Key Principles of Contract Risk Management

Description

This Skill Bit shows Contract Risk Management principles, which entail identifying, assessing, mitigating, monitoring, communicating, and documenting risks. This involves reviewing contractual terms, assessing risks’ probability and impact, developing mitigation strategies, continuous monitoring, stakeholder communication, and detailed documentation. Adhering to these principles ensures effective management of contract risks.

Duration approx. 3 Min.

Tier: basics