RISK ANALYSIS AND ASSESSMENT
Risk Analysis to Optimize your Opportunities
A study from the Hertie School of Governance promulgated in May, 2015 confirmed the earlier results of research, including what we hear and read in the daily media, namely: 170 major projects in Germany, for which 141 billion Euros were budgeted, ended up costing 200 billion Euros more. The reported average cost overrun for completed major projects was 73% and 41% for uncompleted projects. The study named a combination of technical, economic, political, psychological factors, conflicts of interest, over- optimism, and a systematic underestimation of risk and overestimation of benefits as reasons for the project specific cost overruns.
The Federal Ministry for Transportation and Digital Infrastructure developed an „Action Plan for Major Projects“ to address this problem, and the plan was subsequently passed in December 2015 by the Federal Cabinet.
The federal government will thereafter require that risk management plans for major projects be optimized accordingly.
The underlying causes often lie beyond the immediate sphere of influence of the project director. However it is exactly these causes that must be recognized and analysed in advance. We support your efforts at seeking clarity by transforming uncertainties into a farsighted vision based on the conceptualization of inherent project risks.
We improve the dependability of forecasts using our comprehensive and strategic Risk Analysis and Opportunity Models to ensure a successful outcome of your project.
Strategies for Project Execution and Business: Management Systems
Corporations of all sorts realize the advantages of a professional Risk and Opportunities Management system. Long term success depends on a qualified informational foundation that manifests itself as increased freedom of action and decision making. We support you in the development of Risk and Opportunities Management Systems by combining systematic intelligence technologies with creative thinking in our analyses. This enables a pro-active, constructive and intelligent capability for responding to challenges from existing and future business situations.
The result is a dependable and long lasting Opportunity and Risk Management system for redundant and diverse process- and project related procedures.
Our thorough research comes into effect on corporate and project specific threats and risks, before we define the criteria for a quantitative evaluation. This systematic approach is implemented for selected riskgroups, dominated by humans, technology, or force majeure. Realistic business scenarios are used in the simulation in order to build and quantify an overall situation profile along with the associated individual risks. The results are then used to develop a catalogue of mitigative and corrective measures so that you can respond to technical and business management challenges to the best interest of your corporate and project goals.
Risk Studies to Increase your Probability of Success
Societies are continually faced with new risks due to global political and economic changes. Solutions to these challenges are not always initially at hand, and are a cause for uncertainty among citizens. Even economies are significantly challenged by such change, and whoever wishes to remain current with the times needs to stand up to and face these challenges. Contemporary examples, cited almost daily in the media, include among others, transition to green energy, industry 4.0, hydraulic fracturing, refugees, etc.
Risk studies on both large and small scales help to produce clarity and thereby reduce uncertainty. The ideal time to carry out a study is immediately before the introduction of new technology. The results of risk studies provide and valuable and fundamental contribution for subsequent discussions.
Risk studies help prevent the unnecessary focus on issues that are not scientifically or technologically relevant.
They enable an early detection of risks and provide a framework for a subsequent risk assessment. This also allows an improved ranking of priorities, if for example larger risks can be excluded from the beginning.
RiskCom has gained extensive experience in recent years from conducting risk studies for national and international regulators and industry. Since risk assessments are, as a rule, of immediate political, economic, and technical relevance, RiskCom places special emphasis on a scientifically based data and transparent and credible risk analysis process. Should the implementation of a risk study require a broad spectrum of expert knowledge, then RiskCom will organize a panel of experts that represent the various areas of interest that reflect those of the community. The results of a RiskCom risk study are guaranteed to elicit trust in the community due the plausibility and credibility of our expert testimony.