The project-specific risks have to be identified, analysed and managed in a structured manner at each stage of a project.
Professional risk management is an indispensable aspect of major infrastructure projects. The interests involved, the amounts of money and the threats are simply too important to be left to chance. That is why risk management has developed into a mature discipline at staff level. Risk management is used to prevent projects from escalating. InVra plus also has its own specialised advisors for this discipline. There is no place in our projects for a 'wait and see' approach.
Prior to the commencement of major projects InVra plus identifies the potential risks that could arise before, during and after the building stage together with the client - and possibly external experts. We then consider which control measures can and should be taken for each risk to avoid losses and delays and to save money. Precise risk management rules out situations in which small causes have big consequences. We are able to avoid damages and extra costs and embed the planning and realisation of projects more firmly.
Risk: how serious?
Risks come in all shapes and sizes. They include technical, organisational, political, legal, financial, spatial and social risks. Together with the client's employees we consider the chance of each risk arising and the implications for the planning, finances and quality of the project. We then rate the risks on a scale of 0 to 25, with 25 as the highest risk factor. We use the expertise of the project managers and employees in the project to determine the level of the risk score. As those directly involved in the project, they are the people who are best placed - together with the risk manager - to identify, classify and highlight all of the risks.
We keep all of the information about each risk in a risk file. We lay down the possible control measures and who will be putting them in place. We appoint a risk owner at your organisation for each risk. He or she is responsible for the operational control of the risk. Risk management ensures that the right employees are enabled to take responsibility and actually do so. This ensures that everything is clear at our organisation and rules out the possibility of failure costs being incurred.
InVra plus's risk manager has a coordinating and supervisory role. He periodically checks the risk file together with the client's risk owners. Risks are dynamic: they can quickly change. What seems safe today, could suddenly turn out to be a risk factor during construction. Precise and effective control means that you are able to efficiently and promptly adjust your project or project organisation where necessary. That prevents small causes from having major adverse effects.
Possible implications of risks:
- deadlines exceeded: delays
- increased costs: shortages/losses
- failure to meet quality standards
- failure to meet information standards
- failure to meet organisational standards
Do it yourself, or outsource it?
In the private sector and certainly among public authorities there is a trend towards operating risk management more frequently and professionally. Of course, people have the choice of doing this themselves or outsourcing it. InVra plus is well-placed to help its clients with this specialist field.
Risk management is not an exact science. Expertise and practical experience play a vital role. InVra plus has a wealth of experience: not only theoretical, but also on the implementation side. Costs of risk management? The budgets for professional risk management are relatively modest. For less than 1% of the building budget InVra plus can prevent damage and delays, cover risks and ensure that projects are completed on time and within budget. An investment in risk management is therefore quickly earned back, in full or in part.
Are you interested in the possibilities of professional risk management? If so, feel free to make an appointment for an introduction meeting, entirely free of obligation.