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New Insight: Consolidating Risk Models For Large and Complex Projects

30th May 19

Posted by Glenn Jarrad

Topics: Safran Risk

In almost every industry, projects are becoming more complex by the day.

As new technologies emerge and geopolitical shifts impact the trajectory of project planning, organizations are increasingly challenged by new risk types and problems that require greater visibility and consolidation of risk management strategies.

In fact, major research bodies such as Deloitte cite the ability to predict and confront new problems as a key differentiator of success in project management, however, only 40% of organizations rate their institution highly when managing new risk models. In response to this, businesses need to reassess their risk management strategy to effectively manage complex projects and ensure accurate risk analysis, scheduling, and reporting.

However, the road to achieving effective risk management can be difficult without the right tools or insights, and many organizations find that key processes, such as scheduling environments and cost risk analysis, can become disjointed leading to inaccurate risk forecasting and overspend of time and budget.

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In this case study, we explore why Emerald Associates – a leading global provider of solutions, services, and training for project controls – has partnered with Safran to instigate meaningful change when delivering risk assessments to their clients.

Mark Franklin, VP of Safran International Business Development, sits down with Ian Nicholson, VP of Solutions at Emerald Associates, to discuss how Safran Risk has consolidated scheduling and cost risk models to enable better risk management for their multi-industry customer base, predominantly within the oil and gas industry. Watch the case study video below. 

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Meeting Demand for an Integrated Cost and Schedule Risk Model with Safran Risk

Located in Canada, Emerald Associates are experts in delivering project management systems to organizations with complex project requirements. 

Ian Nicholson describes the necessity of using the consolidated cost and schedule risk model provided by Safran Risk, stating that previously:

"Regional studies show that projects were 19% over budget and 17% overtime. These numbers are very closely tied together... and our clients struggled to manage these projects – and manage them well."

By unifying client scheduling environment with cost risk analysis, Safran Risk enables Emerald Associates to deliver a unified risk assessment tool to their customer base, improving visibility and accuracy in risk forecasting across large and complex projects. 

Additionally, Safran Risk encourages combined risk assessment as a standardised process, enabling clients to reach higher levels of risk maturity while achieving greater consistency. 

The First Tool to Bridge the Gap 

Emerald Associates agree that the core benefit of using Safran Risk is the consolidation of the gap between schedule and cost assessments.

If you would like to learn more about how Safran Risk has improved risk assessment processes for a multitude of leading businesses, read our case studies, here. To see for yourself, you can request a 30 day free trial

 

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