Construction projects are inherently complex and dynamic and involve multiple feedback processes throughout the lifecycle of each project. An effective risk management process includes identifying and analysing risks continuously and taking necessary strategies to minimise the risk by effective use of resources. To manage risk under the WHS Regulations our risk management team ensures the following (however, not limited to):
- Risk Assessment: We focus on identifying a comprehensive and very detailed foreseeable risk that can affect our participants. Our team systematically emphasises on the different scopes of risk, e.g., design risks, external risks, environmental risks, organisational risks, contractual risks, financial risks, project management risks, as well as specific project construction risks.
- Risk Quantification: Our professionals are highly trained to quantify the risks to evaluate the possible outcomes. Subsequently, the team responses to act the risk response strategies, e.g., risk avoiding, monitoring, transferring and/or mitigating the risk in the best effective way.
- Risk Control: The team establishes stringent contingency plans to control and mitigate risks in three board levels, e.g. reduce the risks, retain the risks, and remove the risks. To achieve an acceptable residual risk level the focuses are also accented on eliminating/substituting the risks, reduce the possibility of risks, and reduce the effects of risks.
- Risk Monitoring and Reporting: An effective risk management process unceasingly monitors and reports on identifying and quantifying risks and considers risk containment and reduction policies. At Qove, our risk management team combines the qualitative and quantitative methodologies in risk analysis, thus, manages the risk effectively and efficiently which leads to greater productivity, financial stability, and improved success rates for our projects and better decision making.