Risk Management“Defined as a mitigating strategy to reduce probability and most likely uncertainties that may occur throughout the project life cycle.” PTCGL’s approach will focus on integrating risk management into the processes that determine the client’s project objectives and the means by which we deliver them. From past performances, we understand that the certain risk management programs and their applications have not been applied early enough in the planning process preventing identification of the causes of risk. Consequently, risk management strategies may not be properly embedded into all business and operations activities in a timely and effective manner. Our goal is to support risk impact prevention, rather than mitigation of risks after they occur. Risk is the measure of the potential inability to achieve the objectives within cost, schedule, or other performance parameters. Our risk management approach is embedded in the way we plan, motivate, and deliver work, starting at the highest level of planning, following all the way through into work execution instructions. The management risks on various projects, highly regulated facilities, and bring knowledge, skills, lessons learned, and best practices to enhance and revitalize the approach to risk. PTCGL’s process is designed to ensure we identify existing and emerging risks inherent at all project life-cycle stages. Risk management is a continuous, integral process (similar to continuous improvement) that encompasses the hierarchy of business and project development from conceptualization through execution. We require the clients responsible for the work (i.e. the risk owner) to plan and recognize risks attendant to the work, integrating requirements and feedback from the project team, supply chain and stakeholders. PTCGL’s risk specialists support the clients in applying the process and integrating avoidance mitigation strategies into plans, budgets, and work products. We also require that when risks are unacceptable, the risk client formulate alternative plans that eliminate, avoid, or mitigate the risks. Combined with the recognition that risk occurs at all levels of business program planning and execution, our strategy is routed in the requirement and our governance for a robust risk and opportunity management program. Our main elements are:
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