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Risk Analysis and Risk Management

Before embarking on any Engineering project it is imperative that managers have a clear understanding of the risks involved. The modern approach is to systematically understand and plan for the risks which are a necessary part of any project. This is ‘Risk Analysis’ and ‘Risk Management’. It is increasingly specified in important public sector and defence contracts and it requires expertise and procedures to satisfy these specifications.

Sentient Systems have been successful in developing systematic, quantified methods for Risk Analysis, based on our wide experience of engineering projects and process modelling. We can provide all the services your engineering project managers require to identify, classify and quantify risks.

Sentient Systems can provide for all of your Risk Analysis and Management needs from providing procedures for risk classification and ‘Generic Risk’ taxonomies to full-blown, quantified models of your current risk situation.

We have at our disposal established Procedures for Risk Quantification, Risk Checklists and Audits, Risk Management guidelines, procedures and policy advice and for Project Risk simulation using Monte-Carlo Risk / Cost estimation.

The process of collecting information for Risk Assessment may well highlight particular areas of concern which can then be applied to other projects in the organisation. Informed decisions about investment, recruitment, training, etc can be made in the light of a systematic analysis process.

Even if your project has all of its risks identified and managed, your customers may not be aware of the fact. Procurers are more and more frequently calling for Risk Analysis as part of a tendering and procurement process. The cost of a Risk Assessment by Sentient Systems could easily be offset by the saving on one major purchase order.