Project Risks

1 min read
Project Risks

Analysis of commercial and contractual disputes almost always discovers problems at their heart caused by uncontrolled or unallocated risks. Quite often, the parties to a contract either did not collectively consider or assess the project risks at the centre of the dispute, or one or more of the parties to the commercial relationship assumed that ‘someone else has taken care of it’!

If we are prepared to accept that uncontrolled risks are likely to be the underlying cause of significant cost overruns, extensions of time, contractual delays or, worst of all, serious personal injuries, then why isn’t a coordinated risk workshop the starting point of all commercial adventures?

Simply put, it’s not simple and can be hard work!

Project Risks Explained

We first need to define what is a risk and then apply affordable, practical, and communicated control measures. The following three key principles apply:

1. Risks are best controlled by the party with the greatest ability to control them. Sometimes this is YOU! Often contracts are written to absolve the principal or other party of as many risks as possible. However, this approach will lead to unnecessary costs, delays, and a greater likelihood that the risks will actually eventuate.

2. A risk is a combination of Consequence and Likelihood. Consequence is the magnitude of the damage / injury / loss that would ensue if the event were to occur and likelihood is the probability of the event occurring.

The higher the consequence and the greater the likelihood, the more essential it is to have appropriate control measures in place. We might also also decide that low likelihood but high consequence risks are just as important to control. Essentially, most Workplace Health & Safety legislation is based on this principle.

3. The Consequence and Likelihood of a risk event occurring are reduced by implementing control measures. These may vary depending on the type of risks to be controlled, but they typically include actions such as changing how an activity is carried out or reviewing ongoing risks.

Control Measure implementation is not a set-and-forget activity, but an ongoing cyclical process which includes active monitoring of project progress and continuous assessment throughout the project lifecycle.

At PBL, we take a holistic approach to risk management for our clients and we draw on the expertise and skills of our team. This means we can broaden and deepen the effectiveness and accuracy of the advice provided.

Over the coming months, we will examine some of the big commercial, contractual, and project risks and how to control them. See you then.

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Picture of Authored By<br>Mark Stace

Authored By
Mark Stace

Director Lawyer, PBL Law Group

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Jye Hall
Anita Bradley has been an absolute dream to deal with. Anita's conveyancing skills and knowledge knows absolutely no boundaries along with her effective communication skills which has made selling and buying a completely stress free exchange for us. We recommend PBL Law to everyone looking for outstanding service. We will definitely be returning clients.
Kushlan Aluwihare
PBL Law Group were fantastic. Anita from PBL worked with us closely during our property search and made the exchange and settlement process smooth and stress free. Highly recommended.
Gail Whitford
PBL handled my late mothers estate, they were very obliging and patient with any and all questions that we had, thank you to David , Sharon and the other staff that we dealt with, everyone was so easy to talk to and friendly .David came to the home where my Mother was living and helped her to get her will in order, Sharon helped us through the process of executing her wishes when the time came even doing a house call which was so much easier, thank you all so much
S M
I have experienced an excellent service from PBL (especially from Anita) during the sale of my recent property on Central Coast, and during the purchase of our current property in Sydney. Throughout many challengers, especially with the sale, Anita presented her very professional and knowledgeable conveyancer, positively solving all obstacles. "Above and Beyond" Award going to Anita!!! :-)
Amanda Reitzin
The five-star reviews are well-deserved. I needed a motion and a bylaw drawn up for urgent repairs of my strata unit and the AGM was in two weeks' time. My solicitor was friendly, efficient, knew what documents to ask for, and had all the paperwork prepared well within the timeframe. She also took the time to run through all the legalese and the different possible scenarios with me to make sure I understood. I am so glad to have found this firm and I will not hesitate to use their services again in future if the need arises.
Ricky Cooper
Anita is amazing! So attentive, approachable and communicates everything every step of the way. I have now bought and sold property with Anita and I cannot recommend her highly enough.
Ron Thomsen
Our Commercial Property conveyancing was handled very professionally. Anita’s experience and responsiveness was an asset in this transaction.
Trace M
I am so grateful for Anita Bradley from PBL Law Group helped me with this property settlement, she has went above beyond to ensure I understand everything because of our deafness. I will recommended Anita or their team. Thank you so much for all the hard work you have done for us.
Tricia Wheatstone
For almost 18 months I have been a client of Alex Ilkin. Alex is very knowledgeable and professional and has consistently provided me with thorough, honest and well set out advice, including steering my case through appeal proceedings. He always worked for my best interests with integrity and compassion. I recommend Alex and his team at PBL.