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Maximising Value to Stakeholders through Risk Management 
18-Nov-2014 
Lisa Shi | Head of Risk Management
Our Presenter – Lisa Shi (BEng, MSc, SIRM, MIET, MHKIE and MSaRS) 
18 November 2014 
2 
Lisa specialises in risk management and is a specialist member of the Institution of Risk Management in UK. 
The Head of Risk Management for EC Harris ARCADIS in Asia and has been involved extensively in delivering risk management strategies and solutions for multiple industries to promote effective integration of CAPEX and operational risks through life cycle approach. 
She has substantial practicable working experiences in the region for clients on corporate real estates, data centre, construction and infrastructure projects. Also training and advising organisations on the development and implementation of risk management principles, plans and business continuity strategies that cover different aspects of a business. 
Believe in integrated approach to risk management, project & programme management and asset management. 
Project experience in Hong Kong, Mainland China, Singapore, Thailand, Taiwan, Korea, Australia and UK. 
“ Effective risk management is about expanding your capability to respond to speedy changes and uncontrollable events”
Agenda 
■Risk Management and Stakeholder Management: the commonalities 
■Benefits of Risk Management to Stakeholders 
■Alignment of Stakeholder and Risk Management Plan to drive satisfaction of stakeholders 
■Minimise pitfalls in Risk Management Process 
■Motivate Stakeholders in Risk Management 
■Typical points of interests and concerns in Risk Management 
■Stakeholder Management in Project Control 
3 
18 November 2014
The commonalities 
18 November 2014 
4 
70%? 90%? 
Stakeholder Management vs Risk Management
The commonalities 
18 November 2014 
5 
Source: whiskey40k.blogspot.com
The commonalities 
18 November 2014 6 
R.I.P 
FROM THE CRADLE TO THE GRAVE 
e.g. Transaction, Capex & Opex
The commonalities 
18 November 2014 
7 
It can be what we do not see that will hurt us! 
How dangerous is something that we can see? 
Accident Iceberg - The Hidden Cost of Accidents
Risk Management and Stakeholder Management 
Risk Management 
■“Systematic application of policies, procedures, methods, and practices to the tasks of identifying, assessing, planning and managing risk” (APM PRAM Guide) 
■“The effect of uncertainty upon objectives where an effect is a deviation from the expected - positive or negative” (ISO31000 Risk Management) 
■Proactive management of undesired event 
■An integral part of good facility and project management 
■A source of proven benefits 
8 
Stakeholder Management 
■The process of managing the expectation of anyone or organisation that has interest in a project, programme or activity, or will be effected by its deliverables or outcomes 
■Understand the values and issues of stakeholders 
■Engaging the right stakeholders in the right way 
■Support sustainable competitive advantages 
18 November 2014
Risk Organisation and Control at Enterprise/Board and Project Level
Risk Governance Structure 
18 November 2014 
10 
Typical risk governance structure in financial industry: 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Research Study on the risk governance of HSBC, Hang Seng Bank, Bank of China (HK), Standard Chartered Bank and Citibank
Risk Ownership and Functions 
Risk Ownership and Responsibilities 
Everybody working for the organisation will need to be made aware of their risk management responsibilities, as well as contractors and suppliers. 
Ownership of core processes, key dependencies and risks is important, because it enables the risk management and audit to monitor actions and responsibilities. 
Any confusion of responsibilities and reporting structure must be eliminated. There needs to be clear statements of responsibilities for the following aspects of the management of each priority significant risk: 
Setting required risk standards. 
Implementing risk standards. 
Monitoring risk performance. 
18 November 2014 
11
Risk Governance Structure 
18 November 2014 
12 
The Board: 
Require and encourage a strong risk governance culture which shapes the company’s attitude to risk 
Oversee the maintenance and development of a robust risk management framework with Risk Management Committee 
Approve company’s risk appetite 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC)
Risk Governance Structure 
18 November 2014 
13 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Risk Management Committee: 
Advise the Board on: 
Risk appetite 
Risk governance 
High-level risk-related matters 
Internal controls 
Oversee the maintenance and development of a robust risk management framework 
Monitor and review the effectiveness of the risk management framework and the systems of internal control and compliance
Risk Governance Structure 
18 November 2014 
14 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Asset and Liability Committee: 
Set the approval authority framework in respect of liquidity risk 
Periodically reviews the company’s capital structure and adjusts the capital mix 
Review and formulate Contingent funding plan
Risk Governance Structure 
18 November 2014 
15 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Audit Committee 
Internal Audit to review risk-related matters against processes and procedures e.g. 
Company’s risk management framework, 
Risk appetite statement profile, 
Enterprise stress testing analysis, 
Risk dashboards, 
Risk maps, 
Top and emerging risks, and 
Balance sheet management position
Risk Governance Structure 
18 November 2014 
16 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Risk Management Units 
Report to Risk Management Committee 
Independently identify, quantify, analyze of the risks undertaken by the firm 
Make recommendations on how to manage the risk identified including top and emerging risks 
Formulate trigger & limits, and actions against breaches 
Develop and implement risk measurement methodologies 
Set up policies for effective risk communication including use of risk dashboard, risk map
Risk Governance Structure 
18 November 2014 
17 
Risk Management Units 
Business Units 
Risk Management Committee (RMC) 
The Board 
Asset and Liability Committee (ALCO) 
Audit Committee (AC) 
Business Units 
Respond to risks in the day to day business process 
Ensure key risks within the operation are identified, mitigated, and monitored by appropriate internal control within the overall control environment and timely 
Report to Risk Management Units on risk assessment
Board & Risk Management Unit 
18 November 2014 18 
 The Board should ensure the risk 
management processes designed and 
implemented by executives and risk 
managers are adapted to and integrated with 
the corporate strategy and are functioning as 
directed 
 Direct communication between the Board of 
Directors and Risk Management Committee 
is a key factor in the success of risk 
management
Internal Control – 3 Lines of Defense 
18 November 2014 
19 
Ref: The Link Annual Report 2013
Internal Control 
18 November 2014 
20 
Ref: HSBC Holding Annual Report 2012 
Operational:
Project & Programme Level 
18 November 2014 
21 
INTEGRATED RISK MANAGEMENT 
Assets 
T 
C 
O 
Operational Risk Register 
Transaction 
Risk Register 
Capex Risk Register 
Opex 
Risk Register 
Transaction Risk Assessments 
Capex Risk Assessments 
Opex Risk Assessments 
Incidents
Treat risks/opportunities 
Risk Management Process: 
Connections with Stakeholder Management 
18 November 2014 22 
• Bring stakeholders to understand their 
expectations for successful delivery of 
project. 
• Develop common risk criteria. 
• Identify risks that could affect stakeholder 
expectations. 
• Stakeholders are the information sources 
for unknown-unknown risk. 
• Analyse the risk and determine the risk 
level against predefined risk criteria agreed 
with stakeholders. 
• Develop risk response plan with 
stakeholder consultation to take their 
expectations into account. 
• Engage stakeholders for monitoring, 
review and evaluation of risk response 
plan. 
• Provide stakeholders with necessary 
support to enhance willingness of 
participation and ownership. 
• Transparency of risk information to 
stakeholders. 
• Communicate the benefits and drawbacks 
of actions. 
○1 
○1 
○2 
○2 
○3 
○3 
○4 
○4 
○5 
○5 
○6 
○6 
○7 
○7 
Source: ISO31000:2009 Risk Management Standard
23 
Risk – Threats or Opportunities?
Risk Management & the Business 
18 November 2014 24 
Business Benefits 
CAPEX & Operational 
Objectives 
Risks 
Effective Risk 
Risk Management Management 
Acceptable Risks 
Achievable 
Objectives 
Realised Business 
Benefits 
delivered via 
threatened by 
addressed by 
leads to 
leads to 
leads to
Typical Stages (V-Lifecycle) 
18 November 2014 
25 
Concept / 
Feasibility Study 
System Definitions & Application Condition 
Design Process 
Procurement & Tendering Stage 
Construction, Installation & Testing 
Handover & DLP Process 
Operation & Management 
Planned and Reactive Maintenance 
Decommissioning & 
Disposal 
The “V” Lifecycle Approach Risk Management is an iterative process & shall consider all phase of the Project life cycle appropriate to the contract 
Consider potential savings, ability to influence and cost to change
Benefits of Risk Management to Stakeholders 
18 November 2014 
26 
Hard Benefits 
Soft Benefits 
•Visualise the linkage between stakeholders’ expectations and risk associated 
•Enables better informed and more believable plans, schedules and budgets 
•Increase the likelihood of delivery of desired outcomes 
•Discourage the acceptance of financially unsound options 
•Enable objective comparison of alternatives 
•Facilitates decision making 
•Identify and allocate responsibility to best risk owner 
•Improve general communication 
•Help to distinguish opportunity and threat management 
•Facilitate greater risk-taking and thus increasing the benefits gained 
•Enhance confidence on decision making
Example 
Project Scope 
■Study the possibility of expansion opportunities and optimisation of their current facilities at airport 
■Review the current infrastructure and expansion options for one of the business aviation company 
Approach 
Benefits 
■Identify key stakeholders and mapping 
■Standardised approach agreed with the client and stakeholders 
■Provided stakeholders with early warning of threats and opportunities to each option 
■Support early planning and proactive management of project risk 
■Enables stakeholders to better understand the current position and control assurance within their boundaries and the possible extension options 
18 November 2014 
27 
Stakeholder analysis Risk Workshops with stakeholders 
Identify options fully risk assessed for threats and opportunities 
Provide risk and opportunity register & update
Stakeholder Mapping & Analysis
Stakeholder Identification 
18 November 2014 
29 
■Internal stakeholders - groups within a project or people who work directly within the project 
■External stakeholders - groups outside a project or people who are not directly working within the project but are affected in some way from the decisions of the project
Stakeholder Mapping and Analysis 
18 November 2014 
30 
■Assess the level of interest and influence of the stakeholders 
■Consider stakeholders’ importance, impact, support and attitude when necessary 
■Interest-Influence matrix: a common tool to visualise the result 
x Stakeholder A 
x Stakeholder B 
x Stakeholder C 
Specific Action Plan
Stakeholder Management Practice in EC Harris 
18 November 2014 
31 
Map Stakeholders 
Analyse Stakeholder Groups 
Analyse Issues 
1 
2 
3 
Periodic Review 
Manage Communications Plan 
Develop Communications/ Face Off Plan 
6 
5 
4 
Key Players 
Influencers 
Resource 
Drive 
Support 
Watch 
Resist 
Zone of Critical Influence 
Key Players 
Influencers 
Resource 
Drive 
Support 
Watch 
Resist 
Zone of Critical Influence 
Key Players 
Influencers 
Resource 
Drive 
Support 
Watch 
Resist 
Zone of Critical Influence
Risk Management and Stakeholder Management: the Processes 
Planning 
Identification 
Analysis 
Evaluate 
Actions 
Monitoring and review 
18 November 2014 
32 
Risk Management Process 
Establish context and risk management planning 
Identifying, recognising and describing risks 
Stakeholder engagement 
Comprehend the nature of risk and determine the risk level 
Determine whether the risk is acceptable or tolerable 
Risk treatment according through action plans 
Prioritise risks and controls 
Monitor and review the risks, actions taken and any changes associated 
Iterative process 
Stakeholder Management Process 
Understand the stakeholder environment 
Identify stakeholders and the relationships with them 
Analyse stakeholder interests, influence and level of engagement 
Prioritise stakeholders in engagement 
Develop and implement stakeholder engagement strategies and plans 
Follow stakeholder attributes and improve engagement strategies 
Iterative process
Alignment of Stakeholder Management and Risk Management 
Connections between goals and objectives 
Define clear risk criteria among stakeholders 
Interlinked process 
Communication mechanism on risks 
Continual assessment and review 
18 November 2014 
33
Pitfalls in Risk Management Process 
Misalignment with stakeholders 
Fragmented Risk Management Activities 
Lack of alignment among corporate policy, strategic planning and risk management 
No monitoring and review after initial risk identification and assessment 
Lacking of risk ownership 
Risks = threats? 
Issues = Risks? 
Risk Register = Risk Management? 
18 November 2014 
34
Minimising the Pitfalls 
Management commitment and support 
Clear definition of risk and risk management process 
Risk facilitator to implement process and engaging people 
Always starts with opportunities 
Follow-up mechanisms for risk owners 
18 November 2014 
35
Motivating Stakeholders in Risk Management: How? 
Derive engagement strategy from partnership goals 
Define common goals for mutual dependency among stakeholders 
Explicitly agreed roles and responsibilities of stakeholders 
Adopt result- oriented approach 
Offer benefits and financial incentives 
System thinking instead of hierarchical thinking 
Visualise linkage between risks and stakeholder expectations 
Consideration on interests and influences of stakeholders 
18 November 2014 
36
Shifting from Hierarchical Thinking to System Thinking 
18 November 2014 
Hierarchical thinking 
•Prefer not to trust 
•Rule and procedure-based 
•Focus on control and authorities 
•Avoid risk-taking and responsibility 
•Reluctant to share information 
System thinking 
•Focus on bigger picture and shared goals 
•interdependence of people in group settings 
•Result oriented 
•View from multiple perspectives 
•Tolerate ambiguity and uncertainty 
•Innovative and creative 
•Openness and information transparent 
37
Typical Interests and Concerns on Risk Management 
Resource required 
Benefits realisation 
Cost of Risk 
Assurance on objective achievement 
Fairness among stakeholders 
18 November 2014 
38
Stakeholder Management in Project Control 
18 November 2014 
39 
Active participation 
Engagement 
Measurement of customer satisfaction
16 May 2011_v1 | 
40 
Further Reading 
■A Guide to the Project Management Body of Knowledge (PMBOK Guide), Project Management Institute, 2008 
■Managing Success Programmes (MSP) 
■ISO 31000:2009 Risk Management - Principles and Guidelines 
■BS 31100:2008 Risk Management. Code of Practice 
■BS6079 -3:2000 Project Management. Guide to the Management of Business related Project Risk 
■BS IEC 62198:2001Project Risk Management – Application Guideline 
■Management of Risk [M_o_R]: Guidance for Practitioners (Office of Government Commerce) 2007 
■Risk Analysis and Management for Projects [RAMP], Institution of Civil Engineers et al, 2005 
■Dr Penny Pullan, Ms Ruth Murray-Webster (2012). A Short Guide to Facilitating Risk Management: Engaging People to Identify, Own and Manage Risk. 
■Bryan Clifford (2006). Improvement through cooperation – integrating partnering, value management and risk management. 
■Carmen Malena (2004). Strategic Partnership: Challenges and Best Practices in the Management and Governance of Multi-Stakeholder Partnerships Involving UN and Civil Society Actors 
■Mariele Evers, Rapportserie Klimat och säkerhet (2012), Participation in Flood Risk Management - An introduction and recommendations for implementation
Thank You
Key Contacts 
Our approach aligns with international best practices 
Enhanced Safety, Health, environment and Quality performance translates into improved operational efficiency, direct ‘bottom-line’ savings & sustainably driven outcomes. 
Lisa Shi Head of Risk Management EC Harris ARCADIS Level 27 Millennium City 6 No. 392 Kwun Tong Road Kwun Tong Kowloon Hong Kong Tele: +852 2263 7359 Mobile: +852 9356 2551 Email lisa.shi@echarris.com 
42

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Maximising value to stakeholders through risk management

  • 1. Maximising Value to Stakeholders through Risk Management 18-Nov-2014 Lisa Shi | Head of Risk Management
  • 2. Our Presenter – Lisa Shi (BEng, MSc, SIRM, MIET, MHKIE and MSaRS) 18 November 2014 2 Lisa specialises in risk management and is a specialist member of the Institution of Risk Management in UK. The Head of Risk Management for EC Harris ARCADIS in Asia and has been involved extensively in delivering risk management strategies and solutions for multiple industries to promote effective integration of CAPEX and operational risks through life cycle approach. She has substantial practicable working experiences in the region for clients on corporate real estates, data centre, construction and infrastructure projects. Also training and advising organisations on the development and implementation of risk management principles, plans and business continuity strategies that cover different aspects of a business. Believe in integrated approach to risk management, project & programme management and asset management. Project experience in Hong Kong, Mainland China, Singapore, Thailand, Taiwan, Korea, Australia and UK. “ Effective risk management is about expanding your capability to respond to speedy changes and uncontrollable events”
  • 3. Agenda ■Risk Management and Stakeholder Management: the commonalities ■Benefits of Risk Management to Stakeholders ■Alignment of Stakeholder and Risk Management Plan to drive satisfaction of stakeholders ■Minimise pitfalls in Risk Management Process ■Motivate Stakeholders in Risk Management ■Typical points of interests and concerns in Risk Management ■Stakeholder Management in Project Control 3 18 November 2014
  • 4. The commonalities 18 November 2014 4 70%? 90%? Stakeholder Management vs Risk Management
  • 5. The commonalities 18 November 2014 5 Source: whiskey40k.blogspot.com
  • 6. The commonalities 18 November 2014 6 R.I.P FROM THE CRADLE TO THE GRAVE e.g. Transaction, Capex & Opex
  • 7. The commonalities 18 November 2014 7 It can be what we do not see that will hurt us! How dangerous is something that we can see? Accident Iceberg - The Hidden Cost of Accidents
  • 8. Risk Management and Stakeholder Management Risk Management ■“Systematic application of policies, procedures, methods, and practices to the tasks of identifying, assessing, planning and managing risk” (APM PRAM Guide) ■“The effect of uncertainty upon objectives where an effect is a deviation from the expected - positive or negative” (ISO31000 Risk Management) ■Proactive management of undesired event ■An integral part of good facility and project management ■A source of proven benefits 8 Stakeholder Management ■The process of managing the expectation of anyone or organisation that has interest in a project, programme or activity, or will be effected by its deliverables or outcomes ■Understand the values and issues of stakeholders ■Engaging the right stakeholders in the right way ■Support sustainable competitive advantages 18 November 2014
  • 9. Risk Organisation and Control at Enterprise/Board and Project Level
  • 10. Risk Governance Structure 18 November 2014 10 Typical risk governance structure in financial industry: Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Research Study on the risk governance of HSBC, Hang Seng Bank, Bank of China (HK), Standard Chartered Bank and Citibank
  • 11. Risk Ownership and Functions Risk Ownership and Responsibilities Everybody working for the organisation will need to be made aware of their risk management responsibilities, as well as contractors and suppliers. Ownership of core processes, key dependencies and risks is important, because it enables the risk management and audit to monitor actions and responsibilities. Any confusion of responsibilities and reporting structure must be eliminated. There needs to be clear statements of responsibilities for the following aspects of the management of each priority significant risk: Setting required risk standards. Implementing risk standards. Monitoring risk performance. 18 November 2014 11
  • 12. Risk Governance Structure 18 November 2014 12 The Board: Require and encourage a strong risk governance culture which shapes the company’s attitude to risk Oversee the maintenance and development of a robust risk management framework with Risk Management Committee Approve company’s risk appetite Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC)
  • 13. Risk Governance Structure 18 November 2014 13 Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Risk Management Committee: Advise the Board on: Risk appetite Risk governance High-level risk-related matters Internal controls Oversee the maintenance and development of a robust risk management framework Monitor and review the effectiveness of the risk management framework and the systems of internal control and compliance
  • 14. Risk Governance Structure 18 November 2014 14 Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Asset and Liability Committee: Set the approval authority framework in respect of liquidity risk Periodically reviews the company’s capital structure and adjusts the capital mix Review and formulate Contingent funding plan
  • 15. Risk Governance Structure 18 November 2014 15 Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Audit Committee Internal Audit to review risk-related matters against processes and procedures e.g. Company’s risk management framework, Risk appetite statement profile, Enterprise stress testing analysis, Risk dashboards, Risk maps, Top and emerging risks, and Balance sheet management position
  • 16. Risk Governance Structure 18 November 2014 16 Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Risk Management Units Report to Risk Management Committee Independently identify, quantify, analyze of the risks undertaken by the firm Make recommendations on how to manage the risk identified including top and emerging risks Formulate trigger & limits, and actions against breaches Develop and implement risk measurement methodologies Set up policies for effective risk communication including use of risk dashboard, risk map
  • 17. Risk Governance Structure 18 November 2014 17 Risk Management Units Business Units Risk Management Committee (RMC) The Board Asset and Liability Committee (ALCO) Audit Committee (AC) Business Units Respond to risks in the day to day business process Ensure key risks within the operation are identified, mitigated, and monitored by appropriate internal control within the overall control environment and timely Report to Risk Management Units on risk assessment
  • 18. Board & Risk Management Unit 18 November 2014 18  The Board should ensure the risk management processes designed and implemented by executives and risk managers are adapted to and integrated with the corporate strategy and are functioning as directed  Direct communication between the Board of Directors and Risk Management Committee is a key factor in the success of risk management
  • 19. Internal Control – 3 Lines of Defense 18 November 2014 19 Ref: The Link Annual Report 2013
  • 20. Internal Control 18 November 2014 20 Ref: HSBC Holding Annual Report 2012 Operational:
  • 21. Project & Programme Level 18 November 2014 21 INTEGRATED RISK MANAGEMENT Assets T C O Operational Risk Register Transaction Risk Register Capex Risk Register Opex Risk Register Transaction Risk Assessments Capex Risk Assessments Opex Risk Assessments Incidents
  • 22. Treat risks/opportunities Risk Management Process: Connections with Stakeholder Management 18 November 2014 22 • Bring stakeholders to understand their expectations for successful delivery of project. • Develop common risk criteria. • Identify risks that could affect stakeholder expectations. • Stakeholders are the information sources for unknown-unknown risk. • Analyse the risk and determine the risk level against predefined risk criteria agreed with stakeholders. • Develop risk response plan with stakeholder consultation to take their expectations into account. • Engage stakeholders for monitoring, review and evaluation of risk response plan. • Provide stakeholders with necessary support to enhance willingness of participation and ownership. • Transparency of risk information to stakeholders. • Communicate the benefits and drawbacks of actions. ○1 ○1 ○2 ○2 ○3 ○3 ○4 ○4 ○5 ○5 ○6 ○6 ○7 ○7 Source: ISO31000:2009 Risk Management Standard
  • 23. 23 Risk – Threats or Opportunities?
  • 24. Risk Management & the Business 18 November 2014 24 Business Benefits CAPEX & Operational Objectives Risks Effective Risk Risk Management Management Acceptable Risks Achievable Objectives Realised Business Benefits delivered via threatened by addressed by leads to leads to leads to
  • 25. Typical Stages (V-Lifecycle) 18 November 2014 25 Concept / Feasibility Study System Definitions & Application Condition Design Process Procurement & Tendering Stage Construction, Installation & Testing Handover & DLP Process Operation & Management Planned and Reactive Maintenance Decommissioning & Disposal The “V” Lifecycle Approach Risk Management is an iterative process & shall consider all phase of the Project life cycle appropriate to the contract Consider potential savings, ability to influence and cost to change
  • 26. Benefits of Risk Management to Stakeholders 18 November 2014 26 Hard Benefits Soft Benefits •Visualise the linkage between stakeholders’ expectations and risk associated •Enables better informed and more believable plans, schedules and budgets •Increase the likelihood of delivery of desired outcomes •Discourage the acceptance of financially unsound options •Enable objective comparison of alternatives •Facilitates decision making •Identify and allocate responsibility to best risk owner •Improve general communication •Help to distinguish opportunity and threat management •Facilitate greater risk-taking and thus increasing the benefits gained •Enhance confidence on decision making
  • 27. Example Project Scope ■Study the possibility of expansion opportunities and optimisation of their current facilities at airport ■Review the current infrastructure and expansion options for one of the business aviation company Approach Benefits ■Identify key stakeholders and mapping ■Standardised approach agreed with the client and stakeholders ■Provided stakeholders with early warning of threats and opportunities to each option ■Support early planning and proactive management of project risk ■Enables stakeholders to better understand the current position and control assurance within their boundaries and the possible extension options 18 November 2014 27 Stakeholder analysis Risk Workshops with stakeholders Identify options fully risk assessed for threats and opportunities Provide risk and opportunity register & update
  • 29. Stakeholder Identification 18 November 2014 29 ■Internal stakeholders - groups within a project or people who work directly within the project ■External stakeholders - groups outside a project or people who are not directly working within the project but are affected in some way from the decisions of the project
  • 30. Stakeholder Mapping and Analysis 18 November 2014 30 ■Assess the level of interest and influence of the stakeholders ■Consider stakeholders’ importance, impact, support and attitude when necessary ■Interest-Influence matrix: a common tool to visualise the result x Stakeholder A x Stakeholder B x Stakeholder C Specific Action Plan
  • 31. Stakeholder Management Practice in EC Harris 18 November 2014 31 Map Stakeholders Analyse Stakeholder Groups Analyse Issues 1 2 3 Periodic Review Manage Communications Plan Develop Communications/ Face Off Plan 6 5 4 Key Players Influencers Resource Drive Support Watch Resist Zone of Critical Influence Key Players Influencers Resource Drive Support Watch Resist Zone of Critical Influence Key Players Influencers Resource Drive Support Watch Resist Zone of Critical Influence
  • 32. Risk Management and Stakeholder Management: the Processes Planning Identification Analysis Evaluate Actions Monitoring and review 18 November 2014 32 Risk Management Process Establish context and risk management planning Identifying, recognising and describing risks Stakeholder engagement Comprehend the nature of risk and determine the risk level Determine whether the risk is acceptable or tolerable Risk treatment according through action plans Prioritise risks and controls Monitor and review the risks, actions taken and any changes associated Iterative process Stakeholder Management Process Understand the stakeholder environment Identify stakeholders and the relationships with them Analyse stakeholder interests, influence and level of engagement Prioritise stakeholders in engagement Develop and implement stakeholder engagement strategies and plans Follow stakeholder attributes and improve engagement strategies Iterative process
  • 33. Alignment of Stakeholder Management and Risk Management Connections between goals and objectives Define clear risk criteria among stakeholders Interlinked process Communication mechanism on risks Continual assessment and review 18 November 2014 33
  • 34. Pitfalls in Risk Management Process Misalignment with stakeholders Fragmented Risk Management Activities Lack of alignment among corporate policy, strategic planning and risk management No monitoring and review after initial risk identification and assessment Lacking of risk ownership Risks = threats? Issues = Risks? Risk Register = Risk Management? 18 November 2014 34
  • 35. Minimising the Pitfalls Management commitment and support Clear definition of risk and risk management process Risk facilitator to implement process and engaging people Always starts with opportunities Follow-up mechanisms for risk owners 18 November 2014 35
  • 36. Motivating Stakeholders in Risk Management: How? Derive engagement strategy from partnership goals Define common goals for mutual dependency among stakeholders Explicitly agreed roles and responsibilities of stakeholders Adopt result- oriented approach Offer benefits and financial incentives System thinking instead of hierarchical thinking Visualise linkage between risks and stakeholder expectations Consideration on interests and influences of stakeholders 18 November 2014 36
  • 37. Shifting from Hierarchical Thinking to System Thinking 18 November 2014 Hierarchical thinking •Prefer not to trust •Rule and procedure-based •Focus on control and authorities •Avoid risk-taking and responsibility •Reluctant to share information System thinking •Focus on bigger picture and shared goals •interdependence of people in group settings •Result oriented •View from multiple perspectives •Tolerate ambiguity and uncertainty •Innovative and creative •Openness and information transparent 37
  • 38. Typical Interests and Concerns on Risk Management Resource required Benefits realisation Cost of Risk Assurance on objective achievement Fairness among stakeholders 18 November 2014 38
  • 39. Stakeholder Management in Project Control 18 November 2014 39 Active participation Engagement Measurement of customer satisfaction
  • 40. 16 May 2011_v1 | 40 Further Reading ■A Guide to the Project Management Body of Knowledge (PMBOK Guide), Project Management Institute, 2008 ■Managing Success Programmes (MSP) ■ISO 31000:2009 Risk Management - Principles and Guidelines ■BS 31100:2008 Risk Management. Code of Practice ■BS6079 -3:2000 Project Management. Guide to the Management of Business related Project Risk ■BS IEC 62198:2001Project Risk Management – Application Guideline ■Management of Risk [M_o_R]: Guidance for Practitioners (Office of Government Commerce) 2007 ■Risk Analysis and Management for Projects [RAMP], Institution of Civil Engineers et al, 2005 ■Dr Penny Pullan, Ms Ruth Murray-Webster (2012). A Short Guide to Facilitating Risk Management: Engaging People to Identify, Own and Manage Risk. ■Bryan Clifford (2006). Improvement through cooperation – integrating partnering, value management and risk management. ■Carmen Malena (2004). Strategic Partnership: Challenges and Best Practices in the Management and Governance of Multi-Stakeholder Partnerships Involving UN and Civil Society Actors ■Mariele Evers, Rapportserie Klimat och säkerhet (2012), Participation in Flood Risk Management - An introduction and recommendations for implementation
  • 42. Key Contacts Our approach aligns with international best practices Enhanced Safety, Health, environment and Quality performance translates into improved operational efficiency, direct ‘bottom-line’ savings & sustainably driven outcomes. Lisa Shi Head of Risk Management EC Harris ARCADIS Level 27 Millennium City 6 No. 392 Kwun Tong Road Kwun Tong Kowloon Hong Kong Tele: +852 2263 7359 Mobile: +852 9356 2551 Email lisa.shi@echarris.com 42