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Our approach to risk management supports successful project outcomes by helping teams to identify and manage the risks inherent in a project. By assisting teams in identifying risks at the earliest possible stage, effective mitigation strategies can be prepared and implemented to control and proactively manage risk.
Identified risks are assessed for likelihood of occurrence and for their potential impact on cost and programme. Each risk is fed into our management software for scenario planning and inclusion in monthly dashboard reports.
Helping to identify and manage risk
We position ourselves centrally in the project team to identify risks, work with all stakeholders to assess potential impacts and develop a strategy to address each risk. We manage a risk register and hold frequent workshops to understand how risks change throughout the project lifecycle.
We undertake concurrent cost and schedule risk analysis. This approach has been tested against other methods and is found to be more accurate, more effective in terms of client time and easier to establish ongoing risk management as part of the project management. It also allows us to run scenario analysis on budget and programme and produce diagrams to demonstrate findings.
Helping to mitigating risk
We use programme risk assessments to validate the forecast completion date and highlight and pinpoint the risks and activities with the greatest potential to cause the project to overrun. This information is used by the team to focus on the true critical path of the project, and develop mitigation strategies for the risks that pose the greatest threat to the project.
Where appropriate we utilise our unique web-based system, SCORE (Secure, Collaborative, Online Risk Evaluation). This creates and drives a proactive and inclusive process to identify, evaluate and manage risk, whether at programme or project level. The collaborative nature of the system includes anytime, anywhere access for all stakeholders.