Project Risk Maturity Assessment
At Redstone Risk, we pride ourselves on making sure that our customers get the best value out of their project risk management (PRM) process. After all, useful risk information comes from an effective process.
Through our years of experience in developing, operating and advising within some of the most complex projects on the planet, we have built up an enviable range of knowledge that will genuinely help get your project risk processes operating as they should. We have developed a Project Risk Management Maturity Assessment (PRMMA) facility, which can assess your current project risk management status and suggest a range of improvements that can be made. We can then implement these for you, should you require.
The Importance of Risk Maturity
A lack of risk maturity leads to reactive management of unexpected events, which leaves a project vulnerable to failure. In an environment where projects and their related risks are becoming increasingly complex it is even more important to have a mature risk process for identifying, assessing, mitigating and managing risks.
A mature Risk Management process recognises that the end goal isn’t just about avoiding risks; the primary aim of mature risk management is to fully understand your project risks and either apply the best solution at the best time to mitigate risks, or to be sufficiently informed to take risks at the most appropriate time.
A better understanding of your project risk maturity can help project teams address these problems, avoid reactive management of risk events and increase their control over the project at all phases of the project lifecycle.
The Redstone Risk PRMMA
Our PRMMA assesses your maturity across 4 key dimensions:
- Culture and Leadership – we can assess how the culture of the project and wider business supports and values PRM, as well as the role that senior leaders play. Our interventions can lead to significant enhancement in the value that your project and personnel gain from PRM.
- Processes – we can assess how industry standard PRM processes are used or aligned to your own processes. Part of our work would identify areas for improvement and even the writing of processes should it be required.
- Tools and Methods – an area we specialise in, we can assess how your business uses PRM toolsets for both qualitative and quantitative analysis, as well as the way in which it uses the information generated. Through our vast experience and our unique, unbiased relationships with some of the most innovative software companies around, we can ensure that your business gets the decision-making support it deserves.
- Organisational Experience – we can examine the competence level of staff within the business tasked with undertaking or using PRM inputs and outputs. We can undertake a series of training or enhancements to ensure that the PRM process flows as it should.
We undertake the PRMMA through a consultancy-led approach, predominantly through a structured series of questions that can be undertaken either remotely or, preferably, at your location to enable us to get a feel for the way in which PRM is undertaken and valued. We tailor each assessment to each client, however we find that 2 days consultancy support is often enough to benchmark a particular project and make a range of suggested improvements. We know from our clients that these few days end up being some of the best value consultancy they ever purchase, as it is one of the first times that a genuinely independent party has assessed their PRM and give them clear, unbiased views on how to improve it.
The end result of this PRMMA is an independent, objective and evidence-based measure of risk maturity, which supports the formulation of a ‘roadmap’ of improvement actions in order to increase your PRM maturity.
Get in touch
Curious to find out how our experience can help you? Drop us a line on the Get in Touch page.
You can also read more about our thoughts on PRM maturity in our recent paper created in conjunction with Safran.
Providing risk management consultancy and training to projects, programmes and enterprises.
Undertaking quantitative cost and schedule risk analysis to support business and investment decisions.
Unlocking the meaning in your risk data to support better decisions.