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www.mcconnelldowell.com
RISK MANAGEMENTTHE BASICSGOOD PROPERTY MANAGEMENT = GOOD RISK MANAGEMENT
LAPA ConferenceNapier, October 2014
James Hunt, Risk Manager, Waterview Connection Project
INTRODUCTION
1. About me…
2. Context- Local Authority property strategies
- Project Risk Management
3. Risk Management: Basics
4. Property Risk Strategy
5. Project Risk Management
6. Application of Project Risk Management to Property
7. Conclusion
8. Questions
ABOUT ME…
East London LineCrossrailNetwork RailTransport for LondonHeathrow AirportAuckland TransportWell Connected Alliance…
CONTEXT
Property Strategy
Projects
THE BASICS
A risk is…
Any event or happening that will affect us from meeting our objectives
KEEP IN MIND…
Risk management is simple!
It need not be complex…
Never baffle the client!
We are all doing it every day!
EXAMPLE…
Risk management is simple!
It need not be complex…
Never baffle the client!
RISK MANAGEMENTWhat is the context?We have a problem…What are we doing about the problem?Who is going to do it and when are they going to do it?Did it work?What do we need to do now?
RISK ANALYSISWe have a problem…How big is the problem?How can we measure the problem?What will the impact be on our objectives?Where should we target our energies for best gain and efficiency?
WHICH IS MORE IMPORTANT?
Analysis helps up to understand our risks…
BUT…
Unless there is actual management and action, nothing changes!
TOOLS…
1. Risk Registers
2. Risk Matrices
3. Risk Workshops
4. Decision support
5. Quantified Risk Assessment (time and cost)
6. Risk Actions/Treatments
7. Bow tie…
8. Option selection…
9. Scenario analysis…
10. Investment models…
11. Differential inflation…
These methods can be applied to all sorts of things…
RISK REGISTERS…
1. Provide us with a consistent format in which to describe risks and record risk management activity.
2. Help us to identify risks and ensure they are recorded.
3. Records all agreed actions and owners, and tracks progress.
4. Criteria for risk measurement and assessment, allowing us to assess the importance of each risk.
RISK WORKSHOPS…
1. Gets everybody together for a good chin wag on the issues.
2. People will be together who may not often get to talk properly.
3. Consensus over identified risks.
4. Some awesome actions/mitigations can be identified.
5. Facilitates solutions…Symonds Street!
DECISION SUPPORT…
1. Option selection (see later)
2. Key strategic decisions
3. Ordered record of thinking about risk pre-decision and the residual risks after the decision. Once a strategy is chosen, new risks emerge!
4. Key data and metrics to inform decisions (see later!)
QUANTIFIED RISK ASSESSMENT…
How much is it really going to cost?
How long is it really going to take?
OUTPUTS…
ORGANISATIONS
What are our property objectives?Are we owning and managing property?What are the advantages?Should we own our office buildings or be tenants?What service are we enabling?What cultural sensitivities do we need to consider?What other organisations do we need to work and interface with?
PROJECTS…
Where will the greatest cost be incurred?Who is working for who?How can good property management help us to meet our objectives?- Trade offs?- Buy now or later?- Design input?- Programme needs?- Early involvement?- Sometimes property makes up a significant part of
the budget!
IN CONCLUSION…
Property management has a very important role to play in risk management of both other functional issues and property issues
Context is very important (where is the major cost incurred?)
Early involvement is key!
QUESTIONS?
THROUGH SAFE, SMART & EFFICIENT INFRASTRUCTURE
McConnell Dowell Corporation Limited
www.mcconnelldowell.com
Building | Civil | Electrical | Fabrication | Maintenance | Marine | Mechanical | Pipelines | Rail | Tunnel & Underground
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