Risk Management

Risk Management as a formal business tool has developed considerably over the last 15 years but is still not used extensively in some industries including the construction industry. The development process is an inherently risky business and these risks can be significantly reduced by the proper application of Risk Management.

The Risk Management process involves a systematic method of identifying risks, quantifying them as to impact and likelihood, classifying them and then developing an appropriate response. This response is developed into a Risk Management Plan which is then monitored as the project proceeds, so that the required action is taken.

The knowledge that has been attained by the TBH Group through its experience with contractual claims, project management and project financing, provides a depth of insight not usually found in one organisation.

The TBH Group's insight and proven methodologies can assist you to prepare an appropriate Risk Management plan for your project.

The TBH Group is capable of providing highly innovative responses to risks particularly in the Marketing and Financial areas of the project. These solutions, while they do not eliminate risk completely, generally lead to better resource utilisation and a better return on investment.

The benefits to clients of Risk Management include:

• reduction of overall risk due to avoidance, transfer and mitigation responses
• better appreciation of the risks run by the organisation
• better decision making because of the appreciation of risk and the risk analysis process
• an ability to plan responses to risk in a timely and calm atmosphere