It was spring of 1827 and Robert Brown had just returned from collecting pollen in the Scottish countryside. A botanist, Brown placed some of the pollen in water under his microscope and observed the grains of pollen moving about completely randomly. That random motion, now called Brownian motion after its discoverer is a useful tool in studying truly random events. Many of today’s risk models are founded on the principles of Brownian motion, at least as Robert Brown understood them in the spring of 1827.

The audit checklist attached is designed to complement other owner, program manager and contractually required audit checklists. The purpose of this checklist is to ensure that continued focus is paid on achieving the strategic business outcomes that the program is intended to address. It can serve as a template that can be tailored to a specific program's needs.

Risk is inherent to major capital construction programs.

The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

Risk is inherent to major capital construction programs.

The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

Risk is inherent to major capital construction programs. The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

Another risk management process step is to understand the elements of risk and their potential impact early in the program planning and development phase. Not understanding the true impact of a risk event can weaken even the best of risk management planning.

Risk is inherent to major capital construction programs. The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

Risk is inherent to major capital construction programs. The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

The initial paper in this series defined a ten step process to guide consideration of program risks. Collectively, these interrelated processes contribute to successful strategic risk management.

Risk is known to be inherent to major capital construction programs. Although many risk events are unpredictable, many risks can exist in response to the actions and decisions that are made when planning the implementation of the program. In a series of papers, we will focus on planning for the mitigation of risk consequences.