As with life in general, even the most carefully managed project can include some level of uncertainty. WSP provides expertise in risk and value management – the process of managing the effect of uncertainty, embracing the uncertainties and preparing the path to reduce any potential negative outcomes, while also maximising value.
Instigating a robust risk management approach on projects will ensure that clients can manage the effect of uncertainty, model cost and schedule overruns. It enables a better understanding of risk exposure levels and provides confidence that budgets and completion dates will be achieved. Our experts can ensure mitigation actions are identified and implemented in a timely manner, conduct cost benefit analyses and provide clients with meaningful management information to support informed decision making.
We have a dedicated team of risk management professionals who are experienced in applying a variety of recognised risk and value management techniques and processes, throughout various industries, both at corporate and programme/project level.
For example, we are currently providing support on the Highways England Smart Motorways Programme. This programme of works aims to cut motorway congestion, creating economic benefits for the region and the country while maintaining safety. This is undertaken through a technology-driven approach to the use of our motorways.
Our team is providing the programme management office (PMO) risk management services. Our involvement provides Highways England with assurances of meeting the programme objectives, and with confidence around meeting the cost and time elements. Working on schemes across the project lifecycle, we drive consistency and continuous improvement for risk, issue and opportunity management elements. Through the creation of risk profiles across the programme, we are able to provide a programme -ide risk view to the PMO office.
We work closely with stakeholders, driving a culture of early risk identification and mitigation action identification, ensuring risks are managed.
“WSP has researched, developed and implemented risk management initiatives on our priority Smart Motorways Programme schemes. The quantitative risk model developed by the team has enabled us to identify the key risks and driven our decision making process, providing greater confidence over a positive outcome. This has been the biggest value-add from the risk service, especially leading up to target cost negotiations.”
Eva Greenfield – Head of Risk and Change Management – Smart Motorways Programme, Highways England
Risk and value management services include:
- Value management
- Business continuity
- Programme and project risk management
- Quantitative cost and schedule risk analysis
- Risk framework and governance assurance
- Enterprise wide risk management
- Risk based asset management