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Service benefits

Our project risk assessment service gathers the project team to discuss, assess and understand the risks the project faces. This means the project team is better prepared for the risks, and the team and all stakeholders are better aware of them and understand their consequences.

The project team is encouraged to own and understand the risk assessment, and most teams do: well facilitated workshops and interviews are aimed at capturing the team’s beliefs about what the risk and uncertainty that the project faces. The facilitator uses a structured "model" of the project to encourage the team to think about the project’s assumptions, dependencies, "pinch-points", etc., and the team members to discuss and understand each others’ assumptions and concerns.

The project team has a justified request for contingency if it needs it, and demonstrably realistic expectations that they can communicate to stakeholders. They have a documented record of the team’s belief about the risk the project faces, with a direct association between it and the contingency they are asking for and the expectations they are setting.

The team has a live set of risks and how they are being managed, as well as how they are changing as the project moves forwards.

The risk assessment is a living document, which stands alongside the detailed cost estimate, execution plan (schedule), project objectives, and other project documents. It can be issued to management and stakeholders as a comprehensive description of the current understanding of risk to the project.

The risk assessment usually also fulfils the function of a formal schedule and cost risk assessment and analysis, which many projects require as part of their overall management discipline.

Read some frequently asked questions about our service, how it can benefit you, and the effort required, or please contact us to discuss your particular project.