It is no surprise that Circular Rubber is leading a capital-intensive project, and capital projects are inherently risky. In addition to the significant investment required to keep construction services going, the team must manage increased volatility in the market while maintaining transparency for when things go wrong.
Effective risk management adds substantial value to our programs by actively assessing, measuring, and monitoring risk. This supports our team to make better decisions and avoid potentially “fatal” disruptions.
A Strong Foundation to Build from
A risk can be any situation where there are several possible outcomes. When you understand the drivers behind threatening situations, you can influence probability and impact, reducing overall exposure to risk.
This understanding removes levels of uncertainty in our project, as we are not only prepared to calculate awareness of probability but actively manage it on a regular cadence, mitigating elements of surprise.
Risk can be relative to cost and partnerships, engineering roadblocks, material cost increases, customer requirements, and sometimes complexity in the regulatory environment. All of which are actively collaborated on in our risk register. The risk register is well-governed, with a quantitative methodology, trending shifts, and activity reporting across stakeholders.
Strong governance drives accountability at the operational level and the management level. Our supply network is also expected to execute our project in an aligned, ethical, and value-driven way.
At the end of the day, the models and tools are only inputs to the process. Regular interaction between teams and leadership ultimately identifies opportunities and threats and continues to course-correct responsibly.