Early recognition and management of risks is essential to the success of any project. Risk management is a systematic way of dealing with risk and opportunity.

Risk assessment and management is critical to the successful implementation of projects and change management. Starting with a focus on what is to be achieved and how success will be measured, the process then builds to an understanding of what might put goals in jeopardy and what should be done to ensure success.

The Challenge
All projects involve risk. While risk cannot be eliminated, successful projects are those where risk is effectively identified, assessed and managed.

While traditionally risk management relied on judgment, experience and sound commercial sense, as project delivery becomes increasingly more complex new risks are continuously emerging.

Owners are adopting new and alternative means of project delivery combined with design and technology innovation. Each new concept and technique has its own attendant risks to be identified, assessed and managed.

Expertise
Risk management is a core skill at Evans & Peck.

We have assisted industry and government to identify and manage risks since the 1980’s. We tailor risk solutions to meet our clients’ specific needs and deploy a range of risk management techniques, both qualitative and quantitative, including:

• risk and opportunity identification and assessment using workshops and balanced score-card techniques;
• development of risk treatment plans;
• application of practical and realistic risk management plans;
• quantification of the value and probability of risk events on time and cost;
• dynamic modelling (‘what if’ scenarios) using ‘ithink’ and ‘AnyLogic’ software;
• decision tree analysis; and
• risk review and analysis over the life of the project.
  

We empower clients to effectively control risk by:

• comprehensively identifying risks;
• thoroughly assessing risks;
• working with our client’s team developing risk management strategies to:
  • circumvent risk;
  • transfer risk;
  • share risk and opportunity;
  • accept, mitigate, manage and monitor risk.

Developing a robust risk management plan during the feasibility phase is absolutely critical to successful project delivery.

At each phase of delivery, risk must be monitored, reviewed and management responsibility allocated. Contracts must be formulated with accurate identification and allocation of risk.

Key players need to be involved in the integrated application of risk management plans.

Experience
Evans & Peck provides risk management services in the commercial, financial, legal, safety and environmental areas of a project.

We have provided risk management services on more than 60 projects with a total value of over A$10 billion in the past five years. These include:

• major road infrastructure projects using both BOOT and Design, Construct and Maintain structures;
  • M5 East Motorway, Sydney
  • Cross City Tunnel, Sydney
  • Graham Farmer Freeway, Perth
  • Gateway Upgrade Project, Brisbane
• rail network infrastructure and rolling stock projects;
  • Epping to Chatswood Rail Project,Sydney
  • Freight Locomotives, NSW
  • Ipoh to Rawang Railway Duplication, Malaysia
  • MRT Phase 3 Engineering, Singapore
• port and airport infrastructure developments;
  • Port Botany Expansion, Sydney
  • Sydney International Airport Expansion
• aged care and health facilities;
  • St Luke’s Hospital Complex
• water and waste water schemes;
  • Northside Storage Tunnel,
  • Sydney Priority Sewerage Program,
  • Sydney North Head STP Upgrade, Sydney
• defence; and
  • ANZAC Ship Project Replacement Patrol Boats
• major infrastructure
  • Goro Nickel Project, New Caledonia
  • Powergrid Cable Tunnel, Singapore

Evans & Peck’s extensive experience ensures that we provide realistic risk management plans and strategies for our clients.

That means more reliable budgets through the project life cycle, an ability to capture opportunities and increase certainty of delivering project outcomes.