A large mining company contracted IPA to evaluate possible gaps they perceived in their corporate risk process as applied to capital investment.
IPA first provided a detailed audit of the client’s practices, comparing them against empirically validated Best Practices employed by industry peers. This audit provided the basis for a detailed report documenting an updated risk management process, inclusive of detailed requirements and definitions to support both qualitative and quantitative risk analysis. A comprehensive analysis of contingency setting and management practices was also developed with requirements, costs of implementation, and resultant benefits identified.
The client used the report as the basis to implement new systems and procedures, educate project stakeholders about risk management methods, and set a baseline for targeted project system improvements.