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An Integrated Risk Management Framework at Both the Project and the Enterprise Levels (Case Study: Large Construction Company) Description: The inception of risk management techniques is considered as one of the major management advances in business over the past couple of decades. Yet, risk management encompasses process groups that are not well understood by management, even at the project level. Experts agree that risk analysis has provided deeper insights into companies’ complex systems and generated actions to mitigate negative risks and to better exploit opportunities. At the same time, corporate executives are becoming proficient at quantifying and managing a wide range of risks such as financial (e.g., currency fluctuation), hazard (e.g., major accidents and fires), operational (e.g., major schedule delays and budget overruns), and others. Therefore countermeasures have been deployed to neutralize, treat, or even capitalize on such risks/opportunities. Other functions such as corporate governance and strategic planning are gaining more ground by taking advantage of the implementation of contemporary enterprise risk management system models at large companies. In this presentation, a case study addressing the initial and planning phases of deploying an integrated framework for project risk and enterprise risk is discussed. Such deployment is challenged when complexity becomes commonplace in mega projects and within international settings. The developed model is validated via a case study addressing the financial and scheduling risk aspects and proved that a risk assessment framework when linked to a coherent risk policy will result in significantly measurable benefits. Results are evident in terms of senior management sponsorship, risk culture maturity, risk quantification benefits, risk dynamics, and effective risk reporting outcomes. Speaker: Manar Shami, PhD, PMP Track: Construction |
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