Risk presents an ever-present threat to the success of a project and there are many types of risks, each unique in their consequences and potential causes. These include:
Successful risk management requires a comprehensive and flexible approach to identifying, quantifying and mitigating risk while recognising that each type of risk requires different analytical techniques.
We offer tailored risk management solutions that align with regulatory framework, applicable standards and client objectives. We use the latest tools and techniques to quantify the likelihood of risk and its likely consequences. We develop robust mitigation options and generate the necessary objective quality evidence to help achieve project objectives and execute operational imperatives.
The required depth and rigour of a risk assessment depends on the type and level of associated risks as well as risk ‘appetite’. It takes experience and a strong grasp of project or operational objectives to strike the right balance between a high-level qualitative assessment and an intensive, quantitative risk analysis.
We can perform broad, qualitative risk assessments to help prioritise resources and develop appropriate treatments. This typically involves engineering judgement and consultation with experts in the relevant subject matter to assess general levels of consequence and likelihood, before developing strategies to manage risk and treatments to reduce it.
Our engineering expertise and skills come about through our other technical capabilities, and they enable us to conduct the robust, quantitative risk analyses required for design evaluation, options analysis and risk-based cost-benefit analysis. This might involve analysis of statistical data, development of fault trees and reliability assessments to accurately quantify the likelihood of identified risks. Similarly, we use computational fluid dynamics, finite element analysis of structures and cost modelling to more definitively quantify the consequences or losses associated with particular design options and alternatives.