Due to a continuous focus on the operational reliability of the bank’s IT systems and a steadily increasing need for both physical and virtual networks, large companies are constantly involved in IT-related building projects. The consultancy company ALECTIA has performed several assignments for one of the largest financial companies of Scandinavia with focus on operational reliability through active use of risk management tools.

ALECTIA has wide experience of advising about operational reliability through active risk management – for example by optimizing and replacing UPS plants and their support functions (refrigeration, ventilation, monitoring, CTS control) – assignments involving work at critical installations.

The consultancy assignments usually regard construction projects in the range DKK 0.5-15 mill. These assignments are very critical to the operation of the bank so they must be carried out without any interruption of the daily routines. An interruption of the operation can result in large financial losses, which of course is unacceptable.

Operational reliability and risk management
To prevent unintentional incidents in the projects, ALECTIA – in cooperation with the client and other involved parties – focuses closely on identification and handling of the project risks. The risk management takes place in all stages of the project with active participation of the project parties: From client and consultant to contractor and supplier.

Already in the project planning phase, through small risk workshops, the client and ALECTIA identify and assess risks in the processes and phases of the project – and the results are incorporated in a risk register, which will be updated throughout the entire project period. Moreover, the time schedule and the risk register are merged so that an overview of the time curve in the risk scenario is available at all times.

To ensure the involvement of all project parties, the contractors and suppliers are required – through tender documents and contracts – to take an active part in the risk management assignments: identification of risks, risk-reducing initiatives and check of their observance.

The risk register makes it possible for all parties to handle the identified risks before they cause unwanted incidents. At the same time, the client is able to follow the risk handling throughout the entire project period, and this will give great confidence in the project success criteria.

The result of risk management
Risk management makes a difference in building projects, which are either complex, pressed for time or where the consequences of an unintentional incident can cause large losses. The result of a targeted risk management effort, worked out in cooperation with ALECTIA, shows that the projects are completed without unintentional incidents and other unpleasant situations. The project management becomes more targeted and all parties experience a more “streamlined” project process. In that way both time and resources are saved in all stages, and all parties will have a successful project. Risk management should therefore be incorporated in all projects, as it is a win-win situation for all project parties.