Risk
Image by: V. Ben / Shutterstock.com
LEADERSHIP
Co-Chair, Jeff Seider, WSP
Co-Chair, Paul Hughes, Altus Group
Risk should be a continual focus from early-stage planning through to delivery and operations. This working group aims to help governments understand what steps should be incorporated at each stage to help identify and better tackle project risk, with the goal of reducing risk overall, through ensuring it is allocated to the right party.
Priorities
Organizational priority and early engagement
Risk needs to be an organizational priority through project stages and lifecycle with clear governance and responsibility. Pair this with early and transparent engagement with the market to identify risks and discuss the best approach to avoid, reduce, transfer, or accept risk.
High visibility
Have a comprehensive register of risks allocated to the party best able to handle them or shared in the case of complex or unknown risks.
Collaboration and reasonable timelines
Focus on collaborative relationships through behaviour, ongoing communication, and processes to tackle risks and prevent issues escalating. Finally, allow timeframes for adequate planning, due diligence and high-quality bids.
FEATURED THINKING
Reducing Risk in Transit Projects
Large transit projects are among the most challenging types of infrastructure to deliver, with a large footprint, different possible site conditions, long timescales and large numbers of affected stakeholders. To maintain the momentum of investment it is increasingly important to identify and implement ways to deliver projects more effectively. The largest opportunity to have a positive impact on project costs and on-time delivery is in ensuring that project risks are identified and addressed at every stage.
