Risk Capability for the new Victorian Age
UK investment in infrastructure projects has reached record levels for recent times, this is commonly compared to the era of the great Victorian infrastructure projects. With this investment, and the high profile of many of the megaprojects, has come the question "why don't we appear to deliver projects as well as the Victorians?"
But Brunel's Thames Tunnel was de-scoped and over budget. The Great Western Railway was built on a different gauge to the rest of the network, driving up costs for operation. Even Bazelgette's London sewer network has been argued to be an example of an over-specified project, locking in funding that could have been better spent elsewhere.
During the 30 years the APM Risk SIG has existed, risk management has become a core practice and critical success factor in project delivery. But there's still more work to do.
The Infrastructure Client Group, supporting the Government's Infrastructure Cost Review, recognises Managing Risk and Contingency as one of the 13 priorities for improving project initiation and delivery. The Institute for Government recently identified failure to understand project risk as one of the key shortcomings which make it difficult to make sound and timely infrastructure decisions.
This year our annual conference is focussed on supporting the industry in meeting those challenges.
Those new to risk management will see how understanding and managing risk supports project delivery.
More experienced project professionals will have the opportunity to learn from the best and brightest in the practical and theoretical ends of risk management.
In 150 years, will our projects be looked at in the way we look at Victorian projects now? Perhaps, if we improve how we manage risk, they'll be better.
Thursday 25 January 2018
Dr David Hillson, The Risk Doctor
Dr David Hillson is The Risk Doctor, and he leads The Risk Doctor Partnership. He is recognised internationally as a leading thinker and expert practitioner in risk management.
He writes and speaks widely on the topic, with eleven major books and many papers on risk.