Major Projects Quantitative Risk Analysis Solution
Our customer needed to integrate its Risk Management Framework within all business units and corporate functions. The solution was designed to address the specific needs to develop risk scenarios and analyzing the best case, most likely and worst case in terms of cost, schedule and scope of the project, along with all consequence dimensions required by the standard risk framework.
- Major Projects risk analysis must be harmonized with the Enterprise Risk Management Framework of the organization.
- Develop a risk analysis methodology that allows risks to be assessed for each project and assets, up to equipment level.
- Transfer risks from the project to business units or corporate functions when the project is completed.
- Manage project phases and contractor work packages assigned to each project and track risks associated with the life of the work product.
- Identify risk statuses, realized risk events, and closures of risks without incident.
We delivered a solution to manage project risks that are integrated with the enterprise risk assessment requirements of the organization’s framework for managing risk.
The solution enables:
- Asset management lifecycle for projects, assets and equipment.
- Risk review periods and alignment with project phases and contractor work packages.
- Structured risk source, consequence taxonomies for improved risk identification and analysis.
- Sophisticated methods to assess multiple quantitative consequence dimensions of project risks.
- Workflows and validations by accountable risk owners.
Risks Migrated from Legacy systems
Structured Taxonomies for Risk Sources including Root Causes and Hazards
Risk Analysis Calculations to Estimate Project Risk Scenarios
Major Project Risk Management
We provide structured, systematic, and timely risk information for decision-makers, and align project risk management with enterprise risk frameworks, track incidents that are reported and conformance assessments to ensure compliance and quality prevails.
Improve the quality of risk analysis for department, asset, project and program risk.
Enhance the ability to compare current residual risk assessments with real incident metrics
Optimize expected residual risk estimates and evalaute treatment options for an optimal treatment effect
Compare and select projects based on the expected risk return on investment
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