Si2’s formal statistical techniques objectively evaluate the total project risk in a holistic manner which assesses the project risks and those arising from the political, economic, social and technical environments. Risks arising from the environment are often found to be the root cause of projects running into difficulty.
Si2’s risk analysis and management process is based on an iterative approach whereby the risks are identified in a workshop environment with key stakeholders and subject matter experts. Risks are quantified, evaluated and a Risk Management Action Plan is prepared to address the most significant risks. Subsequent workshops are held to review the effectiveness of the actions taken and identify new or emerging risks. The new risks are evaluated and the Risk Management Action Plan is updated accordingly.
To facilitate the risk analysis and management process and the workshops Si2 has developed a sophisticated database software tool specifically for this function. This tool Veracity Risk collects analyses and processes risks data on a centralised database. It categorises the risks, calculates likely impact to the project cost/schedule and ranks them in order of severity. Mitigation actions can then be developed and implemented. Veracity Risk automatically generates reports and the Risk Management Action Plan.
Si2’s risk analysis and management process complies with AS/NZS 4360:2004 Risk Management standard