At ABCON Engineering Consultancy, we provide holistic risk management services that align with ISO 31000 standards. Our approach covers organizational risk frameworks, risk assessments, and continuous monitoring, ensuring that your projects and portfolios remain on track and resilient to uncertainties. From strategic alignment to detailed technical risk analysis, our services ensure that your business goals are met despite any challenges.
- Corporate and Enterprise Risk Management
- Strategic Alignment
- Project Risk Assessment
- Technical Risk Assessment
- Safety Risk Assessment
- Risk Monitoring and Control
- Risk Auditing
Risk management is a proactive, forward-looking process that identifies, evaluates, and prioritizes potential risks, followed by coordinated action to reduce their likelihood or impact. Our goal is to minimize risks that could divert your business from its objectives and capitalize on opportunities that could drive success.
ISO 31000 defines risk as the effect of uncertainty on objectives. In the context of your business and projects, it represents the potential for unforeseen events to either negatively impact your goals or create new opportunities. Proper risk management ensures that such uncertainties are anticipated and controlled, making your operations more predictable and secure.
Incorporating risk management early in the project lifecycle greatly enhances the probability of success. By preparing for unforeseen events, project teams can respond quickly and effectively when challenges arise, minimizing their impact on timelines, costs, and outcomes.
ABCON Engineering Consultancy follows a structured and repeatable risk management process based on ISO 31000 principles. We adapt our approach to meet the specific needs and risk appetite of our clients, whether they are large organizations with established risk frameworks or smaller projects requiring customized strategies.
Our 10-step approach to project risk management spans from strategic alignment to ongoing risk monitoring and control. Each step is customized to suit the unique needs of your project, ensuring that risks are identified, assessed, and mitigated in line with your business objectives.
ABCON’s risk identification process involves structured brainstorming with project experts. We use a risk breakdown structure (RBS) as a checklist to ensure that all potential risks are captured, considering both the knowledge and experience of the project team. This systematic approach ensures no area is overlooked.
During a qualitative risk assessment, we facilitate a collaborative work session to explore the root causes of each identified risk. Our team then determines the most effective management strategies. The outcome is a Risk Register that includes risk descriptions, causes, and impact ratings, all based on your organization’s specific risk criteria.
In the risk response planning phase, we help identify actionable steps to reduce the likelihood of risks occurring or to minimize their impact. The result is an action plan with clear timelines and responsibilities, ensuring that each team member knows their role in managing identified risks.
Our quantitative risk assessment uses Monte Carlo simulation modeling to calculate the potential monetary impact of risks on your project. Through 5000 iterations, we simulate various uncertainties and their effects on project costs, schedules, and other critical variables. This provides a clear picture of the risks, helping you make informed, data-driven decisions.
ABCON facilitates technical risk workshops following the HAZOP methodology, conducting risk studies at each stage of your project. From concept and pre-feasibility to execution and shut-down, our team works with technical experts to identify operational and engineering hazards, ensuring that all risks are identified and managed throughout the project lifecycle.
We follow a three-stage approach for conducting risk assessment workshops—preparation, workshop, and reporting. Prior to each session, we prepare a comprehensive briefing document to ensure all participants are well-prepared. After the workshop, we compile detailed reports outlining the identified risks, proposed mitigations, and action plans, which are then reviewed and approved by stakeholders.
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