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Project Risk Management for Cyprus. Right from the Start. Paul.T . [email protected] Managing Director Marsh Energy Practice; London. Nicosia 28 th March 2014.

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project risk management for cyprus

Project Risk Management for Cyprus

Right from the Start

Paul.T. [email protected]

Managing Director

Marsh Energy Practice; London

Nicosia 28th March 2014

marsh mclennan companies

Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), which has over 54,000 employees worldwide and approximately $12 billion in annual revenue.

Marsh & McLennan Companies

Marsh & McLennan Companies

Marsh

A global leader in insurance broking and risk management.

Guy Carpenter

A global leader in providing risk and reinsurance intermediary services.

Mercer

A global leader in talent, health, retirement, and investment consulting.

Oliver Wyman

A global leader in management consulting.

NERA Economic Consulting

Competition, regulation, public policy, finance, and litigation

2

the benefits of risk management right from the start
The Benefits of Risk Management – Right from the Start
  • Risk Management
    • The protection of:
      • Assets.
      • Revenue.
      • Liability to others.
    • Broadest analysis
    • Minimum cost
  • Benefits to Cyprus
    • World-class HSE for all future facilities.
    • Cyprus’ balance sheet is protected by risk transfer.
    • The people of Cyprus will see the benefits of best in class risk mitigation and impact on your beautiful island home.
project risk management
Project Risk Management

A sequence of project phase activities to assist Cyprus based projects manage risk exposures ‘right from the start’in order to:

  • Attract finance.
  • Minimize insurance costs and cost of risk over project life cycles.
  • Enhance HSE quality at the earliest possible and most cost effective stage.
  • Seek to satisfy all project stakeholders’ interests.
project risk management the process
Project Risk Management - The Process

1A

Project Risk Register

Feasibility Study

1B

Design Phase Risk Review

Contractual Risk Review and Insurance Specification

2

Preliminary Design

3

1A

Insurance Broking Services

4

Ongoing Risk and Insurance Services

EPC Contractor Selection

1B

Pre-Start Up Loss Control Review

5

2

Detailed Design

Procurement

3

3

Construction

4

5

Commissioning

4

Operation

4

0 6 10 18 20 42 48

Typical Schedule (months)

project risk registers risk action planning for cyprus

9

8

7

6

5

4

3

2

1

2

1

3

4

5

6

7

8

9

Project Risk Registers (Risk Action) - Planning for Cyprus

1A

A

Brand

Catastrophic

Risk - High

Risk - High

Risk – Very High

B

Budgeting and Forecasting

Q

C

Business Portfolio

G

D

Change Readiness

A

C

R

M

D

J

Major

L

E

Communications

H

F

P

O

F

Competencies/Skills

K

Risk – Moderate to High

Risk – Moderate to High

Risk - High

G

Competitor

B

I

H

Customer Needs

Moderate

I

Efficiency

E

J

Hiring/Retention

K

Investment Evaluation

Risk – Low

Risk – Low to Moderate

Risk – Low to Moderate

Minor

L

Product Life Cycle

N

M

Resource Allocation

N

Mergers & Acquisitions

O

Succession Planning

Insignificant

P

Business Interruption

Remote

Unlikely

Medium

Likely

Expected

design phase ranking of risk quality
Design Phase – Ranking of Risk Quality

1B

  • Risk ranking:
    • Achieves project due-diligence and differentiation.
    • Best in class risk mitigation.
    • Widest insurance coverage to protect Cypriot interests.

4 – excellent

3 – good

2 – average

1 - basic

0 - poor

marsh cyprus services and solutions
Marsh Cyprus - Services and Solutions

Risk Transfer and InsuranceBroking

RiskConsulting

Risk

Management

Services and

Solutions

Serving:

Claims

Management

Services

Property Risks

Multinational organisations

Large national firms

Small and medium enterprises

PoliticalRisks

Environmental

Risk

Associations and affinity groups

Private clients

Public entities

Professional

Liability

TradeCredit Risk

EmploymentPracticesLiability

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