Risk Management Plan – updated (2nd )

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. An updated version of the Risk Management Plan (D7.8) was produced in M30.
The current document is the third (updated) and final version of the Risk Management Plan. Building on the previous version (D7.8), this deliverable reiterates the processes, tools and procedures used for risk management in ULTIMATE in the period between M30 and M53. In addition, it describes the risks identified up until the end of the project (M53), and the final assessment of these risks and their impact on the project and preventive actions and mitigation measures taken to prevent such an impact.
Throughout the project, 25 foreseen risks and 25 unforeseen risk were identified. The foreseen risks were defined during the proposal submission based on previous experience with similar research project and on developments within the consortium during the Grant Agreement preparation. The unforeseen risks primarily resulted from major regional and global events, such as the COVID-19 pandemic and the conflicts in Ukraine and the Middle-East. Mitigating actions have been taken to limited the impact of these risks. As a result, they have resulted in delays in the realisation of some of the activities in ULTIMATE, but they did not jeopardise the project outcomes.