ULTIMATE - Risk Management Plan - updated

“Risk management is the process of identification, analysis, monitoring and control of internal and external risks. The risk management process also identifies mitigation and corrective actions and their implementation, in case of risk materialization, at the earliest possible moment. To manage risks that arise during the project a Risk Management Plan (D7.4) has been prepared which defines the processes, tools and procedures that will be used to identify, manage and control risks. It also defines the roles and responsibilities of the consortium partners in the risk management processes in the project. Risk management is a continuous process throughout the lifetime of a project. This process involves the risk management chain that includes the identification, analysis, monitoring, controlling, and reporting the potential technical and management risks. The strategy also covers other issues that might affect the project progress towards its objectives, including potential mitigation actions to act as early as possible. The risk assessment process is continuous, and therefore the risk management plan is updated throughout the entire lifetime of the project.
The current document is the second (updated) version of the Risk Management Plan. The prior version of the Risk assessment established the Risk assessment process and initial risk analysis of the project until M6. Based on this version, this deliverable reiterates the processes, tools and procedures used for risk management in ULTIMATE in the period between M6 and M30. In addition, it describes the risks identified up until the time of writing and for each identified risk it details the estimated impact of the risk and the means of monitoring and mitigation through appropriate contingency planning. The risks identified up until month 30 are collected in the risk management register.
A third and last version of the risk management plan including the risk management register, will be delivered in Deliverable 7.9 in month 48 of the project.”

(Citation: van den Broeke, J. – ULTIMATE – Risk Management Plan – updated, D7.8 (2022))