Systematic Risk Management (SRM) is a sound project management tool to enable a higher certainty of project outcome. It provides an opportunity for the whole team to focus on objectives, analyse project risks and develop response plans that lead to realistic contingency provisions and appropriate allocation of risk.

The objectives of risk management are to identify risk, including risks to public life and property, and uncertainties associated with the Project and recommend treatment measures to reduce these risks and uncertainties to an acceptable level and to establish the basis for achieving the best project outcomes.
Our approach will be the build on any work that has already been done in the preliminary design stage and to take it forward through the implementation phase. Systematic Risk Management will continue in accordance with ETWB TC(W) No. 6/2005 and the ETWB Risk Management User Manual and will cover:

• Risk planning
• Risk Identification
• Risk analysis
• Risk evaluation
• Risk treatment
• Risk monitoring and review

The six-step process is designed to help the project team look ahead to identify the risks whether they may have a positive or negative impact on the project objectives, to assess and prioritize them and agree the mitigating actions and risk treatment action plans. The whole process being recorded and updated in the project risk management plan and schedules that being taken forward.

The process can be taken further to the quantitative analysis, a powerful weapon to validate the contingency and construction duration. At tender stage, a set of risk parameters (i.e. likelihood, “minimum, most likely, maximum” cost and time impacts) will be assessed and agreed among the project team and/or with the tenderers. Cost and programme models will be built to link the identified risks with the proposed tender price. S-curves will be generated to assist Client in making decisions, largely depending on the chosen level of confidence in completing the works within the estimated contract sum and contract duration.

In the pre-workshop meeting we will need to better understand the scope of risk management undertaken on the project so far and to agree an outline plan for the initial workshop and risk management for the implementation phase of the project.