A risk assessment starts with a description of the scope of the project. From what organizational level will the construction process be examined ? Which aspects of management (time, money, quality, information and organization) should the assessment focus on? In addition, it must be established which (construction) phase(s) the assessment relates to, as well as the time span the assessment covers. The following elements will be addressed in the final risk assessment:
- inventory of risks
- risk assessment
- overview of control measures
- evaluation report
Inventory of risks
The inventory of risks is a summary of all potential threats and opportunities that have been identified during, for example, brainstorming sessions or in interviews. It is important to look at the (construction) process from different angles: for example, the builder may encounter other risks in comparison to the installation consultant and likewise the property management department would focus on different risks in comparison to the financial department.
Risk assessment
In the risk assessment, the cause and effect of each threat or opportunity are registered and evaluated. A scale is used to evaluate causes and effects. The results are then ranked to determine their value. Once all causes and consequences have been assessed, the risk assessment is complete.
Experience shows us that it can be quite difficult to evaluate risks in the early stages of the construction /operation process. At this stage it is good practice to make a general assessment: an inventory of potential risks without expressing them in finite values. The purpose of such an assessment is to create a general awareness of these risks so that they are taken into account during the design process or when drawing up a long term maintenance plan. As the design and operation process develops over time, the risk assessment becomes more refined.
Overview of control measures
The risk assessment consists of a list of possible risks. The overview of control measures identifies the actions and the type of measures to be taken; the cause is targeted (preventive), the impact is reduced (repressive), the risk of occurrence is reduced (manipulative) or no action is taken, and the risk is accepted (acceptance). Depending on the possible causes of the risk, a risk manager who is capable of the best implementation of the proposed control measures is appointed.
The risk management tool RisPro developed by ToornendPartners offers the most effective control measures ensuring the greatest impact on most risks.
Evaluation report
At the end of the assessment cycle, a report evaluates the impact of the control measures that have been taken. The list of the highest risks is reassessed while others are added to or removed from the list. Once identified, the risks are included in the unique database developed by ToornendPartners so that they can be used for a future assessment.