Risk is inherent in carrying out any project and this is particularly true of a construction project.
Risk management is a structured process of identifying, assessing, quantifying and controlling risks. The sophistication of the risk management process depends on a number of factors such as the size and complexity of the project and the extent of the perceived risks. The basic principles, however, are constant and can be considered as follows:
- identifying risks (risk logs/workshops/risk register)
- risk qualification (strategy/allocation/planning)
- risk quantification (analysis/costing/modelling)
- risk management (control/re-appraisal/reporting)
- project review and feedback.
Risk management is an ongoing process. Early identification of perceived risks gives the greatest opportunity for control to be exercised. Risk reviews should be undertaken regularly to tie in with the project reporting requirements.
Risk workshops provide a structured forum for identifying and analysing risks and allow members of the project team to contribute and take ownership of the risk management process. BrunswickIS facilitates risk management workshops and uses standard or bespoke computer software to develop risk models that provide a basis for quantifying the combined effect of the risks that have been identified rather than considering them in isolation.
Risk management ensures that sensible provision is made from the outset for the inherent risks involved in carrying out a project and provides a platform for developing strategies for allocating responsibility, mitigating and managing risks.
Establishing the Project Team
Developing Project Controls
Cost Planning and Control
Managing the Supply Chain
Tendering and contractor selection
Developing Collaborative Working Arrangements
Benchmarking and Key Performance Indicators
Value Management and Engineering