Risk & value management
Network Rail’s Risk & Value team has a diverse background, with broad skill sets that enhance the ability of both projects and the broader business to manage uncertainty, establish efficient contingencies – both cost and time and encourage proactive decisions. This broad experience allows the team to appreciate risks across a spectrum of stakeholders both within and outside the rail sector. Cost and schedule assurance are undertaken on a risk assessed basis with low risk activities having minor interventions whilst major projects have dedicated support teams.
Delivering works within possessions is a particular focus. The team provides analyses to help with project planning and reduce the impact on the network.
Risk & value management
Active risk management demonstrates good corporate governance and Network Rail requires every part of the business to monitor and report their risk management and the effectiveness of action plans on an ongoing basis.
This discipline allows the railway to be enhanced whilst minimising costs and disruption to operating companies and the travelling public.
In parallel with such a large investment in the network there is an increasing challenge to improve value for money and generate greater efficiencies. In response, the Risk & Value team has evolved over 20 years to promote risk and value awareness across the project delivery business.
Risk & value management
The Risk & Value Team adds value to projects providing the following services:
Value Management:
- facilitate a structured approach to defining value and delivering clients’ needs.
- support teams to establish clear objectives, remove unnecessary cost, and clarify assumptions and constraints.
Risk Management:
- provide advice and assurance that project objectives can be delivered within cost and time constraints and in particular that any works within possessions can be completed with controlled operational impact.
- assist teams to manage threats and opportunities with independent expertise and challenge
- efficiently collate risks and present cumulative effects coherently
Creative Thinking:
- enable teams to look beyond immediate issues and consider strategic objectives and opportunities by thinking differently.
Knowledge Management:
- champion knowledge sharing; maintaining a wealth of experiences relating to successful risk and value management and facilitating team thinking to move beyond reaction to a proactive desire to seek knowledge.