Only 30% of capital projects are delivered on time and only 15% on budget, according to recent reports, demonstrating the need for better risk management within and across projects.
I’m very pleased to be presenting a webinar on what can be done to increase project success, for the World Risk Day Virtual Summit on May 14th, which Active Risk is once again supporting together with the leading global risk and project management bodies.
The stakes are high and the shocking metrics show there is no time to lose. According to a 2012 Accenture report, only 30% of capital projects are delivered on time and only 15% on budget, and more than 60% of those surveyed expected the size and complexity of projects to increase.
This year’s World Risk Day challenges the myth that project success can be delivered by a traditional focus on cost and schedule management alone. For real success today’s complex projects need to bring risk into the equation.
Around $16 trillion dollars (USD) are spent on major infrastructure projects and capital programs each year, so even small improvements will make big differences.
While the risks associated with many projects can be great, so can the rewards. As the world emerges from the global economic crisis one of the driving forces will be a concentration on infrastructure build. From the Rio 2016 Olympics to the Qatar Rail project in the Middle East, an ambitious $36 billion railway network, and various Australian port, rail and highway projects; governments and businesses are using major capital projects to stimulate economies with infrastructure as the backbone. This means increased scrutiny to ensure projects are delivered successfully, within budget and time schedules.
So why should you make the time to participate in World Risk Day and register for the Virtual Summit webinars on May 14th?
In our experience, even award winning companies, where the risk professionals may be regarded as leaders, are still hungry for best practices and new ideas. Questions such as, “how do we implement a risk culture?”, “where do project, program and enterprise risk crossover?”, “how do we identify, share and mitigate risk across the supply chain?”, or even “what makes a great risk manager?” come up time and time again.
World Risk Day brings together risk and project professionals from around the world to discuss innovative ways of working during its Virtual Summit. Many of the speakers have first-hand experience of managing risk on multi-billion dollar projects in sectors such as infrastructure, aerospace, defence and rail. This is a fantastic opportunity to share real-life experiences and practical advice on the role of risk management in these mega-projects.
Register now for the World Risk Day 2013 Virtual Summit.
Follow @WorldRiskDay on Twitter and join the debate with #projectrisk.