Construction professionals need to know how to balance the contingencies of risk with their specific contractual, financial, operational and organizational requirements. In order to achieve this balance, proper risk identification and risk analysis is required. The risk management process entails identifying construction risks and exposures, and formulating an effective risk management strategy to mitigate the potential for loss.
Our Risk Management services are an integral part of the successful construction expertise we offer. These services aim to minimize risk and maximize value on each project. The primary focuses in Risk Management are our project Safety, insurance and Post Construction Programs.
Why do you need risk analysis
- Minimize management by crisis
- Minimize surprises and Problems
- increase probability of project success
- Better handle on true costs and schedules by properly estimating contingencies
What is risk analysis & management?
- An orderly way of studying and analyzing the project. More than simply designing it.
- Clear understanding of the project objectives, all alternatives, and all issues that need to be considered during the design and construction.
- A comprehensive understanding of all stakeholder issues, a probing of internal experts and review of similar projects
For risk to be an issue, the event and/or its outcome must be associated with a certain degree of uncertainty (the possibility). In practice it is virtually impossible to avoid all risks. Risks can be reduced and sometimes transferred (e.g. through contracts, financial agreements, concessions,nsuce policies).
Our Process of Risk Management
Generally involves the following steps:
- Preparation for risk analysis
- Risk Identification
- Risk Analysis
- Risk Response
- Risk Control
Our Risk Management Plan
Like any other plan, should outline what is to be done, who is responsible for it, when to do it and other relevant information. Examples are wide varied, can be straight forward or fairly integrated with the overall project management process.
- Develop and implement a risk strategy through integration with mainstream management
- Manage the agreed risk mitigation initiatives
- Revise plan periodically (e.g. at each phase of the project life-cycle) to reflect changes inconditions, information or as a result of the undertaken response
- Report changes
Assessing investment outcome
- Consider results of investment against original objectives
- Compare risk impacts with those anticipated Review Risk Analysis Process
- Assess effectiveness of process and its application
- Draw lessons for future investments
- Propose improvements to process
- Communicate results