The management of risk is a fundamental aspect of any business. Business and Project risks are essentially related to cost, time and safety and security. MSP solutions is able to offer expert advice on project and Business risk in the transport sector. We have extensive experience in the operation and management of Transport related businesses particularly in for airports, airlines and railways.
Our approach to risk management is to ensure it is an integrated process with other management activities so that risk mitigation is effective.
The identification of risk can be an extensive task and not always beneficial as the perception of Risk is very closely related the experience and knowledge of those who are asked to provide risk related information. Risks are also a confidence and competency related and reflect the ability of a project team to deliver the expectation of requirements. Usually risks appear at the interface boundaries of a project and it is the ability to identify and mitigate these interface issues that determines the effectiveness of risk management.
The MSP solution to risk management is to ensure that risk is understood and actively mitigated within the project and technical management process. This requires a comprehensive risk identification process combined with a competent analysis processes that allows the problems that exist particularly at project interfaces to be established and mitigation activities enacted so as to minimize the impact on cost time safety or security. in an open and cooperative manner.
The Identified risks are classified in a risk register which maps the identified risks in relation to impact on the project. These are then evaluated to establish a probability of occurrence. The skill of the Risk management team is to evaluate the impact in combination with the probability of occurrence to ensure that the risk can be mitigated or avoided altogether.
MSP solution sis able to offer a risk management process to reduce the risk register through elimination or mitigation of these risks. We construct a risk avoidance and mitigation plan which details all the activities required to remove the risks.
However once the project has been completed the risk register may still not be empty infact, whilst the project risks have been eliminated business and operational risks will become evident. These risks need constant vigilance and effort to ensure they don't appear. MSP solutions is able to help its clients move from successful process of project risk management to business risk management where the operational and business issues brought successfully undercontrol.