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Evaluating the effectiveness of risk management
...ls to manage risk associated with an organisation of a comparable size and complexity, its risk profile and the risk criteria that should reflect its attitude (appetite) The drivers of that attitude, based on what are recognised as the ‘key success factors’ and growth objectives for the organisation The perceived usefulness of the current risk management process and its degree of integration into key decision-making processes; The strengths and li...
Read moreProcess and guidewords for procedural HAZOPs
...Typically, a HAZOP workshop takes from two to four hours, depending on the complexity of the procedure. The workshop should start with a quick review and update to the statements in the briefing note. The base guideword set shown in Table 1 below is then used to prompt risk identification. The facilitator may choose to add guidewords that are relevant for the organisation or the specific application. The facilitator should help the team work throu...
Read moreDr Dale Cooper at RISK 2016
...er? Summary Conclusions Quantitative modelling is not as easy as consultants and software vendors pretend. The modelling process must be managed carefully. The key is generating insights that will support and add value to decisions: Model complexity and detail may not always be needed Keep the models as simple as possible Validate the process carefully. About right is far better than precisely wrong! Would you like a copy? If you would like a copy...
Read moreBook review: Grant Avery, Project Management, Denial and the Death Zone
...ere balancing the three elements becomes particularly important as project complexity increases. He points to the need for a dramatic change in risk management culture if increased capabilities are not to lead to an associated increase in risk appetite and poorer outcomes. On Everest, that step change in culture was driven by the commercialisation of climbing, with death rates of about one climber for every four who reached the summit, a rate that...
Read moreQualitative risk assessment for an urban toll road
This case study describes a risk assessment for an urban toll road, to be delivered as a public private partnership (PPP). Only a high-level view was required, so detailed risk identification was not needed, but understanding was critical. The case illustrates a simple risk assessment process, with an extended risk analysis stage that supported more detailed control assurance. It generated increased confidence and understanding in the project and...
Read moreProcess and guidewords for organisational HAZOPs
...Typically, a HAZOP workshop takes from two to four hours, depending on the complexity of the change. The workshop should start with a quick review and update to the statements in the briefing note. The base guideword set shown in Table 1 below is then used to prompt risk identification. The facilitator may choose to add guidewords that are relevant for the organisation or the specific application. The facilitator should help the team work through...
Read moreQuantitative risk-based comparison of options
...the usual analyses we conduct to support this kind of decision: Due to the complexity of the requirement and its intimate interaction with business operations, the team was committed to an agile development approach, fixing the total cost and delivering as much scope as possible within that agreed budget The team wanted to package the risks in a particular way, using a ‘parent risk’ concept (similar in many ways to the ‘headline risk’ approach we...
Read moreQuantitative risk-based analysis of options
...the usual analyses we conduct to support this kind of decision: Due to the complexity of the requirement and its intimate interaction with business operations, the team was committed to an agile development approach, fixing the total cost and delivering as much scope as possible within that agreed budget The team wanted to package the risks in a particular way, using a ‘parent risk’ concept (similar in many ways to the ‘headline risk’ approach we...
Read moreScenarios for medium-term risks in a gas supply contract
...unities. The seller’s ERM framework was familiar to everyone, so the analysis and evaluation of the threats and opportunities was relatively easy. Only minor changes to the process were needed to incorporate the scenario approach. Despite the apparent complexity of the contract arrangements and potential outcomes, a simple qualitative risk rating system enabled the problem to be understood sufficiently for logical solutions to be developed. There...
Read moreReplacing a high-voltage power line
...hat make up a project’s aggregate costs are uncertain, whether because the complexity and scale of the work has not been specified exactly in advance or because rates cannot be tied down until contracts are let. There may be uncertainty about construction methods and the sequencing of work that will affect costs that cannot be settled until more detailed planning has been completed. Some projects also include uncertain events with the potential to...
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