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Examination of Witnesses

Part of High Speed Rail (Preparation) Bill – in a Public Bill Committee at 2:30 pm on 11th July 2013.

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Terry Morgan: We have a very sophisticated risk register, as do all big programmes, to which we apply risk in value terms and probability of failure. We spend a lot of time not just accepting something as a risk, but mitigating that risk, as far as possible. We take a proportion  of those risks and allocate a probability number to that so that at the end of the day we have a register. We keep that and as a board we review it in detail every quarter. Executively, it is reviewed every month. We are continually trying to mitigate away risks that have been identified. That creates the opportunity to sit down and say, “What new risks are starting to materialise that we had not previously taken account of?” The risk register continues to change and it is important that you have an active risk register to ensure that you are on top of the risks as they start to materialise. As I said, a really important element of that, which the Olympics did very well, was to de-risk some of those items and find that the consequences of doing that are very much to the advantage of the programme.