Major Project Risk Allocation is broken - Who is to blame? What can be done?
This webinar will be presented by Veno Panicker of Blackstone Waterhouse, Pedram Danesh-Mand of KPMG and Julian Hemms of ConnellGriffin.
Many major projects often suffer from poor risk assessment and allocation whereby the Clients tend to ‘pass down’ the poorly assessed risk to its Contractor/s through various standard disclaimer (exculpatory) clauses. Notwithstanding the current volatile market with COVID-19, we have seen many examples of such consequences of poor risk allocation over the past decade and the corresponding fallout to all parties and the public.
Using the example of risks and uncertainties associated with delivery of major projects, this webinar will examine the key issues with risk assessment and allocation in the current market. The discussion will then address this issue from a risk engineering perspective to what can be done to change the culture of ‘fingers crossed’ as a risk assessment and allocation mantra, as well as the required supporting quantitative risk analysis and Integrated Project Controls practices.
Finally, this webinar will address these issues from a claim and contractor’s perspective to highlight the issues with ‘passing down’ of risk. Is the solution smaller projects, more relational models or something else? Ultimately, what is clear is the present system is not working, and despite client initiatives aimed at more collaborative contracting, ‘pass it down’ always seems to be the path reverted back to in major projects.
More information is available on this flyer.
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