RM in your Industry >

 Engineering

From corporate bid tenders to managing offshore consortium projects, data efficiency and accurate estimates are crucial.

A risk management system that provides transparent cost information for delivering a service or completing a capital project, enables a company to make better informed decisions more quickly, about which projects to bid for as well as the price at which to bid.

Risk Management is also an important part of managing client relationships and expectations that companies will wish to retain on a long-term basis. If services or projects are completed in a timely and efficient manner, the company can carve out a reputation as one that can deliver on its promises.

Active Risk Manager allows major construction and engineering firms to efficiently and accurately report time, cost, project and corporate risks throughout the organization. This information and any lessons learned can then be shared across the organization and re-used in the future. This helps companies to learn from their successes and mistakes and become more focused in future endeavours.

ARM also helps businesses to protect their margins across multiple projects as well as protect themselves against, or even avoid, litigation on risks that have already occurred.

Top reasons why Engineering Sector clients use ARM include:

• Providing the right levels of security and views to the right people to enable consortium use of the system
• Target Curve Tendering – enabling bid teams to tender off a target level of mitigated risk from the ARM Monte carlo simulation
• Risk-Adjusted Corporate Governance – using a risk adjusted business score card to determine to the cost of risk in meeting Key Performance Indicators, objectives or contract margins
• Consolidation and roll up of risks, mitigation plans and responses at Project, Program, Business Unit and Corporate levels
• Total visibility of risks and controls to all interested parties, contractors and sub-contractors to minimize duplication of effort.