Risk Management Plan for ICT Implementation

1. Introduction

Every project will have a degree of risk and similarly in case of projects for implementation of
ICT components, the goal of the Consultant shall be to recognize and identify the impending
risks and to take steps to mitigate those risks. However, the most important aspect of
Consultants project management plan would be to identify risks and propose a risk
management plan to analyze, prioritize and plan for mitigating the potential risks during the ICT
project lifecycle.

2. Purpose and Objectives

Purpose:
In this section, Consultant will elaborate and provide a clear understanding of the Risk
Management Plan’s (RMP) focus and desired outcome to ensure it serves as the foundation for
entire risk management process to be adhered by all stakeholders during the ICT project
lifecycle. The purpose of the RMP is to systematically identify, assess, prioritize and mitigate
risks that have the potential to impact the successful deployment and operation of ICT
infrastructure and services within the project. This purpose broadly includes:

1. Optimizing Project Success:

To optimize the success of projects undertaken for deployment of ICT components by
proactively identifying risks that may lead to delays, budget overruns or performance
issues.

2. Safeguarding Investments:
To safeguard the significant investments of stakeholders deployed for developing
greenfield industrial smart city and ensuring that resources are used efficiently and
effectively.

3. Enhancing Sustainability:
To contribute to long term sustainability and resilience of proposed industrial smart city
as the preferred destination for setting up industrial unit by identifying and mitigating
risks related to information and communication technology vulnerabilities and
environmental factors.

Objectives:

The objectives of the RMP for deployment of ICT components is to ensure that risks are
proactively identified, assessed and managed leading to the successful implementation of ICT
infrastructure and services as per the requirement of client. This would enhance the outcome,
minimize disruptions and support client’s sustainability and development goals. The primary
objectives include:

a) Risk identification
b) Risk assessment
c) Risk prioritization
d) Risk mitigation
e) Risk monitoring and control
f) Risk communication
g) Risk contingency and response
h) Risk budgeting
i) Risk documentation

3. Risk Identification:

This is required to systematically identify all potential risks that could impact the projects
related to deployment of ICT components. This includes technical risks related to technology
such as complexity, process, analytical, etc., external risks related to approvals, environmental
factors, regulatory changes, etc., organizational risks related to funding, decision making,
project dependencies, etc., project management related risks such as estimating,
communication, planning, etc. and any other risks that may be relevant to the ICT projects to be
implemented. The risks would be identified, in consultation with Consultant team, ICT project
team members and other concerned stakeholders. Identifying risks early allows for timely
mitigation and minimizes potential disruptions.

The risks can be categorized broadly in to 4 categories, as shown in the image above, namely
Technical, External, Organizational and Project Management risks. The risks relevant to and
related to ICT project are elaborated in brief below:
a) Technical: Examples of Technical risks related to different aspects of the ICT project are:

i. Requirement: It is important to capture the stakeholder expectations and needs

of client due to evolving needs to ensure that risk of frequent changes or unclear
project requirements are avoided leading to scope creep, project delays,
increased costs and potential conflicts with stakeholders.

For such risks, Consultant will be preparing a list of ICT components to be

deployed in short term, medium term and long-term depending on the needs of
client and site requirement in project.

ii. Technology: The adoption of cutting-edge technologies that may have unproven
reliability or compatibility issues with existing systems may result in risks leading
to system failures, operational disruptions and need for extensive debugging and
testing. Also, heavy reliance on specific technology OEMs for hardware or
software would entail risks related to vendor related problems and limit the
flexibility at the time of procurement.

For such risks, Consultant will be carrying out the As-Is study of the existing ICT
systems deployed so that the proposed ICT components are compatible with the
ICT systems being deployed and used by client and compatibility related risks are
avoided. Also, Consultant will be conducting workshops with prospective ICT
OEMs and vendors for broad based participation and qualification of 2 to 3
technology providers for the ICT components proposed to be deployed by client
in project.

iii. Complexity and References: Challenges may arise in integrating various

technology components and systems due to their complexity or lack of
interoperability. Also, limited or outdated reference models or best practices for
building the ICT infrastructure for project may lead to uncertainty in design and
implementation.

For such risks, Consultant will carry out the review of ICT related scope defined
in other systems implemented through EPC such as Civil Infrastructure, WTP,
CETP, STP, SWM, etc. and ensure that the scope for ICT is well defined and the
technologies proposed are aligned with the scope and technologies of ICT
components proposed for implementation under MSI and other ICT projects to
be deployed in project by client.

iv. Process: Limited or ineffective testing and quality assurance procedures may
potentially lead to undiscovered defects or vulnerabilities.
 For such risks, Consultant will ensure that elaborate testing processes are
mandated in the bidder scope where the use cases are defined as per the needs
of client and requirements of the smart city and relevant tests to demonstrate
the compliance of ICT components to these use cases.

v. Analytical: Errors in the analytical models used for predictive analytics may
result in inaccurate forecasts or recommendations based on which the ICT
systems are proposed leading to poor decision making and suboptimal resource
allocation and operational inefficiencies.

For such risks, Consultant will ensure that the projected demand of utilities and
services, derived on the basis of analytical tools and techniques, are reviewed at
regular interval to make sure that the ICT components recommended based on
these projections are realistic and do not in any way lead to inefficient resource
allocation.

Consultant will ensure continuous monitoring and adaptability, which are essential to
address emerging technical challenges and reduce the risks related to ICT components
being taken up for implementation in project.

b) External: These risks are often beyond the control of the project team and can have a
significant impact on the project’s success. Below are the examples of external risks:

i) Regulators: Changes in government regulations, data privacy laws or

cybersecurity requirements during the project, delay in obtaining required
approvals or permits from regulatory authorities for construction or technology
deployment may result in increased compliance costs, potential delays and the
need to adapt to new regulatory standards. For this the Consultant will follow up
with client, concerned regulators and other stakeholders so that the
dependencies related to approvals or permits are on track and if any delay or risk
related to approvals is monitored and necessary mitigation measures are
deployed.
ii) Market: Competitive market conditions may lead to changes in technology costs,
resource availability or supplier availability. Also, economic recession or financial
market instability may affect project funding and investment confidence. For this
the Consultant will be conducting workshops with prospective ICT OEMs and
vendors for assessing market conditions and advancement or emergence of
innovative technologies to avoid the risk of deploying soon to be outdated
technologies. Also, for broad based participation and qualification, Consultant
will draft the requirements so that 2 to 3 different technology providers for the
ICT components proposed to be deployed by client in project are able to meet
the requirements.
 iii) Subcontractors and suppliers: Delays or bankruptcy of critical suppliers or
subcontractors responsible for providing technology components or services or
quality issues with technology components or services delivered by
subcontractors or suppliers may lead to risks leading to project delays, potential
disruption of supply chains, compromised system performance, rework and
increased costs. For this Consultant will mandate qualification of Vendors or
OEMs with sound financial credentials, having mandatory industry certifications
and with proven track record of successful delivery of projects of similar nature
and capacity.
iv) Customer: Shifting priorities or expectations of key stakeholders, including client,
investors or prospective city residents may lead to scope changes, potential
conflicts and project delays. Also, lack of engagement and adoption of smart city
technologies due to resistance or limited understanding may lead to reduced
benefits and difficulties in ensuring ICT project success. For this Consultant will
interact with client and other important stakeholders for understanding their
expectations and the short term, medium term and long-term priorities for
planning deployment of ICT components in short term, medium term and long-
term to meet the needs of client, other stakeholders and also the site
requirement in project.
v) Weather: Unpredictable and extreme weather events such as cyclones, floods or
droughts may damage the ICT infrastructure to be deployed. Also, seasonal
variations like heavy monsoons, extreme heat or corrosive environment may
affect the performance and longevity of technology components. For this
Consultant will study the weather patterns in the vicinity of project site and
accordingly draft the technical and functional requirements of the ICT
components to be deployed so that they are able to withstand the harsh
weather conditions. e.g.: Poles proposed for ICT deployment should be able to
take the load of ICT components proposed to be installed even in cyclonic winds
or ingress protection of ICT components should be able to withstand the heavy
monsoon or the operating temperature of the ICT components should be well
above the maximum temperature observed on site in project.

Consultant will stay adaptable and agile in responding to changing external conditions
and addressing external risks and will deploy a combination of proactive risk
identification, contingency planning and monitoring of external factors to address these
risks.

c) Organizational: These risks are related to the internal working and dynamics of the
organization responsible for the project and can significantly impact the success of the ICT
components to be deployed by client . Various Organizational risks are categorized below:

i) Project Dependencies: Dependencies between different departments or teams

within client, Consultant or MSI may lead to challenges related to coordination
 and miscommunication. Also, heavy reliance on an organization (single vendor or
contractor) for technology components or services may lead to risk leading to
limited flexibility and vendor related issues. For this Consultant will keep
coordinating and communicating with client and various stakeholders so that
information is shared laterally as well as vertically. This will make sure that
conflict of interests is resolved and collaborative efforts between all stakeholders
lead to early identification and resolution of dependencies.
ii) Staffing competency: These risks are due to insufficient expertise or skills within
the project management team, MSI, OEMs or vendors leading to an inability to
effectively implement advanced technologies. Also, lack of knowledge and
training on the latest technologies among the various stakeholders will entail
risks leading to inefficient technology utilization and reduced innovation. For this
Consultant will mandate qualification of Vendors or OEMs with sound technical
credentials, having on roll staff with essential educational qualification and
industry certifications with proven track record of successful delivery of projects
of similar nature and capacity.
iii) Staffing sufficiency: Difficulty in allocating resources including human resources
and materials to various projects components may lead to delays and cost
overruns risks. Also, deploying insufficient project team members to handle the
workload may result in overworked staff leading to potential burnout and quality
issues. For this Consultant will mandate qualification of Vendors or OEMs having
sufficient on roll staff with essential educational qualification and industry
certifications with proven track record of successful delivery of projects of similar
nature and capacity.
iv) Decision making: Inefficiencies in decision making processes leads to delays and
confusion. Also, frequent changes to project scope without proper evaluation or
change control/approval process will result in project delays, budget overruns
and difficulties in managing project changes. For this Consultant will follow up
and keep coordinating and communicating with client and concerned
stakeholders so that the decision-making process is streamlined. Also,
Consultant will mandate a structured change control process so that only the
changes that are evaluated and approved as per the change control board are
incorporated in the project.
v) Prioritization: Shifting project priorities due to internal organizational changes or
external pressures may lead to scope changes, potential conflicts and project
delays. For this Consultant will keep coordinating and communicating with client
and other stakeholders so that priorities are identified in advance and its
information is shared laterally as well as vertically. This will make sure that ICT
component deployment priorities are well defined and conflict of interests do
not arise between stakeholders leading to enhanced collaboration and
resolution of organizational dependencies.
vi) Funding: Insufficient funding for the project due to changing financial conditions
or budget limitations may lead to budget shortfalls leading to financial instability,
project disruptions and project delays. For this Consultant will coordinate with
 client and communicate project milestones and the relevant financial allocation
so that the required funding is already secured. Also, Consultant will allocate
contingency reserves within the budget to account for unforeseen expenses or
scope changes.

To mitigate these organizational risks, Consultant will have a robust risk management
plan in place, maintain clear communication and collaboration among stakeholders,
provide necessary training and development for staff and conduct regular reviews and
assessments to identify and address potential issues.

d) Project Management: These risks can be categorized into various project management
related areas and encompass wide range of factors including culture, estimating, planning,
controlling and communication.

i) Culture: Absence of cultural alignment between various organizations involved

in the project such as client, Consultant, EPC, MSI and its subcontractors/OEMs
may result in miscommunication, misunderstandings, reduced team cohesion
and potential conflict that could impede progress of deploying of ICT
components in project. Also, cultural differences can lead to stakeholders or
team members being resistant to adopting new technologies, processes or
methodologies. For this Consultant will establish clear communication guidelines
and preferred communication channels for all stakeholders to follow, so that the
stakeholders are sensitive of diverse cultural background of stakeholders and it
also develops better understanding and effective communication.
ii) Estimating: Underestimating the costs associated with the ICT components to be
deployed or miscalculating the resources required including personnel, materials
and technology components may result in risks related to budget shortfalls,
overworked staff, resource shortages and potential project delays. For this
Consultant will ensure that the scope of the ICT components is clearly defined
and understood avoiding discrepancies in estimating requirements. Consultant
will conduct survey for the ICT components to be deployed and collect
quotations from qualifying vendors and OEMs so that the estimates are as
realistic and reliable as possible.
iii) Planning: Unrealistic project timelines that do not account for potential delays or
unforeseen challenges may result in missed deadlines, rushed work and quality
issues. Also, inadequate or wrongly defined project scope may lead to
ambiguous project objectives and deliverables resulting in frequent change
requests, scope creeps and project delays. For this also Consultant will ensure
that the scope of the ICT components is clearly defined and understood avoiding
discrepancies in estimating timelines required for supply, installation, testing and
commissioning of the ICT components. Also, based on the past ICT projects
deployed by client and the experience of Consultant SMEs in implementing
 projects of similar nature and complexity, will help in arriving at realistic plan for
deployment.
iv) Controlling: Ineffective change control processes result in unmanaged or
unapproved changes leading to project scope creeps and difficulty in managing
project changes. In addition to this lack of effective issue resolution mechanisms
or decision-making processes may result in unresolved conflicts and potential
project disruptions. For this Consultant will follow up and keep coordinating and
communicating with client and concerned stakeholders so that the change
control process is adhered to by all stakeholders. Also, Consultant will mandate a
structured change control process so that only the changes that are evaluated
and approved as per the change control board are incorporated in the project.
v) Communication: Absence of effective communication between stakeholders or
breakdown in communication channels or processes within project team may
lead to misunderstandings, conflict and delays due to unmet expectations. For
this Consultant will establish clear communication guidelines specifying
preferred communication channels, frequency of communication and formats of
communication for all stakeholders to follow, so that the stakeholders have
access to real time information and develop better understanding of the status
leading to effective communication.

To mitigate such project management risks, Consultant will establish clear project
management processes, develop effective change control mechanisms and maintain
open and transparent communication with all stakeholders.

Risk identification will follow a structured process to identify risk and may include using tools
and techniques, as shown in the image below, such as brainstorming sessions with all
stakeholders, Interviewing experts in the field of ICT project management and implementation,
SWOT analysis, risk assessment workshop, Lessons learnt from previous projects of similar
nature, Review of Documentation and Checklist of previous projects of similar nature, Review
of Project assumptions, etc. Systematically identifying risks will help ensure that all significant
risks are identified and assessed for effective risk mitigation.
4. Risk assessment:
This process seeks to assess the likelihood and potential impact of each identified risk on
objectives such as project timelines, budgets, and the quality of ICT deliverables and services.

By evaluating risks from multiple angles would enable all the stakeholders, including
Consultant, to take informed decisions and allocate resources for effective risk management.
Risk assessment involves both quantitative analysis, using data and metrics and qualitative
analysis, using expert judgement to provide a holistic view of the risks.

a) Quantitative Risk Analysis: Quantitative risk analysis involves assigning numerical values
to both the impact and likelihood based on statistical probabilities and monetarized
valuation of loss or gain. Various tools and techniques that Consultant would deploy for
quantitative risk analysis would be:
i) Sensitivity Analysis: This method evaluates how changes in individual project
variables or parameters would impact ICT project outcomes and objectives. It
would help identify which variables or parameters have the most significant
influence on risks related to ICT project.
ii) Expected Monetary Value (EMV): EMV analysis calculates the expected
monetary value of each risk by considering the probability of the risk occurring
and the potential impact on the financial objectives thereby quantifying the
financial implications of the risks.
iii) Decisions Tree Analysis: This method uses various potential decisions and the
outcomes associated with those decisions for Quantitative risk analysis. It helps
in making decisions under uncertainty and quantifies the financial implications
of different decision paths.
iv) Simulation Software: In this method various software tools would be used to
assist in quantitative risk analysis. These tools incorporate Monte Carlo
 simulations that would use random sampling to model a range of possible
project outcomes. This would involve running multiple simulations to estimate
the probability of achieving various project objectives such as scheduled
completion, cost adherence, etc.

b) Qualitative Risk Analysis: Qualitative risk analysis uses subjective judgement to

determine the probability of a risk occurring and its impact on the project.

i) Risk Probability-Impact Matrix: This method would use the risk register prepared
in risk identification process and assign subjective ratings for the likelihood or
the probability of the risk materializing and impact of each risk. The matrix would
categorize risks based on these ratings into high, medium and low-risk
categories.

ii) Expert judgement: In this method Subject Matter Experts (SMEs) would assess
the identified risks based on their experience and knowledge in implementing
ICT projects of similar nature and magnitude, providing valuable qualitative
insights into the potential impact and likelihood of risks.
iii) Interviews and Workshops: In this method facilitated group discussions,
workshops and interviews with project stakeholders would be conducted, to
gather qualitative data on risks, allowing for a collaborative assessment of risks
and facilitating to uncover risks that may not be identified through individual
interaction.
iv) Historical data & Lessons Learned: Using historical data, checklist from past
projects and lessons learned from previous projects of ICT deployment would
assist in identifying and qualitatively assessing risks.

Depending on the project’s complexity and available data, a combination of these methods
would be used for a more comprehensive risk assessment.
5. Risk prioritization:

Post assessment of risk, next step by Consultant would be to carry out risk prioritization based
on the potential impact and likelihood of risk occurrence. Risks would be categorized as high,
medium or low priority based on the selected criteria. High priority risks will receive more
attention and resources for mitigation, ensuring that critical threats are addressed first thereby
minimizing their impact on the project outcome and its objectives.

6. Risk Mitigation:

After the risk prioritization, Consultant will develop and implement proactive risk mitigation
strategies that reduce the likelihood and impact of identified risks, improving the project’s
overall resilience. The strategy developed would aim to reduce the impact and likelihood of
risks while raking in to account the specific circumstances and objectives of the project. This
includes proactive measures to address and prevent risks by reducing the probability of risk,
sharing the risk, avoiding the risk all together and transferring the risk. In addition to this,
sometimes the stakeholders may acknowledge the existence of the risk, understand its
potential impact, and make a conscious choice to deal with the consequences if the risk
materializes, deciding not to take any proactive action to mitigate or avoid the risk.

For e.g.

i) Accept: If the project involves deployment of a cutting-edge, proprietary

technology that is central to the functioning of the smart city or client, chances
are the technology is sourced from a single vendor who has a patent on the core
component or the technology. In such case there is a risk that the vendor may go
out of business or discontinue support of the technology leaving the project
team without a viable alternative then to accept the risk and move ahead with
the project. Risk acceptance implies that the project stakeholders are willing to
live with the uncertainty and potential negative outcomes associated with the
risk.
ii) Avoid: If the risk relates to a specific technology or solution chosen for the ICT
project may become obsolete or unsupported by the OEM during the project
lifespan, mitigation strategy would be to avoid the risk by conducting a
comprehensive technology assessment before making any decisions on
 purchasing the ICT technologies for implementation. This would involve
evaluating the long-term viability of the technology, stability of OEM and support
commitments so that only technologies with a proven track record and support
service commitments are chosen for implementation.
iii) Transfer: If the risk relates to potential cyber-attacks or data breaches that could
compromise sensitive information within the smart city’s ICT infrastructure,
mitigation strategy would be to transfer the risk by outsourcing the security of
the ICT infrastructure to a reputable cybersecurity firm, who will assume the
responsibility for implementing security measures, monitoring threats and
responding to cyber-attacks.
iv) Reduce: If the risk relates to regulatory compliance, mitigation strategy would
involve reducing the risk by proactively engaging with the regulatory authorities
and addressing compliance requirements early in the project planning phase.
v) Share/Hedge: If the risk relates to delay in onsite implementation works due to
adverse weather conditions, mitigation strategy would involve sharing the risk by
purchasing a weather-related construction delay insurance policy, which will
provide compensation if adverse weather conditions result in project delays,
allowing the project to continue without significant financial loss.

For each identified risk a specific, detailed and actionable mitigation strategy would be
developed, from technical solution to process adjustment, tailored to that particular risk. The
strategy would also outline the timeline when the intended mitigation strategy will be
implemented and would set clear milestones to monitor the progress of risk mitigation. The
timelines planned would be such that they align with the overall projects timeline and ensure
that mitigation efforts do not cause delays.

Mitigation strategy would ensure accountability by assigning ownership for each risk by
defining the roles and responsibilities of individuals or teams responsible for implementing each
mitigation strategy.

7. Risk Monitoring and Control:

To ensure that risk management is a dynamic process, Consultant will establish processes for
continuous monitoring and control of risks throughout project’s lifecycle. Consultant will
conduct regular risk reviews and performance monitoring of the project. Regular risk review
meetings would be scheduled to evaluate the status of identified risks, assess their progress
and update mitigation strategies as necessary.

For efficient risk monitoring, based on the above risk management processes, Consultant has
created a risk register (refer Annexure A) for documenting and tracking identified risks. The risk
register includes details about each identified risk such as its description, likelihood, impact, risk
owner, mitigation strategies, contingency and status of risk. Consultant would establish
methods for monitoring the effectiveness of each mitigation strategy by defining key
performance indicators (KPIs) that can be used to assess whether the strategy is successfully
reducing the risk. KPIs would include indicators for project schedule, budget, quality and any
other project objective that the risks might affect.

Consultant would deploy EVA (Earned Value Technique) technique for assessing performance of
project by measuring the value of work completed versus the budget and schedule. This would
help identify variances and potential risk to project success by analyzing cost and schedule
performance.

Consultant would carry our continuous monitoring of existing as well as new risks identified
during the project lifecycle and ensure that the risk management process remains adaptive and
is able to contribute towards successful implementation of ICT infrastructure and services for
client.

8. Risk Communication:

Effective Communication is a cornerstone of successful risk management within any project and
projects of client, including projects for deployment of ICT components in project site are not
an exception to it. Clear and timely communication would play a vital role in identifying,
addressing, mitigating and controlling risks. Proactive communication will ensure that all
project stakeholders including Consultant, Client, MSI, Regulatory bodies are aligned regarding
the project’s objectives and risk landscape. Effective communication will enable swift responses
to emerging risks. When a new risk is identified or an existing risk changes, prompt
communication will allow for immediate action to mitigate or manage the risk.

This would also include regular meetings, email updates, risk reports and dashboards, providing
stakeholders with the information they will need to make decisions related to risk mitigation
strategies, resource allocation and project adjustments leading to clear and concise reporting,
facilitating informed decision making.

9. Risk Contingency and Response:

This section will outline the actions and steps to be taken in the event a risk is realized, despite
mitigation efforts, including the contingency steps to be taken to minimize disruptions and the
impact of risk on the project’s objectives while maintaining the project progress.

To start the contingency and response actions related to a risk it is very important to identify
specific triggers or indicators that signal a risk is going to be triggered or has already occurred,
prompting the activation of contingency plan as per the defined roles and responsibilities. It
would include developing alternate strategies or plans to address the consequences of the risk,
limit its impact and facilitate a return to normal conditions. It also includes determining the
resources such as budget and personnel, needed to execute the contingency plans and ensuring
that those resources are available and allocated appropriately.

Clear roles and responsibilities would be assigned for implementing contingency plans, with the
stakeholder identified, for activating and executing the plan and ensure that team members are
trained and ready to respond to the risk.

Risk response would include a clear communication strategy for informing project stakeholders
about the risk event and the activation of the contingency plan. It would define the information
to be shared, who will be informed and how often updates will be provided, outline the step-
by-step procedures for implementing the contingency plan including timeline, resource
allocation and the sequence of actions to take. It would also establish mechanisms for
continuous monitoring of the risk event and the execution of contingency plan by defining KPIs
that will be used to assess the plans effectiveness and make necessary adjustments.

This would also involve deciding whether to proceed with alternative strategies or initiate
further action for escalating the risk event if it becomes unmanageable at the project level and
would require higher-level escalation.

10.Risk Budgeting:

Risk budgeting is the process of allocating financial resources to address and manage risks.
Proper risk budgeting ensures that sufficient funds are set aside to cover the costs associated
with risk management activities including risk identification, assessment, mitigation,
contingency planning and response implementation. A well-structured risk budget will ensure
that the ICT project has the necessary financial resources to manage risks effectively and
enhance the project’s resilience and reduce the impact of potential disruptions.

A brief outline of the risk budgeting process is given below:

a) Risk Identification and Assessment: This includes allocation of funds for risk
identification and assessment activities such as risk workshops, expert consultations,
data collection and analysis tools.
b) Risk Mitigation: This includes the costs associated with proactive risk mitigation efforts
such as contingency planning, process and procedure adjustments and any additional
resources required for mitigation related activities. This will also include the funds
allocated to cover the additional costs incurred for implementing contingency plans to
address risks that may still materialize despite taking mitigation efforts.
c) Risk Monitoring and Control: This includes costs associated with regular risk review
meetings, data analysis and the use of risk management tools and software. This will
also include expenses incurred for external audits for compliance reporting.
 d) Communication and Reporting: This includes funds for communication and reporting
related to risk management. This includes costs of creating risk reports, maintaining and
updating risk registers and communicating risk information to ICT project stakeholders.
e) Risk Contingency Reserves: This includes funds to be set aside to address unforeseen
risks or changes in risk exposure. This fund is used for risks that were not initially
identified or those that may emerge during the project implementation.
f) Risk Documentation and Records: Allocate funds for the storage and maintenance of
risk-related documentation including archiving risk registers, risk analysis reports and
historical data for future reference.

11.Risk Documentation:

Effective documentation and record-keeping would be essential components of Risk

Management Plan (RMP) and will provide a historical record of risk management efforts, help in
decision making and facilitate accountability. It would also ensure that risk management
process is transparent, well-documented and capable of supporting continuous improvement
and decision making throughout the project’s lifecycle. The key documentation and record
keeping requirements are as follows:

a) Risk register: It is a central document that list and describes all the identified risks. It will
include a detailed description of risk, its potential impact on project, its likelihood, the
risk owner, any existing mitigation or response strategies, risk status, etc.
b) Risk Assessment Report: This report would provide detailed information about the
analysis of identified risks and typically includes qualitative and quantitative
assessments, risk prioritization and any recommended actions for mitigation or
response.
c) Risk Mitigation Plan: Mitigation plan would define the strategies and actions to be taken
to reduce the likelihood and impact of the risk and includes details about responsible
stakeholders, timelines for mitigating risk, resource allocation required for mitigating
risk, etc.
d) Contingency and Response Plans: This plan would provide the details of action to be
taken in the event a risk event from the risk register occurs despite mitigation efforts.
They include specific response strategies, roles and responsibilities, communication
plan, escalation process, etc.
e) Risk Documentation and Assessment Tools: Any tools or software used for risk
identification, analysis and tracking would be documented including the spreadsheets,
risk management software and specialized risk analysis models. This will also include the
key performance indicators and metrics used to assess risk management performance.
f) Historical Data and Records: All risk management related data, records and
communications would be documented including meeting minutes, email exchanges,
official reports, approvals, risk register updates, etc. to ensure transparency and
accountability. This will also include reports created after risk has occurred and response
has been executed, which would serve as lessons learned and recommendations for
 future risk management. This will also include documentation related to compliance for
regulatory and industry standards related to risk management including any audits,
assessments and reports required to demonstrate adherence to the said requirements.
g) Financial records: Records of all financial transactions related to risk management,
including budget allocation, expenses, contingency reserves and funds used for risk
management activities would be maintained.
h) Change Requests: Any change requests or modifications made to project plan as result
of risk management would be documented including changes in project scope, schedule
adjustments and budget reallocations.
i) Archiving and Storage: An archiving and storage system would be setup to securely
store and organize risk related documentation to ensure that records are easily
accessible and preserved for future reference.

This Risk Management Plan emphasizes client’s commitment to ensuring that project meets its
objectives while securing its long-term success and viability. The RMP will serve as a roadmap
for proactively identifying and managing risks, ensuring that client can adapt to unforeseen
challenges. Although the purpose of developing a fully functional industrial smart city is filled
with obstacles, the commitment of all stakeholders along with the specialized knowledge and
proactive risk management strategies developed by Consultant will not only mitigate potential
risks but also enable client to project it’s project site as the most sought-after DMIC node for
setting up industries.