Curtiss-Wright have developed a set of proactive risk management tools that provide our customers with insight into the program development process, and all associated risks, including technical, schedule, and cost risks.
This approach reflects standard industry practices and is overseen by the Program Manager. Risks and opportunities are rated based on their likelihood of occurrence and their potential impact. An “owner” is assigned to each assumption, risk, and opportunity, and has singular responsibility for the validation, retirement, or capture of their assigned risk or opportunity. Risk Mitigation Plans and Opportunity Capture Plans are developed for each risk and opportunity that is classified as "medium" or higher. The Risk Management Register (Assumptions, Risks and Opportunities) is maintained through the life of the program and is presented at all major project reviews and Technical Interface Meetings.
The status of the risk management activities is assessed at all internal program review meetings and all external customer review meetings. Any significant variance from the last review is scrutinized for cause, with corrective actions being applied as needed. Customers are informed in real-time of changes to risk status, with formal reports submitted as required by contract.