September 24, 2021 by Managing Capital Project Risks All capital projects face unforeseen circumstances and impacts which threaten the successful execution and achievement of objectives. As organizations aim for increasingly competitive outcomes, the importance of tactical risk management grows. AP-Networks’ data-driven research definitively shows that the greater the complexity of a project, the more risk it entails, and the higher the probability that the project will fail to achieve success. Fortunately for Industry, leveraging data to create solutions is the core of what we do at AP-Networks. We developed the Facilitated Capital Project Risk Workshop to overcome the complex challenge of risk assessment for capital projects and drive event-free outcomes. AP-Networks’ Facilitated Capital Project Risk Workshop provides a ready-made structure within which project teams can quickly identify, assess, and prioritize risks proactively and systematically. Our experienced associates work closely with your project team to help identify and manage the significant risks that can threaten your team’s goals and objectives. Our Proactive Approach To Risk Management Our Facilitated Capital Project Risk Workshop begins with your project team and a cross-functional identification and evaluation of known threats. Our expert associates facilitate the conversation, drawing upon their industry experience and knowledge of AP-Networks’ proprietary Industry database of project risk factors. We then utilize a scoring system with your organization’s risk evaluation matrix to rate both the potential impact and likelihood of occurrence of each identified risk. Following scoring, we collaboratively prioritize risks, assign risk owners, and develop actionable response plans for the most significant risks. Lastly, we provide the project team with a risk register containing individual risk details and associated action plans. If desired, the risk register can be uploaded into PYXIS, AP-Networks’ cloud-based risk management system, integrating your risk process into the Capital Project Network platform. Summary The Facilitated Capital Project Risk Workshop draws upon AP-Networks’ experience, Industry-leading methodologies, and world-class digital tools to: Identify a comprehensive set of risks associated with a projectScore, categorize, and structure risks in a usable formatAssess and prioritize risks in need of attention based on impact, likelihood, and manageabilityAssign risk owners and initiate the development of robust action plansEstablish a comprehensive risk registerImplement a holistic, software-supported risk management process