Implementing a structured project risk management framework enables organisations to quantify risk impact and prioritise resources to manage risks
Stakeholders demand that companies undertaking capital expenditures deliver high-quality capital projects that are on schedule and within budget. These projects often cannot be administered within an organisation’s normal operational limits, and are therefore typically undertaken with extensive outside support. As companies do not always consistently integrate risk management – in the form of project controls – throughout the construction life cycle, delays and cost overruns may arise when problems emerge, which can tie up valuable resources.
Looking at a structured project risk management framework – that includes risk governance, risk identification, quantitative analysis, evaluation and mitigation, as well as risk reporting – the flyer explores how KPMG’s proprietary tool helps organisations quantify the impact of risks and prioritise resources to manage the risks.