Risk advisory services

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Understanding the risks associated with multi-million pound projects is crucial for the successful development of renewable energy projects. Wood Group has a thorough understanding of state of the art risk management techniques and actual hands on experience of their implementation.

Our experts have a comprehensive understanding of things that can go wrong, what impact these may have on project objectives, how risks interact and influence each other as well as how risks are effectively mitigated.

This combination of an established track record and comprehensive understanding of risk management techniques allows us to deliver risk management advisory services that provide significant added value to our clients.

Our experienced team offers a variety of risk advisory services, which can be grouped into four main categories:

  • Risk identification
  • Risk analysis
  • Risk response planning and implementation
  • Risk monitoring.

We offer tailor made solutions for each project, taking into account the specifics of the individual project, but also considering our historic lessons learnt and state of the art best practice procedures. This approach allows us to offer each client a cost effective approach, built to meet specific needs.

Risk identification services

Risk identification is the first step in the risk management process as only known risks can be analysed and mitigated. It is critical to ensure that all project risks are identified and appropriately documented.

Wood Group’s support includes:

  • Identification workshops
  • Risk register development
  • Sizing of unknown unknowns allowances
  • Bias identification.

Risk analysis services

Comprehensive analysis of the identified risks is critical to understand their impacts on the various project objectives and ensuring that risk mitigation efforts are focused on the right risks.

Thorough analysis provides the basis to decrease the uncertainty of the project outcome and increase the chances of the project’s success.

Wood Group’s services include:

  • Deterministic quantitative assessment
    • Scoring
    • Decision tree analysis
    • Risk assessment matrix development
  • Probabilistic risk assessment
    • Probabilistic schedule risk analysis
    • Probabilistic cost risk analysis
    • Integrated cost / schedule risk analysis
  • Offshore wind – construction access modelling
  • Project stress testing
  • Sensitivity analysis
  • Third party peer reviews
  • Benchmarking reviews.

Risk response planning services

Response measures for the identified and analysed risks should be well-planned and a process be put in place for implementation. During this step of the risk management process different measures are developed that reduce threats to the project objectives or enhance identified opportunities.

Wood Group can provide:

  • Mitigation strategies
  • Cost and schedule reserve planning
  • Scenario planning
  • Decision tree analysis
  • Cost benefit analysis.

Risk monitoring

It is important that the risks are monitored and controlled on a regular basis throughout the project’s life cycle. Furthermore regular external audits and independent reviews are core components of a state of the art risk management strategy.

As part of this strategy, Wood Group conducts:

  • Regular reviews and reporting
  • External audits / sanity checks
  • Cost and schedule reserve reviews
  • Third party peer reviews
  • Benchmarking reviews.

You can listen to a recent webinar on risk advisory services here.

Contact us to discuss how we can help reduce uncertainty on your project.