Risk Management
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When first brought into a project or program, we would engage in an environmental scan of the organizations’ technological and technical competencies and recommend a fit for purpose Risk Management Framework, Management Plan and technical solution. Our skilled and experienced Risk professionals will deliver to our client the following:
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Risk Management Framework
The framework will provide context and contemplate the project phases as well as the execution strategies. Special considerations will be provided for Progressive Design Build contracts as the risk profile will be dynamic as the project partners determine which entity is best suited to manage the identified risk.
The framework will also provide definitions including delineating between Risks, Insurance (insurable risk), contingency (Labour, equipment, materials, and subcontract) and escalation/inflation. The framework will also set out the ultimate objective of communicating lessons learned to our client.
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Risk Management Plan
The Risk Management Plan will set out the risk management RACI, process, lessons learned/best practices, issue management and due diligence deliverables and actions. The risk management plan can be a discrete deliverable deploying best practices while providing a ‘skinny’ solution to meet client needs.
It has been our experience that all components of project management must integrate and inform each other's discipline described. We provide a total project management solution where project coding structures map to activity codes in our Integrated Master Schedules, our estimates, and general ledger codes allowing for a bespoke or COTS solutions; to provide dashboards providing efficient reporting and analysis that decision makers can rely on.
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The Risk Management Plan both reflects and guides the governance structure to risk management. Clients typically have a governance structure in place and may have escalation protocols based on evolving risks.
In addition, our solution will provide recommendations regarding governance and oversight that will drive processes and regular reporting; providing confidence that there is an auditable and repeatable risk management process implemented on client projects.
Risk Management is the responsibility of all project members therefore workshops, regular updates and quarterly re-quantification processes must be adhered. This culture permeates all disciplines where the governance structure, processes, workflows, and reporting frequencies can all be reflected by the technical solution.
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Technical Solution
Decision makers and treasury boards across Canada are increasingly relying on probability values (P-Values) to approve project budgets through various stage gates of a project. The expectation that greater certainty in budgets from Concept Plan to Contract Award is reasonable and needs to apply a stochastic or probabilistic models to generate P Values for executive decision makers. Depending on the phase of project and level of design and associated information; different models can be applied.
We will make recommendations based on the unique features of the project. Typical solutions such as @Risk powered by Palisade is a trusted solution along with Acumen Fuse to support schedule risk analysis. Regardless of the requested solution, post recommendation we can support the solution of choice and provide training to employees.
