS JURISDICTION
10 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED BUSINESS RISK: COMPLIANCE (LEGAL); OPERATIONAL; STRATEGIC (PLANNING, ORGANIZING, IMPLEMENTING); START-UPS; ENTERING NEW MARKETS
11 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED FINANCIAL RISKS: INACCURATE BUDGET ESTIMATES; PAYMENT METHOD; AVAILABILITY OF FUNDS; CASH FLOW; PROFIT OR LOSS
12 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED PRODUCT RISKS: QUALITY; ENVIRONMENTAL; AVAILABILITY; DELIVERY; OBSOLESCENCE
13 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED SCHEDULING RISKS: TIME CONSTRAINTS; IMPACT TO PERFORMANCE; IMPACT ON BUDGET; WEATHER
14 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED RECORDS RISK: ACCESS; RESTRICTIONS; SECURITY; RETENTION (MONITORING AND MAINTAINING)
15 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED TRAINING RISKS: INITIAL AND ON-GOING; MANUALS; TRAINERS; ELECTRONIC ACCESS; TOOLS AND EQUIPMENT; COST; INTERRUPTION TO BUSINESS; APPLICABILITY OF CONTENT (CURRENT OR OBSOLETE)
16 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED INTERNAL AND EXTERNAL RISKS: IMPACT TO CAMPUS (HOW WILL THIS AFFECT OTHER DEPARTMENTS, STUDENTS OR SERVICES); HOW WILL THIS AFFECT VENDOR RELATIONS, PUBLIC PERCEPTION, COMMUNITY OR OTHER BUSINESSES OR MUNICIPALITIES
17 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED SECURITY RISKS: ACCESS (PHYSICAL AND ELECTRONIC); LOCATION; TECHNOLOGY; DATA RECEPTION AND TRANSMISSION; RECORDS, CREDIT CARDS; STUDENT AND PERSONNEL INFORMATION (FERRPA, HIPPA)
18 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED PERSONNEL: SECURITY; LIABILITY (INJURY, DEATH OR DISABILITY); LOSS; HAZMAT; PHYSICAL REQUIREMENTS OR CONSTRAINTS
19 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED UNIVERSITY RISKS: PRODUCTS, PROPERTY, SERVICES, STUDENTS, PERSONNEL AND EQUIPMENT
20 HOW DO YOU IDENTIFY RISKS? COMMON RISK CATEGORIES DEFINED JURISDICTION RISKS: GOVERNING LAW (FEDERAL, STATE, LOCAL AND/OR FOREIGN)
21 HOW DO YOU IDENTIFY RISKS? A CRADLE TO GRAVE PROCESS At the beginning or initiation of the contract process the Contracting Team Lead and the Contract Specialist need to conduct a preliminary risk assessment. And, to determine the level, the type and amount of management, oversite and resources required to implement, plan and procure the products or services.
22 HOW DO YOU IDENTIFY RISKS? A CRADLE TO GRAVE PROCESS NOTE: The Risk Management process is ongoing, from cradle to grave, to ensure the contract is fully performed, the final payment is made and the contract is closed out. In other words, those involved with the contract must understand the risk assessment process involves reviewing and evaluating the contract on a continual basis. The more long term the contract, the more oversite is needed.
23 HOW DO YOU IDENTIFY RISKS? THE IDENTIFICATION PROCESS FROM PAST EXPERIENCE BY REVIEWING OLD CONTRACTS / OTHER CONTRACTS BRAINSTORMING (BUSINESS, FINANCIAL, PRODUCT, SCHEDULING, RECORDS, TRAINING, INTERNAL & EXTERNAL, SECURITY, PERSONNEL, UNIVERSITY, JURISDICTION)
24 PREPARATION FOR RISK UNDERSTAND THE ENVIRONMENT IDENTIFY THE RISKS ANALYZE THE RISKS EVALUATE THE RISKS RESPONSE TO RISKS
25 PREPARATION FOR RISK UNDERSTAND THE ENVIRONMENT IN ORDER TO DEAL WITH RISK IT IS IMPORTANT TO UNDERSTAND THE CONTEXT IN WHICH IT EXISTS. THEREFORE, YOU MUST IDENTIFY THE RELATIONSHIP OF THE RISK TO THE ENVIRONMENT IN WHICH IT OPERATES.
26 PREPARATION FOR RISK IDENTIFY THE RISKS WHAT COULD GO WRONG? WHAT IS THE LIKELIHOOD IT WILL GO WRONG? WHAT ARE THE CONSEQUENCES IF IT DOES GO WRONG?
27 PREPARATION FOR RISK ANALYZE THE RISKS WHAT IS THE LIKELIHOOD AND THE CONSEQUENCES OF THE RISK? WHAT IS THE RISK (PRIORITY) LEVEL? WILL IT REQUIRE ONGOING MONITORING?
28 PREPARATION FOR RISK EVALUATE THE RISK PRE-ESTABLISHED RISK CRITERIA AND THE RISK ANALYSIS HELP DETERMINE WHETHER THE RISKS CAN BE ACCEPTED, ELIMINATED, MITIGATED OR BUILT INTO THE PROCESS
29 RESPONSE TO RISK THE RESPONSE TO RISKS IS TO DEVELOP STRATEGIC ACTIONS TO DETERMINE WHAT OPTIONS ARE REQUIRED TO REDUCE, MITIGATE, ELIMINATE, SHARE OR INCORPORATE RISKS
30 RESPONSE TO RISK EVALUATE AND ANALYZE LIKELYHOOD RATING CATEGORY 1 CERTAIN 2 LIKELY 3 POSSIBLE 4 UNLIKELY 5 RARE POTENTIAL IMPACT RATING CATEGORY 1 CATASTROPHIC 2 MAJOR 3 MODERATE 4 MINOR 5 NOMINAL
31 RESPONSE TO RISK EVALUATE AND ANALYZE IMPACT 5 CATAS- TROPHIC 4 MAJOR 3 MODERATE 2 MINOR 1 RARE LIKELYHOOD 5 CERTAIN EXTREME 2 EXTREME 1 MAJOR 3 MAJOR 3 MEDIUM 3 4 LIKELY EXTREME 1 EXTREME 2 MAJOR 3 MEDIUM 4 MINOR 2 3 POSSIBLE MAJOR 3 MAJOR 3 EXTREME 2 MEDIUM 4 MINOR 2 2 UNLIKELY MAJOR 3 MAJOR 3 MEDIUM 3 MINOR 2 MINOR 2 1 RARE MEDIUM 4 MEDIUM 3 MINOR 2 MEDIUM 3 MINOR 2
32 RESPONSE TO RISK EVALUATE AND ANALYZE EXTREME MAJOR MEDIUM MINOR Highly probable, potentially serious risks that are likely to happen that require immediate, urgent attention. Very likely to arise, potentially major risks that are likely to happen that require immediate, urgent attention. Very likely to arise, potentially major risks that are likely to happen that require attention. Minor, low consequence risks that are manageable by standard methods and procedures.
33 RESPONSE TO RISK ACCEPTING THE RISK AVOIDING THE RISK REDUCING THE RISK TRANSFERRING THE RISK RETAINING THE RISK FINANCING THE RISK
34 RESPONSE TO RISK ACCEPTING RISK DETERMINING THAT THE POTENTIAL LOSS OR COST OF A RISK IS NOT GREAT ENOUGH TO WARRANT THE TIME, MONEY AND EFFORT TO ELIMINATE
35 RESPONSE TO RISK AVOIDING RISK THE ELIMINATION OF IDENTIFIED CONTROLLABLE RISKS THAT CAN COMPROMISE THE PROJECT.
36 RESPONSE TO RISK REDUCING RISKS IS THE PROCESS OF REDUCING THE LIKELIHOOD OR THE SEVERITY OF A POSSIBLE LOSS
37 RESPONSE TO RISK A RISK TRANSFER IS A RISK MANAGEMENT AND CONTROL STRATEGY (A SAFEGUARD) THAT INVOLVES THE CONTRACTUAL SHIFTING OF A PURE RISK FROM ONE PARTY TO ANOTHER. ONE EXAMPLE IS THE PURCHASE OF AN INSURANCE POLICY, BY WHICH A SPECIFIED RISK OF LOSS IS PASSED FROM THE POLICYHOLDER TO THE INSURER.
38 RISK SAFEGUARDS DEFINED A RISK SAFEGUARD IS A CLAUSE IN A CONTRACT THAT ENSURES PROTECTION AGAINST PROBLEMS (TRANSFER OF RISK); A PRECAUTIONARY OR COUNTER MEASURE THAT ENABLES AN ORGANIZATION TO PROTECT ITSELF FROM THREAT OR THE INFRINGEMENT OF AN AGREEMENT.
39 RESPONSE TO RISK FINANCING RISK DETERMINING THE MOST EFFECTIVE, EFFICIENT AND THE LEAST COSTLY WAY TO PAY FOR THE NEGATIVE IMPACT OR, THE COST TO ELIMINATE, RISKS.
40 RISK SAFEGUARDS RISK TRANSFERS INDEMNIFICATION (HOLD HARMLESS) OBLIGATES ONE PARTY TO COMPENSATE THE OTHER PARTY FOR LOSSES OR DAMAGES (PHYSICAL OR MONETARY)
41 RISK SAFEGUARDS RISK TRANSFERS LIMITATION OF LIABILITY LIMITS THE AMOUNT PAYABLE IN DAMAGES FOR BREACH OF CONTRACT WAVER OF SUBROGATION OCCURS WHEN AN INSURANCE COMPANY PAYS THE INSURED AND THEN SUES THE PERSON OR ORGANIZATION RESPONSIBLE.
42 RISK SAFEGUARDS RISK TRANSFERS INSURANCE - ASSET (FINANCIAL) PROTECTION BONDS (SURETY, PERFORMANCE, PAYMENT); AUTO; WORKERS COMP; LIABILITY; ETC. PENALTY CLAUSES - PERFORMANCE; COMPLETION; COMPETENCE; BREACH OF CONTRACT; ETC.
43 WORTH REPEATING
44 THE ONGOING GOAL: IDENTIFY EVERYTHING THAT CAN, WILL OR MAY HAPPEN
45 IDENTIFY, ASSESS, EVALUATE, RANK AND PLAN FOR ALL SIGNIFICANT RISKS AND OPPORTUNITIES
46 PREPARATION FOR RISK UNDERSTAND THE ENVIRONMENT IDENTIFY THE RISKS ANALYZE THE RISKS EVALUATE THE RISKS RESPONSE TO RISKS
47 COMMON (INHERENT) RISK CATEGORIES BUSINESS RISKS FINANCIAL RISKS PRODUCT RISKS SCHEDULING RISKS RECORDS RISKS TRAINING INTERNAL & EXTERNAL RISKS SECURITY RISKS PERSONNEL RISKS UNIVERSITY RISKS JURISDICTION
48 RESPONSE TO RISK ACCEPTING THE RISK AVOIDING THE RISK REDUCING THE RISK TRANSFERRING THE RISK RETAINING THE RISK FINANCING THE RISK
49 QUESTIONS
50
51 CONTACT INFORMATION CHARLIE BROOKS, MBA; CTCM; CTPM SR. CONTRACT SPECIALIST THE UNIVERSITY OF TEXAS AT ARLINGTON OFFICE OF PROCUREMENT SERVICES 219 W. MAIN ST. ARLINGTON, TX
52 CITATIONS 1. PUBLISHED ON PROCUREMENT JOURNEY ( 2. NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY; RISK MANAGEMENT GUIDE FOR INFORMATION TECHNOLOGY SYSTEMS GARY STONER, ALICE GOGUEN AND ALEXIS FERINGA 3. SMALL BUSINESS ASSOCIATION (U.S. SMALL BUSINESS ASSOCIATION); RISK MANAGEMENT FOR A SMALL BUSINESS PROSIDIAN CONSULTING, LLC; COPYRIGHT, 2011; THE INCREASED IMPORTANCE OF CONTRACTS AS A RISK MANAGEMENT TOOL 5. DR. J. GORDON MURRAY; EFFECTIVE CONTRACT MANAGEMENT ; 6. HARVARD UNIVERSITY; RISK MANAGEMENT AND AUDIT SERVICES; BASIC GUIDELINES FOR CONTRACTS AND CONTRACT RISK ; 1033 MASSACHUSETTS AVE., 3 RD FLOOR, CAMBRIDGE, MA MIKE GRIFFITHS; LEADING ANSWERS INC.; COLLABORATIVE GAMES FOR RISK MANAGEMENT ; COPYRIGHT AUGUST, 2012; LEADING ANSWERS, INC. 8. STATE OF TEXAS PROCUREMENT AND CONTRACT MANAGEMENT GUIDE; VERSION 1.0; TEXAS COMPTROLLER OF PUBLIC ACCOUNTS; PUBLICATION # ; JUNE 2018
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