SEA understands that projects bring about change and change incurs risk. Effective Risk Management requires a structured and disciplined approach to the control of risk and is fundamental to project success. Managing risk allows a project to move forward and maintain its objectives whilst containing to manageable proportions any threat to its success. In all the domains it operates in, SEA has significant experience in applying these principles to risk management, mitigation and reduction, as well as to the delivery of hazard and safety analyses.
SEA's approach to risk management is closely integrated with project management, the risk management process itself being an expansion of well-proven MoD principles. It consists of four steps:
- Risk identification - where all salient risks are found, classified and recorded;
- Risk analysis - where the probability of occurrence and consequential impacts are assessed;
- Risk planning - where mitigation actions are placed and contingency planned formulated;
- Risk management - where the risk status is reviewed and mitigation actions progressed.
These steps are bound together by a project risk register, the creation and management of which is carried out via a formal, tool-based, process.