Risk presents an ever present threat to best endeavours for success and accomplishment. There are many types of risks, each unique in their consequences and potential causes. The risks confronting most projects and operations can typically be categorised into the following:
- Technical risk.
- Operational/Mission risk.
- Personnel/Safety risk.
- Environmental risk.
- Schedule risk.
- Financial risk.
Successful risk management requires a comprehensive and flexible approach to identifying, quantifying and mitigating risk whilst recognising that each type of risk requires different analytical techniques.
BMT offers tailored risk management solutions designed to align with regulatory framework, applicable standards and client objectives. The latest tools and techniques are utilised to best quantify risk likelihood and consequence. Robust mitigation options are developed and the necessary objective quality evidence generated to provide the confidence required to achieve project objectives and execute operational imperatives.
Qualitative and Quantitative Risk Analysis
The required depth and rigour of a risk assessment is highly dependent on the nature and level of associated risks as well as risk appetite. Experience and a strong grasp of project or operational objectives is required to strike the right balance between a high level qualitative assessment and an intensive, quantitative risk analysis.
BMT is able to perform broad, qualitative risk assessments to enable prioritisation of resources and development of appropriate risk treatments. This typically involves engineering judgement and consultation with relevant subject matter experts to assess general levels of consequence and likelihood, before developing management strategies and treatments to reduce risk.
BMT’s engineering expertise and skills developed through other technical capabilities also enables us to conduct the robust, quantitative risk analyses required for design evaluation, options analysis and risk based cost-benefit analysis. This might involve analysis of statistical data, development of fault trees and reliability assessments to accurately quantify the likelihood of identified risks. Similarly, computational fluid dynamics, finite element analysis of structures and cost modelling are used to more definitively quantify the consequences or loss associated with particular design options and alternatives.
For general enquiries relating to Risk Management, please contact Aidan Depetro
BMT Design & Technology