Risk and construction go hand in hand, the types of risk that are associated with construction span across finance, project delivery, insurance and on site risks. Each construction project carries its own set of risk, mitigating the risks is the real challenge. Organisations can have strong risk management processes and vigilant staff; however the element of risk still lies dormant.
As the elements of risk in construction are so high there is constantly new ways to mitigate risk including new technologies that have been developed. The 2013 Global Construction Survey conducted by KPMG has shown that only 41% respondents are happy with their risk management processes yet 77% of respondents believe their projects are underperforming. Projects that are underperforming lead to the occurrence of risk; the typical causes of underperforming projects are project delays, poor estimating, failed risk management processes, poor subcontractor performance and design errors.
The Construction Risk Management Summit looks into the keys areas of managing construction risk from conception to hand-over. It also looks at identifying potential project show stoppers, industry risks, best practices in construction risk management and project risk analysis. This Summit looks at all elements of risk including contractual risk, project risk, financial risk and onsite risk. Other elements of risk that pose a threat to construction is contamination; the proposed East West Link in Melbourne has recently been reported to have asbestos in Royal Park including contaminated water from Gasworks on a site in Fitzroy, which has the potential to enter the tunnel during construction.
Construction risk management isn’t easy as risks are variable and often external influences contribute to the risk factor. This Summit aims to provide ‘a meeting of minds’ that will encourage participation from key stakeholders to discuss risk management best practices as well as risk management problems/issues. Within a construction organisation everyone needs to be active when it comes to risk management. Each level of the organisation needs to be actively involved in ensuring risk management processes are met. It also means that safety needs to be the number one priority. Construction sites are still faced with fatal accidents and risk is on the forefront of every project.
The Summit will bring together key industry experts discussing construction risk management. Some of the top speakers include Paul Lawson, Head of Commercial Risk, Lend Lease Construction & Infrastructure, Bronwyn Friday, Group General Manager, Enterprise Risk Management, John Holland, Jane McTaggart, Technical Director, Transport, Aurecon and Grant Whitehorn, CEO, Risk Management Institute of Australasia.
More information on the Construction Risk Management Summit 2014 can be found at www.constructionrisksummit.com.au.