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Customer is an engineering consultant firm based in Australia. Customer’s core business is to provide services in real estate sector and property development industry. Customer designs sustainable engineering projects for various industries including health, retail, sports and arts.
Customer noticed that risks are normally overlooked during project execution. This approach results in project failure if risks are not managed appropriately. Customer faced this hurdle in managing risks arising due to climate changes in Australia. Customer needed the projects to remain unaffected and secured from these types of risks.
Customer realized the need to develop an application for providing effective risk management during project implementation. Customer needed a system that can assist in managing risks with action plans and risk assessment matrices to determine the level of risks in project environment.
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iFour Technolab, a leading software outsourcing company , built a risk assessment application that determines the risk severity based on analysis of information generated by the risk matrices. The newly designed application provides reliable risk adaptation and mitigation measures for managing risks during project execution. The application comprises of following features:
Ability to manage projects in the system with project information, location details, image gallery and other relevant project information
"Risk initiation and management" enables users to manage projects risks with impact and probability parameters in the system.
Detailed risk analysis and assessment using risk assessment matrix devised and approved by appropriate legal infrastructure in Australia.
Hazard or Risk Severity Determination is based on climate data published and recognized by Australian government.
System provides Risk adaptation strategies based on multiple elements and inputs to manage risks appropriately during the project implementation
Various Risk matrices generated in the system assist the management in devising and adopting appropriate risk contingency and mitigation techniques
A detailed report with risk matrices, contingency and mitigation techniques and risk adaption strategies is generated
Project versioning helps in managing and keeping project versions with audit and change trail
"Risk Driver Management" module allows automatic retrieval of various risk drivers data for a particular period.
Restricted and monitored access to system for various users based on roles and rights assigned to them
Google map integration to locate the project geographical location and information
Summary reports to provide detailed information of projects comprising of project characteristics and action plan.
Ability to certify the project based on results generated by the summary report
"Customized Report Template" module to generate robust and user friendly reports using different report formats.
Conclusion/ResultsiFour Technolab provided a sustainable risk assessment application considering the challenges faced by the customer in managing risks arising due to climate changes in Australia and other risk factors. Risk prediction, measurement and treatment is no longer a guess work with future proofing initiatives provided by the newly designed reliable application. With the new analytical capabilities and matrix generation ability, application develops the precise action plan for mitigation of risks.
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