Integrated Project Risk Management
To respond to the needs of managers of large and multi-investor projects, Oxand has developed a unique integrated risk management methodology, aimed at:
- Supporting the decision-making process throughout the project lifetime
- Securing the attainment of the project’s strategic objectives, thanks to an appropriate risk mitigation strategy
- Providing an invaluable support to the communication process, through the implementation of Simeo™ ERM, a dynamic dedicated risk management collaborative reporting tool.
Ensure a dynamic risk management policy
Risk management is not a “stand-alone” approach. It must be fully integrated with the existing processes of the organization so as to fulfill its sole objective:
To support a dynamic decision-making process for project management teams and ensure the strategic objectives are met: deliver the expected results, on time & on budget.
This integration means that the risk management process must, by all means:
- Embrace the strategic objectives of the organization (project team, department, company) and fully align with them
- Take into consideration pre-existing risk management practices and culture in the organization, and factor them into the elaboration of the RM policy and process.
- Adapt to the environment and constraints of the project organization:
- Available resources
- Communication policy
- Internal and external context
Risk Management is not a “one shot” approach either. The risk portfolio keeps evolving throughout the project lifespan, and risks must be assessed and mitigated on an ongoing basis:
Oxand Risk Management framework and tools
In response to the growing need of its clients for a robust and overarching project risk management methodology, Oxand has developed its own risk management framework.
In full compliance with the latest international risk management standard, ISO 31000, this framework features the following stages:
- The definition of a project-specific risk management policy whereby the general objectives of the RM process, the principles of governance, communication, and organization are set
- The fine definition of the risk management process
- The risk assessment (risk identification, estimation & evaluation), core of the risk management process conducted with the client’s experts through a collaborative and structured approach (interviews, workshops and quantitative assessments as required)
- The elaboration of a mitigation plan, aimed at mitigating unacceptable risks according to project-specific cost/benefit criteria
- The implementation of an ongoing updating process that will ensure the risk portfolio and corresponding mitigation plan evolve as the project completes the successive milestones (FEED, Detailed engineering, Construction, Commissioning & Startup, Operation)
To support this process and provide the risk management team with an adapted Heads Up Display, Oxand has developed its own risk-based reporting tool,Simeo™ ERM.
Simeo™ ERM is a web-based, user-friendly software package featuring all the components and information necessary to conduct a project risk management plan:
- Comprehensive risk register
- Risk mapping for each identified project stake
- Level of risk control
- Risk mitigation plan: list of tasks, status, deadlines
- Various levels of access
- Export and edition functions
Installed at the beginning of the risk management process, it provides a powerful communication and reporting platform accessible to all stakeholders.
An integrated project risk management strategy is all the more necessary when the success of the project is important, and the stakes high and diverse.
Oxand has deployed its risk management approach on numerous capital projects across a variety of industries:
- Oil & gas
- Power generation
- Power distribution
- Engineering services
- Road Transportation
- IT Services
- Banking services
- Consumer goods