Risk Management & Risk Workshops

Achieve better knowledge and structured overview of your risk profile and the associated costs  – for either your asset, business case or project!

The offshore industry must quickly respond to changing global risk profile (as technology evolves, prices fall, demanding competition, extreme weather, field is longer offshore in deeper waters, alongside natural catastrophe etc) in order to avoid large-scale financial losses.

And being in a very hazardous working environment – requires high focus on all potential Failure Modes, Risks as well as Opportunities. 

Total overview of your risk profile and the associated costs together with a structured planning process helps you to mitigate these risks – and may also;

 

 

  • Prevent seriously accidents to the offshore crews working daily in this environment.
  • Prevent unexpected cost(s).
  • Enable your business case to include contingency cost plan and budget of all major mitigation action costs.
  • Avoid asset breakdown and project delays.


In a procurement/tender proces, the most optimal risk profile and associated contingency margin – can be the crucial parameter and significance for your chances of winning a contract – as having a too high contingency will reduce your probability of winning on the cost evaluation part of the tender. While a too low contingency margin may induce a too high business case risk to your Company.


V2E has a strong focus on hiring only high competence consultants – so by choosing V2E you are guaranteed high skilled consultants. Therefore our Risk Consultant is also one of the most skilled in the market and with part-time Risk Management lectures at the University. V2E offer both risk courses, workshops and project risk consultant assistance.

Examples of relevant and important risk disciplines – our service include: 

  • Establish Risk Management Plan, RMP.
  • Risk identification – through all project phases; from tender phase to completion of installation as well as during the O&M period. 
  • Identify opportunities (technical) – for reduction in cost and/or schedule
  • Pre-Mitigation analysis and Assessment of all identified risks. including a Full Quantitative Assessment – for a detailed analysis of the risks and opportunities and subsequent assessment of the overall risk exposure of the project. This assessment includes; Probability of occurrence (the likelihood of the risk occurring), Additional CAPEX cost (in the event that the risk occur), Additional time related costs (time related cost).   
  • Risk Response Planning – with establishment of clear defined strategy (accept, avoid, mitigate, share or transfer), action(s), cost(s), timeline, risk owner to best handle and/or mitigate the risk(s). 
  • Post-Mitigation Analysis and Assessment – reconsidering the previously conducted Quantitative assessment wrt. the impact of the mitigation and response measures planned for in the Risk Response Planning activity. 
  • Implementation and Monitoring  
  • Establish Burn rate associated to the business, asset and/or project in question – and linked to time impact, cost impact and contingency. As well as the additional cost related to potential risk(s) and as such risk profile input to tender bid price, business case, project and asset costs. 
  • Gain knowledge from conducted Risk Management service; learning point to be used in future – to strengthen risk management approach, ability to identify and control potential failure mode(s) and event(s) that may have negative impact on the business and/or project budget and schedule. Being able to actively manage risks and opportunities for sizing project contingency. 

Our services include among others (as stand-alone or in combination to the specific demand);

  • Risk Assessment
    • Coordination of Risk Management Activities
    • Data Collection and Assessment
  • Risk Management
    • Integrated cost and Schedule Risk Analysis
    • Risk Analysis and Decision Making
  • Mitigation & Reporting
    • Establishment of Mitigation Strategies
    • Risk Reporting and Uncertainty Management
  • Due Diligence
    • Risk Register Review and Auditing
    • Bankability and Validation
  • Risk Training & Workshop
    • Risk Training: 
    • – The nature of project uncertainties.
    • – Main components of a risk management system.
    • – Risk assessment and addressing.
    • – Uncertainty identification.
    • – Adequacy of methods to asses project uncertainty.
    • – Risk management governance and organizational context.
    • – Risk Management Tools.
    • – Response implementation and monitoring.
    • Risk Facilitation Workshop – fx. facilitation of Risk and Opportunities workshops – enable customer to either implement risk/opportunities into business case/plan, tender bids and/or project plans. This includes risk register, risks qualification & quantification, identification and calculation of contingency risk based on Monte Carlo simulations.
    • Development of Risk Management capabilities.