BP Case and Risk Management Workshop

[Instructor name]

[Course name]

BP Case and Risk Management Workshop

Answer 1

2-day workshop agenda

Day 1

Morning

Introductions

Project objectives related to the case

Scope of risk process to be limited to the case of BP

Workshop ground rules

Risk management briefing about ATOM process and BP case

Expectations of case study analysis and results

Identify risks at BP using the risk breakdown structure

Afternoon

Identify risks using the checklists to finalize risks for BP

Rationalize risks in light of the incident reports

Explain risks using risk metalanguage

Record the finalized risks for BP

Day 2

Morning

Explain the risk assessment process of ATOM

Assess probabilities for identified risks and determine their impacts

Categorize the identified risks

Afternoon

Nominate risk owners including John Browne

Develop initial responses to priority risks (optional)

Close the workshop

Answer 2

All of the chosen items for the risk management workshop agenda are very important. The ATOM process is the active threat and opportunity management process which professes 8 steps to deal with various risk management problems. These range from identifying and evaluating the various risks to reporting those risks and preparing responses for the risks (Hillson & Simon, 2007). The introductions will provide the orientation to the participants regarding the case of BP and the risk management process. Then, it is very necessary to identify the process objectives and the scope as it is first step of the ATOM process. Then, the participants must also be told about the risk management process and the expectations of the workshop.

The most important exercise in the ATOM process is identifying the various risks. These are the uncertainties which are given in the ATOM process. Rationalizing risks is another way of understanding the need to prioritize these risks. This is the next step in the ATOM process where the uncertainties need to be prioritized. Then it is also necessary to describe the risks using the risk metalanguage. Finally, recording the identified risks is imperative in order for the same to be reported to the relevant parties.

Then, the participants of the workshop also need to understand the assessment scheme whereby the risks will be evaluated using the ATOM process. Then, the probability assessments and impacts are the next important thing in effective risk mitigation and management and these measure the various uncertainties. Risk categorization can only be done when the risks have been ascertained as to their impact and probabilities and have been found to be either high or low level risks, depending on their probabilities of occurrence or the associated impact if they materialize. Next, the ATOM process requires that these risks must be reported to their owners or stakeholders of the risks. Hence, this is the logical next step. Lastly, the initial responses must be developed for each of these high priority risks to avert the disaster in the future. In the end, it is imperative to close the workshop with a note on the lessons learned from the exercise.

Answer 3

The brainstorming aspect of the meeting is very important. Therefore, we will start the brainstorming session with a nod. The participants would already be aware of the purpose ...