Risk, construction and compliance are three concepts that weigh heavily on the minds of owners and contractors globally. This was evident at the recent Risk & Compliance Summit held at Georgia Tech in Atlanta last week.
There were a number of topics discussed, including project risk, surety, and the methods contract parties are using to identify, quantify and manage the risks of large domestic and international construction projects.
There were specific topics on P3 (public private partnership) and prefabrication, formalization of a risk register-based program and the challenges of rapid construction growth. Safety and worker injury risks were discussed, along with the impact of OCIPs and CCIPs on incident rates and how to continue to improve results.
I was particularly encouraged that the seminar speakers and participants took interest in getting the contract right as the first step toward risk clarity. As a risk management consulting firm, The ALS Group feels strongly that a coordinated process that starts out with a thoughtful project risk review, clearly worded contracts and general vigilance in securing the right insurance coverage is essential to ensure a successful project.
We work closely with our clients to help them achieve desired outcomes and reduce surprises. Implementing a methodical process that puts risk management in a pivotal project role shifts the balance in favor of project success.
About the Author
Albert Sica is the Managing Principal with The ALS Group. You can read more about Al or contact him here.
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