Fluor's Business Risk Management Framework is a formalized and systematic process for assessing, managing, and monitoring Fluor's business risks. Fluor uses the process to systematically and continuously identify, analyze, and respond to risk and opportunity throughout the project’s life cycle, beginning with the FEED phase through start-up and operation. Fluor has taken its extensive industry experience and proven techniques, established a uniform process, and refined the ability to conduct disciplined reviews for identifying risks, defining mitigation strategies, and managing risks appropriately.
The identified risks are qualitatively rated based on the severity of the potential consequences as well as the likelihood of the event, and prioritized accordingly. Mitigation strategies are researched and evaluated for capability, feasibility, cost effectiveness, and preference. Common mitigation strategies include avoiding, transferring, reducing, and accepting the risk and its consequences. Once the preferred strategies have been selected, cost and benefit opportunities are evaluated, detailed action plans are documented along with due dates and responsible parties, and the plan is reviewed and approved by management. To promote effectiveness, risk data are gathered and analyzed as required to provide updates on a routine basis.