To gain a clearer picture of the project’s risk exposure, the public authority conducted a comprehensive risk assessment of the highway project. Officials worked alongside an external adviser to identify and analyze all of the risks involved and to determine and evaluate various mitigation options.
At the same time, the public authority seized the opportunity to significantly enhance its risk management capabilities. First, it created a cross-functional working group of mid- to senior-level executives. This group participated in tutorials and training workshops provided by the external adviser on various risk topics, from assessment and quantification and modeling to mitigation. Then they conducted a risk assessment for another large project with limited guidance from their adviser.