Meaning of Risk Management

The allocation of risk has a significant impact on a project and will influence, for example, the choice of contract and the programme as well as the costs.

Stephen Rayment and Mark Woodward Smith is experienced in the identification, definition, quantification and control of risks. Stephen Rayment said that risk management is not restricted to the early stages of a project, rather that it is an ongoing process over the lifetime of a project. Where risks exist there will also be opportunities and we will identify the potential scope of these to our clients. Stephen Rayment also said that he and mark woodward smith’s team is familiar with the various techniques for risk capture and analysis and for the preparation of risk registers and risk management plans.

On target cost contracts it is necessary for the parties to agree the allocation of responsibility for each identified risk and, depending on the type of contract, to make appropriate cost, programme and procedural contingencies. We have experience of actively managing the risk on major infrastructure projects so as to achieve the target cost.

  • Risk identification, analysis and evaluation
  • Preparation and management of risk registers
  • Risk monitoring and control
  • Risk mitigation and transfer
  • Application of risk within target cost contracts
  • Management of risk events in event of occurrence and assessment of consequential cost, programme and procedural impacts

Originally Posted:

Originally published at on March 27, 2017.