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Business ethics: stress-testing with risk management
...ysis and the treatments were specific to individual divisions. Context The Code of Conduct addresses five broad areas of application of the business principles (Figure 1), and provides specific guidance within each one. All aspects of the Code of Conduct are of major importance for the business. A series of risk assessment workshops was planned, with different business functions and geographic divisions. The key elements for structuring the worksh...
Read moreEnhance your risk management and create value
...r confusion and more wasted consultancy dollars than any other part of the code; The COSO ERM code confuses and mixes up the framework (the organizational structures, policies, and arrangements put in place to promote, integrate and improve the management of risk) with the process used for risk management, particularly that used for risk assessment, risk treatment and monitor and review. Hydro One in Ontario is recognised as having one of the best...
Read moreWeaknesses of common project cost risk modelling methods
...t to analyse it were overlooked by many in the field. Instead of using the power of computers to enable the use of improved methods in this area, early exploitation of rising computer power concentrated on automating the simple manual methods that were already in use and then making them more elaborate. There is a danger that some of these ideas have become so pervasive that users are coming to regard them as standards and fail to recognise that t...
Read moreReplacing a high-voltage power line
...amines a quantitative risk analysis of the capital costs of a high-voltage power enhancement project. It illustrates the value of integrating quantitative analysis into project workflows, and how the outcomes from the analysis can assist in allocating contingencies to cost items for project cost control. It also demonstrates that the assumptions about the shapes of the distributions used in quantitative analyses may not always be important in term...
Read moreGas-fired power station cost and schedule uncertainty
...ess cost and schedule uncertainty associated with building a new gas-fired power station. The project was well into the delivery phase, when attention had shifted from planning and forecasting the work to day-to-day execution. The analysis was a means of reviewing whether the established cost and schedule targets remained realistic. It drew the team’s attention away from immediate pressures to identify areas where additional effort and attention w...
Read moreRisk appetite – is using this concept worth the risk?
...risk appetite so that they can satisfy the recent UK Corporate Governance Code. However, the code does not explicitly require the establishment of ‘risk appetite’. It only says that: The board is responsible for determining the nature and extent of the significant risks it is willing to take in achieving its strategic objectives. Recent requirements for the financial sector are contained in the report from the Basel Committee on Banking Supervisi...
Read moreClimate change
...review of their climate change risks by their senior management personnel. Power transmission Broadleaf has advised several power supply and transmission businesses on project and operational risk management. Among these are investigations stimulated by growing concern about the effect of climate change on bush fire risk and the danger of electricity infrastructure either being damaged by or causing fires with consequential damage to public and pr...
Read moreHelping a JV decide whether to submit a bid
...enerator wanted to develop the resource to provide long-term supply to the power station, with any additional coal produced being available to a potential developer for sale to other markets. The generator issued an information memorandum and a draft coal supply agreement, inviting companies to tender for the rights to develop a new mine, supply the power station and sell the surplus coal. It indicated that a bid conforming to all the draft condit...
Read moreMiddle East and North Africa
...isk assessment for a large group of stakeholders in the Rabigh Independent Power Project. We conducted a quantitative risk analysis of the capital cost uncertainty for the Jabal Sayid Project, a copper-gold development in Saudi Arabia. It built upon qualitative risk assessments carried out by the project team, and provided a complementary view of the risk and its implications for the funding required to be able to complete the project. We undertoo...
Read moreRange analysis resources for projects
Broadleaf has extensive expertise in schedule and cost range analysis for major projects and related analysis for commercial applications. Range analysis is sometimes called probabilistic risk analysis or quantitative risk analysis. We have been conducting such analyses for large clients around the world for many years. This tutorial summarises some of the resources and case studies available on our web site, with a particular focus on material r...
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