Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on at least one project objective. A risk may have one or more causes and, if it occurs, one or more impacts.
Izmi Builders Risk Management Program is intended to aid in
the effective management of project risks, both threats and opportunities. Our team
of project manager (PM), project sponsor (Sponsor), and project team members
(Project Development Team, PDT) jointly develop a written plan that enables
them to identify, assess, quantify, prepare a response to, monitor, and control
capital project risks.
Risk management goes further than planning, and the risk
response actions planned and incorporated in a risk management plan need to be
executed effectively and monitored for their effectiveness. The project manager conduct frequent reviews
of project risks and the progress made in addressing them, indicating where
risks are being effectively handled and where additional actions and resources
may be needed.
Izmi Builders Risk Management Department offers a
centralized and innovative approach to risk management. Comprised of staff in
environmental health and safety, insurance, claims, legal, finance, and
information technology, this group drives risk management strategies for the
company. In addition, the department acts as a resource, partner and advisor to
all the business units while ensuring the development of successful and
innovative programs. Such programs provide the controls to mitigate losses
while also fully integrating risk management into the daily operations of Izmi
Builders. The Company continually strives to improve communication and
cultivate collaboration between risk management disciplines and the business
units with the expectation of improving our ability to more successfully manage
our risks.