Project risk management is frequently overlooked yet is one of
the most critical elements to successful project delivery.
For the past decade the engineering and construction industry
has been through a series of ups-and-downs and as market confidence
picks up again it has become clear that effective risk management
will be critical to staying afloat and riding the next big wave
Looking back, risk management was identified as the number one
concern facing engineering and construction industry leaders in
KPMG's 2005 Global Construction Survey, however, by 2008 this
sentiment had slipped and risk management dropped to fourth place.
Around this time, only 50 percent of the respondents to our 2008
survey ranked their own risk management systems as adequate, yet by
2010 this confidence had increased to 75 percent, despite
reductions in spending on risk as the sector – like many
others – adapted to an uncertain environment.
Today, tighter cost pressures provide little margin for error.
Given the substantial investments that engineering and construction
companies have spent on risk management systems and protocols over
the last decade, why then have these controls not managed to halt
underperformance on projects or reduce damaging incidents fraud and
Simply put, there is no easy answer.
Generally, being able to deliver on the defined scope of a
project, on time and within budget are characteristics of
successful delivery on a project. These success factors, however,
are often not achieved especially for larger, more complex
projects, where both external influences and internal project
requirements may change significantly over time. Too often,
however, project risk management activities are seen as a
"nice to have" when in fact, they should be a core
component of project controls with a comprehensive and continuous
process of identifying, analysing, prioritising and mitigating
risks that threaten the likelihood of success on a project in terms
of cost, schedule, quality, safety and technical performance.
Good risk management, however, is as much about people and
culture as it is about putting the right processes and procedures
in place. It is therefore most successful when it can be embedded
into the day-to-day activities by creating an environment that
embraces and promotes the pursuit of effective risk management at
all levels of the company.
As a developing country, Nigeria's real estate sector is evolving at a tremendous pace. Governments at all levels are more aware of the role of real estate development on the growth of their respective territories.
Pursuant to Royal Decree No. M/4 dated 24 November 2015 and to Council of Ministers Decision No. 377 dated 13 June 2016, the Saudi Arabian legislator issued the White Land Tax Law (the "Law") and its implementing regulations (the "Regulations").
This article briefly examines the typical conveyancing process in Bahrain.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).