Whether the aim of your project is to replace your existing processes, integrate innovative technology into your operations, or seamlessly deploy something brand new – you need to hit the ground running. This is because even small disruptions can have major consequences on the lifecycle of a project, resulting in greater risk – especially within complex projects that overlap, have multiple schedules, or are high-stake for your business.
In fact, The Project Management Institute (PMI) maintains that identifying potential project disruption is critical to the success of a project, along with accurately qualifying disruption or risk. Moreover, when these disruptors or risks are identified, foolproof procedures should be in place to clearly communicate risk to decision-makers and stakeholders to ensure complete transparency and control of risk management across a project.
However, effectively and efficiently communicating risk is still a significant pain point for many organizations, and implementing processes to support the accurate identification of risk across multiple schedules or projects has become a major priority. This is due to factors such as new technology or multiple contractors and end-users, which, while beneficial, add additional complexity to risk management.
For the Hong Kong Jockey Club (HKJC), a premier not-for-profit institution that provides horse racing, sporting, and betting entertainment across Hong Kong, these aspects of project management have become a strategic urgency.
HKJC is undergoing a period of significant transformational growth, and found the requirement for integrated risk scheduling software to stay on track of their high-stake projects.
This includes the development of both front and back-end software, gambling algorithms, and wagering systems, that the organization will rely on to run their major infrastructure, compete on a world-scale, and future-proof their organization.
In our latest video case study, Alec Anderson, Executive Manager of Risk Management at the HKJC, discusses why the organization is using Safran Risk, an integrated risk management system, to manage critical quantitative risk and deliver risk schedule analysis and cost analysis in a user-friendly format. Watch the discussion with Mark Franklin, VP of Safran International Business Development, in the video below.
Identifying the Impact of Risk in Multiple Schedules
For HKJC, a main priority is understanding and identifying the probabilistic impact of risk at any one time, and how it will impact or delay subsequent downstream of a project’s lifecycle.
Alec Anderson highlights the benefits of effective and accurate risk management, stating that HKJC was looking for a tool that clearly demonstrates risk across multiple schedules, where different schedules interact, and the areas of risk exposure. He states:
"Historically in schedule and cost analysis, it’s difficult to find software that is slick and handles risk management with ease."
Safran Risk provides clear insight into areas of risk exposure across multiple schedules, and demonstrates where and when they interact.
Clearly Communicating Risk to Governance Teams
With this level of visibility, HKJC are able to demonstrate to decision-makers and stakeholders where risk may appear – providing them with a powerful argument for risk management by using Safran's integrated risk management system that combines both scheduling and cost. HKJC have found that:
“[Safran Risk] gives practitioners software that is very user-friendly and allows them to communicate with management really well.”
The software neatly packages essential information for management's consumption, providing more transparency than ever before. This allows HKJC to confidently make decisions about their projects and continue full-speed ahead with their transformation plans.
If you'd like to learn more about how Safran Risk has improved risk management processes for a multitude of leading businesses, read our case studies, here.