There is no doubt that risk management carries an air of mystery and prompts a lot of questions. Can it predict the future? Is it a one-time, catch-all calculation? Can it change what
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As any manager knows, making the right decisions, at the right time, requires the right information. But how reliable is it? A risk management audit at the outset, or at gateways along the way, will remove gaps in risk understanding and provide the data needed to keep things moving in the right direction.Risk processes: Are they still effective? Quantitative
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More than just a document, it is an essential weapon in a manager’s armoury. Pragmatic yet dynamic; it should evolve as the project does. Review. Refresh. Relaunch. From allocating roles and responsibilities, to calculating in-depth analyses, we ensure that no aspect of risk management is left to chance. Whether you’re bidding for a contract, following best-practice advice, or reinvigorating current processes, our risk planning insights will set your project up for success.
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Projects are unique, environments diverse, and expectations and objectives can vary wildly. From the outset, we take risk management out of a silo and get it comfortable with other processes. And where processes no longer add value, we’re not afraid to shake things up. Combining innovative process design and seamless implementation, we formulate and embed risk management into an organisation for the long-term. The technical bit: Design and implementation of risk management processes is what
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Schedule, cost, and performance; thinking “it won’t happen to me” threatens all three project elements. We provide the following quantitative risk analyses, based on the use of Monte Carlo simulation, to build confidence and aid robust decision making: Project and programme opportunity and risk; Estimating cost variability and tolerance – distinctive from risk, which has an associated probability; Schedule duration variability, tolerance, uncertainty, risks, and opportunities; Schedule critical path analysis under uncertainty; Prioritisation of key risk management interventions; Tender assessment – the impact of
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When it comes to risk management, we’re an ideal bid partner. Our depth of specialist knowledge and experience will add value to your bid and demonstrate your commitment to delivering a project on time and on budget. Our risk-centric thinking starts delivering results from day one. On–time, on–budget delivery is not an optional extra, it’s a must–have, and using risk management specialists to strengthen
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Risk information is multifaceted; understanding it is not a straightforward matter. While some people might perceive more risk than others or communicate it differently, failing to identify and describe it can leave projects exposed and vulnerable. Managers need to stay just as close to those working at the coalface as they do to partners and
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Project: Lode Lane provides a key transport link between Solihull and the A45 North East Birmingham. As part of Solihull’s investment in public transport infrastructure, it has secured funding through the Government’s growth fund to install a 2.7-mile bus lane along the length of Lode Lane. The £4.5m project is on site and progressing through
Read more For some time, tier one contractors have tended to assume more risk; leaving those nearer the other end of the chain with little accountability. This top-down approach to risk management is unfair to those higher up the chain, who are forced to shoulder the greatest burden of risk and pay the highest price if things
Read more For many local-authority construction projects, it is not unusual for literally dozens of partners to be involved in sign off and other key decisions. As well as a range of contractors involved in Engineering Procurement and Construction (EPC), there are sub-contractors, logistics firms and other service providers. What is ‘good governance’? While governance procedures
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Project: Blackfriars railway bridge, constructed in 1886 over the river Thames, and its more modern but outdated station were seen as one of the worst bottlenecks on the London rail network. There was a clear need to bring them into the 21st century. The £350 million project included the creation of a common entrance at
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The client: When Chiltern Railways’ delivery partner, BAM Nuttall, needed specialist support with its project schedule, we were their first port of call. The approach: Constructing a brand-new railway, along with four key stations, would be no mean feat. Close collaboration with the project team ensured that no stone was left unturned when reviewing the project schedule; all relevant risks and planning assumptions were taken into account. The result: A robust programme was
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Project: The project is a key element of the Crossrail programme, and involves the construction of two new railway tunnels that will run for 6.4km between the Royal Oak portal and the new Farringdon Crossrail stations, and are also constructing the station tunnel caverns at Bond Street, Tottenham Court Road and Farringdon. When complete, it
Read more Project managers need to guard against a natural tendency to be overly-optimistic. They may be inclined to underestimate costs and overestimate benefits, just to ensure a plan is implemented. This is a high-risk way of thinking however, and a proactive approach to risk management can result in better outcomes for all project stakeholders. Look for
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Project: The electrification of the Great Western Railway is one of the biggest single investments in electrification in over 40 years. Currently running from Maidenhead to Cardiff, with a potential extension to Swansea, the project is part of the larger CP5 electrification plan which sees a 10% increase in the amount of UK railway with
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Project: London’s sewerage system is no longer fit for purpose and spills millions of tonnes of sewage into the tidal section of the river every year. Tideway will build the tunnel to tackle the overflows from the London’s Victorian sewers into the River Thames for at least the next 100 years, enabling the UK to meet
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Project: The Severn Estuary holds the second highest tidal range in the world and within this Swansea Bay benefits from an average tidal range during spring tides of 8.5m. The construction of a tidal lagoon to harness this natural resource would help the UK transition a low carbon future with greater energy security and lower
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Boosting standards of risk management BIM makes it possible to generate a digital description of every part of a building or project, within a virtual construction environment. Project managers can then use this information to work through the entire building lifecycle, considering risk management at every stage. BIM-enabled modelling can also be used to forecast
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Use agile risk management techniques While tightening up site operating procedures was an essential move in preventing the spread of coronavirus, it has already caused significant disruption, both for projects that are underway and those that haven’t yet started. Many projects were put on hold during the lockdown, which means completion dates may need to
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Risk assessment workshops are a commonly-used method of gathering the views of people working in different areas of the project and they usually provide a reliable picture of where the most significant risks lie. A skilled facilitator is able to identify and challenge individuals’ judgements about risk. Here are three examples of unconscious decision-making that,
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Set clear targets from the outset The UK Government’s target to achieve net-zero emissions by 2050 will only be realised if the right policies and targets are introduced. The CBI is calling for the Government to give clear targets for the delivery of the National Infrastructure Strategy and specific regulatory guidelines to support this. A
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Project: The scheme is to reconstruct the A45 South overbridge, the existing structure is situated on the A45 to the north east of central Solihull, and located few hundred metres west of Junction 6 of the M42 motorway, and carries the westbound three lane carriageway of the A45 over the two track West Coast Mainline
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Project: The redevelopment of London Bridge station, creating new platforms for more trains, building a new concourse, and creating a bigger and better station for passengers. The changes will allow the introduction of more Thameslink trains every day – up to 18 trains an hour through London Bridge – offering better connections than ever before.
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However, the coronavirus pandemic has highlighted how such crises can no longer be considered once-in-a-lifetime occurrences. Despite their low-probability, these events must be a key consideration in risk management plans. So, what learnings can project managers take from this experience of dealing with low-probability, high-impact risks, in order to make positive changes for the future?
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Project: MTR Corporation, in partnership with Chiltern Railways, was successful in winning the prestigious London Overground train operating franchise which they branded LOROL (London Overground Rail Operations Limited). Services: Equib were risk management consultants for the bid team; during the original tender phase prior to LOROL (MTR and Chiltern Railways) being awarded the London Overground
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Learning from experience Recently, the need to adhere to Covid-19 constraints, while quickly delivering buildings that are fit for purpose, has pushed risk management to the top of the agenda. Experience gleaned during the latest high-speed construction projects could be applied more widely across a range of new developments. However, speed mustn’t override key project management criteria, such
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Project: Following securing the franchise, London Overground Rail Operations Ltd (LOROL) established their own projects division who are responsible for undertaking refurbishment and enhancement projects on the stations along the London Overground rail routes. Services: Equib were retained to assist LOROL on both small capital projects, such as station enhancements, and in the management of
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Project: Thameslink Key Output 2 (KO2) is the final construction stage in the Thameslink Programme consisting of major track, signalling and station remodelling works at London Bridge station. The programme was split into three main contracts (Track, Signalling, and Major Civils) and managed as the London Bridge Area Partnership (LBAP). Balfour Beatty were awarded the
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The client: Successful bidders for the Intercity Express Programme (IEP), Agility Trains is a consortium of Hitachi, Barclays Private Equity, and John Laing. The approach: To get the wheels in motion, the consortium required a robust risk management plan to support its bid. It’s not just Intercity that ‘makes the going easy’. In developing the plan, Equib’s consultants were able to set out how the consortium would manage risks and opportunities, on behalf of all stakeholders, at each stage of the project. A strategy was devised
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Project: The deployment of Single European Sky ATM Research (SESAR) programme, is an EU led modernisation programme of Air Traffic Management throughout Europe, from research through to deployment; currently being delivered by the National Air Traffic Control Service (NATS). Services: Equib were commissioned to provide the following services: Programme cost uncertainty and risk analysis: identification
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Addressing the climate change emergency Climate change has the potential to affect large-scale infrastructure programmes across the UK. As the temperature of the earth increases, more intense rainfall events and rising sea levels are posing a risk to development projects. To avoid potentially costly disruption, there is now an urgency to improve the resilience of
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Project: The York Potash Project is a nationally important proposal to mine large volumes of polyhalite – a multi-nutrient fertilizer that can help the UK contribute to the global food security challenge. The economic benefits to the country and the local area will be significant. The Project will create thousands of jobs, benefit local businesses,
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Consider the project’s surroundings When activities are being carried out within built-up areas or adjacent to buildings where large numbers of people live or work, a robust and professional risk management approach is required. The risks associated with such projects must be carefully assessed and mitigation strategies put in place, taking account of cost and
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Keeping all parties happy The high-profile nature of many mega projects, and the wide range of stakeholders involved, means a significant number attract some form of early-stage opposition. This could be from the local community, environmental bodies, or MPs who may then instigate reviews to consider their impact. Since mega projects are typically run by
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A net reduction in risk Offsite construction can bring many benefits – increasing productivity while decreasing the risk of cost and/or time delays. When off-site construction methods are used, product wastage is minimised and the need for specialist equipment reduced. With fewer specialist skills onsite and less exposure to adverse weather conditions, schedule delays are
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Project: High Speed Two (HS2) Limited is the company responsible for developing and promoting the UK’s new high speed rail network. It is funded by grant-in-aid from the government. HS2 Ltd is an executive non-departmental public body, sponsored by the Department for Transport. Phase 1 of the works (London to West Midlands) is estimated to
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A clear understanding of sustainability To ensure the risks around sustainability are properly managed, project managers should have a clear understanding of what they are aiming to achieve and the fundamental requirements of the programme. Having an appreciation of what sustainability means within the context of the programme is crucial – for example, does it refer to the use of sustainable materials alone, or the long-term use of the
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Project: The Haramain High Speed Rail project also known as the “Western Railway” or “Mecca-Medina high speed railway”, is a 453.0 kilometres high-speed inter-city rail transport system under construction in Saudi Arabia. It will link the Muslim holy cities of Medina and Mecca via King Abdullah Economic City, Rabigh, Jeddah, and King Abdulaziz International Airport.
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Risk vs reward One major advantage of using MMC is that they can mitigate the risk of injury to workers on site and members of public who live or travel close to the construction area. Building remotely helps minimise the risk of onsite accidents by reducing the need to bring heavy plant and machinery to
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Project: Track Partnership is a strategic alliance between London Underground and Balfour Beatty Rail responsible for delivering essential track and drainage renewals to the London Underground network. Throughout the five-year contract, Balfour Beatty Rail worked towards applying innovation and improving the planning process to renew the world’s oldest metro system while keeping 4 million people
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Best practice: risk management and allocation The Playbook offers guidance on risk management and allocation, setting out examples of best practice and emphasising how allocating risk can maximise the long-term success of a commercial strategy. Risk allocation should not be left open to interpretation, particularly where a situation has potential for change, affecting output requirements.
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When preparing bids, there can be a tendency to underestimate risk. In order to secure work in a competitive market, contractors may face pressure to understate risks or take on more risk responsibility than they would like. This could in turn lead bidding partners to agree to a lower contingency budget. Effectively allocating risk
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Make use of available support Where necessary, construction companies large and small should make use of the business loans, grants and time-to-pay arrangements, which have been introduced by the Government. While these can help ease some of the financial pressures caused by the crisis, challenges around managing staff and keeping sites operational, where it is
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Project: Riyadh Metro is a rapid transit system under construction in Riyadh, Saudi Arabia. The Metro is a key part of the Riyadh Public Transport Project (RPTP). The RPTP will be the largest public transport project within the Kingdom of Saudi Arabia, it comprises construction of a metro, bus system and other transport services in
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The client: Dublin Airport Authority is a leading commercial airport company, which owns and operates Dublin Airport and Cork Airport. The approach: Working seamlessly with the internal teams at both airports, Equib ensured that no threat or opportunity went unnoticed. As well as running risk awareness workshops, our consultants carried out detailed risk analyses and ensured stakeholders were kept in the loop at every stage. The result: Dublin Airport Authority has a robust growth plan and our unrivalled risk insights have allowed it
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Project: Crossrail is the largest civil engineering project currently being undertaken in Europe comprising the construction of a new underground railway under central London along with the associated stations and supporting infrastructure works. The value of the works is approximately £15bn. Network Rail secured the delivery of the “On-Network” works to support the introduction of the
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Project: The Melbourne Regional Rail Link is a 47.5 km railway line under construction through the inner western suburbs of Melbourne from Southern Cross station, running through Sunshine, Tarneit and meeting the Geelong line at West Werribee. The line is being built at or above ground with the primary aim of improving grade separation with
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Project: ElecLink is a company that will build, own and operate a merchant power interconnector through the Channel Tunnel to provide a transmission link between the UK and France with a capacity of a 1000MW in either direction of flow. Key Data about the ElecLink connection: Interconnector route mirrors closely the existing IFA Total cable
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A series of successful office-to-residential conversions have completed recently in towns and cities across the UK, sparking further interest from property developers and investors. With warehouses transformed into townhouses and TV centres into luxury apartments, opportunities to repurpose properties are reinvigorating the sector. However, developers must be prepared for the potential risks and manage such
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Scenario-based planning is key Implementing scenario-based plans is vital for all businesses during times of significant geo-political, economic or market change. In the social housing sector, failing to adjust to the new operating environment could cause Registered Providers to lose ground. Prior to making any significant decisions or opting to invest in high-risk activities, Registered
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Project: The HS2 Project is a planned high speed railway linking London with the Midlands, the North West of England and Yorkshire. The route for construction purposes is divided into 3 main areas (South, Central, and North) and these in turn are each divided into 3 sub-areas. As the project proceeds through the parliamentary process
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Project: Scottish and Southern Energy commissioned the replacement of the existing 132 kVa overhead transmission lines from Beauly to Denny in the Scottish Highlands with a 400kVa line. Objective was to replace the weakest link in the Scottish power loop and ensure capability to handle future renewable energy demands. 220km of new 400 kVa transmission
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The client: Balfour Beatty was appointed principal contractor to carry out the tunnelling and marine works. The approach: The project involves the creation of new subsea infrastructure to support the country’s first new nuclear power station in more than 20 years – Hinkley Point C. The works comprise the construction of three tunnels under the seabed, supplying two reactors with cooling water, before
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Project: The Thameslink Programme scope includes the following significant elements to deliver a complete and upgraded railway system: Improving tracks and stations including extending platforms, reconstructing Blackfriars, Farringdon and London Bridge stations and introducing new signalling technology, expected to cost £3.55 billion (in 2006 prices). Network Rail is doing this work for the Department, funded
Read more Project: The £12m scheme is promoted by Warwickshire County Council (WCC) as part of the NUCKLE project and will provide a new station at Kenilworth and new shuttle service between Coventry and Leamington Spa. The purpose of the project is to seek to significantly enhance rail access for the residents at Kenilworth, support economic development
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The client: Chiltern Railways is a British train operating company and its mission is to ensure stations along the Chiltern Main Line get the care and attention they deserve. The approach: Engaging and receiving input from stakeholders and gatekeepers is critical to the success of any large-scale restoration project. Stakeholder engagement workshops set Chiltern on track to secure buy-in for strategic decisions, helping the project team to meet delivery milestones. Where needed, detailed Quantitative Cost Risk Assessments were produced for targeted cost negotiations and agreements. Chiltern’s project team were able to determine whether the capital cost of conducting the refurbishment and enhancements were realistic, and
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The client: The Transpennine Route Upgrade (TRU) East of Leeds Alliance was appointed by Network Rail in 2014. The alliance comprises VolkerFitzpatrick Rail Ltd, Siemens plc, and J Murphy and Sons Ltd. The approach: This ambitious rail improvement programme in the North of England required specialist, hands-on support with risk and opportunity management. Working as part of the project team, Equib’s consultants deliver staff training and take
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Project: The Midland Main Line Electrification project will provide overhead line equipment for the use of electric passenger and freight trains to operate between St Pancras and Sheffield via Derby, including Trent Junction to Nottingham and Kettering to Corby. This project is part of Network Rail’s strategic business plan to work alongside a number of
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Project: John Laing is a specialist owner, operator and manager of public sector infrastructure assets in the UK and internationally. They have a worldwide portfolio investing in sectors such as: Defence, Education, Healthcare, Rail, Roads and Bridges. Two rail projects Equib supported John Laing in developing were; Coleshill Parkway and Aylesbury Vale Parkway. Both projects
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Project: The project is a key element of the Crossrail programme, and comprises the construction of sprayed concrete lining (SCL) tunnels including construction shafts and adits, platform tunnels, tunnel boring machine (TBM) chambers, cross passages, escalator barrels and ventilation ducts. In addition, the team is constructing a link passageway from the new Liverpool Street station
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Project: The Aberdeen Western Peripheral Route / Balmedie to Tipperty (AWPR/B-T) project is a major transport infrastructure project in Scotland. It will significantly improve travel in and around Aberdeen and the north east of Scotland. The AWPR/B-T project is being delivered by Transport Scotland, the national transport agency, on behalf of the Scottish Government and
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