Project risk management

Is your business planning a major new project or initiative, or bidding for a large contract? Do you know precisely what risks are involved and which are the critical ones?

All organisations undertake large projects that require them to invest precious resources, for example when integrating IT systems, outsourcing business processes, purchasing major assets, relocating plant or fulfilling complex contracts.

At Zurich Strategic Risk we can help you to ensure that those resources aren’t wasted by making the management of risks a fundamental part of managing the project, from start to finish. We take a very positive approach to improving your chances of success, balancing the natural enthusiasm and optimism of the project sponsors with an objective view of risks and uncertainties.

The costs of getting it wrong

Failing to manage the many risks involved in a project can result in late completion, over-spending and the failure of the project to deliver the promised benefits. A failed project can also damage an organisation’s reputation and ability to compete for business. As such it can be disastrous.

The following questions highlight the areas of risk that your organisation may need to take into account:

• Are the project requirements comprehensively and finally defined?
• Is there full commitment to the project?
• Is the technology involved proven?
• Are the assumptions and approach proven?
• Is the contractual framework resilient, comprehensive and pragmatic?
• Is the project being planned, managed and controlled in the right way?
• Are the necessary skills and resources in place?
• Can vital subcontractors be relied upon to deliver on time and on budget?
• Could forces outside the organisation’s control threaten the project?
• What risks will the completed project be subject to?

The way to get it right

We use the respected RAMP (Risk Analysis and Management for Projects) process to help organisations bring the rigorous approach applied to major construction projects to their own capital expenditure projects.

By adapting the RAMP process to your circumstances, we can help you to identify, analyse and control risks throughout the course of a project, from initial tender to completion.

Distribution of project profitability

The benefits of project risk management

Through project risk management we can help you to:

• identify, analyse, prioritise and control the risks involved in all types of capital expenditure project
• clearly understand the potential impact of risks at all times, from initial tender to delivery
• assess the likelihood of a risk occurring and its potential to cause costly overruns, project failures and business damage

Why choose Zurich Strategic Risk?

• Our experienced professionals combine the skills of risk and project management
• We use rigorous methods that have evolved from actuarial principles and the construction industry
• Our processes have been tried and tested within Zurich Financial Services, which, as one of the world’s largest financial services organisations, has extensive experience of managing its own major projects as well as carrying corporate risk for its customers