Managing the risks involved in a business venture or major project is critical to a successful outcome.
Risks, however, take many forms ranging from, for example, financial uncertainty, strategic management errors, operational threats and accidents. Risk management, therefore, is the structured identification, assessment and control of these risks to acceptable levels.
One of the major issues with implementing a risk management framework, whether it be for a business or a project, is defining the boundaries for the risk analysis. Boundaries can mean which assets will be included in the assessment as well as which risk categories will be considered. Drawing these boundaries too wide can result in assessment overload (trying to risk assess the universe). Drawing these boundaries to small results in major risks being overlooked.
A structured approach to setting up any risk assessment is therefore critical to define what, who and how the activities will be carried out.
Our approach to risk management draws on our expertise in both the commercial and technical analysis of risk on major projects, this allows us to better target assessments. The use of a structured approach is also necessary, we follow the guidelines provided in the ISO (31000 in particular) and CENELEC (50126 in particular) standards in all our assessments.
We have built risk management frameworks for major projects to ensure the commercial risks associated with the ventures are understood and controlled. We have also developed detailed QRA models for evaluating the risks around critical assets in the rail, nuclear and process sectors.
Risk Management Success Factors
Core Risk Management Services
We have specialist Risk Management skills bringing together industry experience and academic experts to deliver bespoke solutions to clients that are planning, constructing, operating and disposing of infrastructure across the world.
- Tender evaluation, Arnmore delivers “normalisation” of tenderers costs based upon proposed delivery and differences in risk allotment.
- Tenderers cost data and differences in technical proposals are modelled, valued and used for NPV comparisons and the Normalisation of each tenders’ costs.
- The different levels of risk proposed by each tenderer are valued enabling effective comparisons.
- T&C’s and Schedules are reviewed against tenderers commentary to determine any additional risks or costs to the client.
- Post evaluation, Arnmore provides strategic negotiation advice to enable the Contract Award.
- Our approach to risk management covers all aspects of projects from design through construction to operation
- Risk apportionment between stakeholders is undertaken by developing scenarios where risks are best placed.
- Provision of advice during the preferred bidder stage on commercial issues, cost and risk provisions to assist a successful conclusion.
- Optimisation of maintenance cycles and deployment of Maintenance Rapid Response teams at key locations
- Provision of the Safety Assurance personnel for projects
- Designed of safety analyses for projects around safety functionality, to define SIL requirements for safety critical systems
- Undertook the analysis and oversight of design changes to demonstrate the signalling system met these safety levels
- Development of Safety Cases in line with CENELEC standards
- Presentation of the case to Auditors and Safety Review Groups.
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If you want to know more about our Rick Management services please contact us...
We have supported some of the largest infrastructure projects around the world. By implementing a proactive approach and by applying our insight, experience and knowledge to generate innovative, sustainable outcomes we are able to provide our clients with both commercial and technical advantages.