Risk Management In New Jersey
Gentile Consulting Group provides integrated risk management solutions in the construction industry. Our risk management approach helps organizations improve the quality of their project management processes and project outcomes.
Many clients rely on GCG for risk Management. Our team’s first step is to understand the current risk management process, then take a comprehensive approach to improving and implementing Risk Management for our client. We always use realistic and cost-effective methods to reduce the implementation time and boost the investment’s long-term return.
What Is Risk Management?
Risk Management is the organized process of identifying, analyzing, and responding to project risks and opportunities. It consists of maximizing the chances and the impact of positive events while minimizing the probability and the impact of negative events, in order to meet the project objectives.
In the construction industry, Risk Management helps contractors, developers, lenders, consultants, and suppliers communicate to maximize opportunity, and reduce potential negative impacts on project performance in terms of cost, time, and quality.
In simple terms, Risk Management prepares an organization to get ready for the unexpected incidents by reducing risks and additional expenses before they occur.
Why Do You Need Risk Management?
In any organization, Risk Management is one the most important factors for success. That’s why organizations are increasingly focused on detecting and controlling risks before they have a negative impact on their operations. When an organization can anticipate an upcoming risk, it’s in the best position to manage and mitigate it.
Cost Risk & Exposures
When a project confronts issues that may cause it to spend more money than it was budgeted for, this is known as project cost risk. This can come in the form of scope changes, design developments, underground obstructions, bad weather, sub-contractor conflicts and a host of other eventualities. Identified early, these risks can be quantified and mitigated. Identified late, it will either result in a cost impact or a reduction in deliverables if the funds are diverted from other areas to cover the higher costs. GCG helps their clients anticipate risks, quantify impacts, develop work-arounds, and wrestle them to the ground.
The chance of failing to achieve scheduled plans and the resultant consequences is referred to as schedule risk. It exists in every plan, since it’s difficult to anticipate the amount of time required to finish every activity, fulfill a milestone, or deliver a system with 100% certainty. We aid our clients to estimate task durations and logical sequencing into the planning process that helps them to avoid unanticipated hurdles or delays.
Risk Mitigation & Recovery
The role of risk mitigation in construction projects is to identify risks in time to take corrective action. Then evaluate the risk, quantify its impact, develop alternatives and develop a solution based on a cost-benefit analysis. Risk recovery aims to minimize financial loss, take advantage of potential savings, and shorten recovery time. GCG provides several approaches to identify the activities to improve opportunities and reduce risks. Our risk and recovery plans will help our clients respond effectively if an incident affects their projects.
Contract management is the process ensuring all contractor, consultant, supplier and other vendor contracts are adhered to in terms of scope, cost and timing. GCG assures client satisfaction by managing contracts, deadlines, and contract terms and conditions. This includes managing and negotiating change orders, invoice review and approval, and all business management. We provide effective contract management and reporting needed to keep your contracts operating smoothly.
Why Should You Choose Gentile Consulting Group As Your Risk Management Partner?
Gentile Consulting Group is a leading specialist in risk management with years of experience and expertise. We’re experts at identifying, measuring, and evaluating the many types of risk that can directly or indirectly affect our client’s project. Then providing alternatives, work-arounds and analysis to take the best possible decision and course of action.
We work closely with our client team to help them overcome risks and save them time and money. Our expert team possesses the analytical skills to evaluate the impact of what could go wrong with the project. We keep an eye for detail in every project and implement the best strategies to minimize and eliminate the risk.
We offer our services throughout New Jersey. Some of our top clients are PSE&G, Merck, Alstom Power, Aries Clean Technology and more. If you’re constrained in managing one or multiple construction projects, let us join your team today. Our senior management gives their attention to every project and treats them like their own. Our mission is to make your life and business better by delivering responsive, accurate, and transparent solutions, as promised.
If you want the best risk management solution on your project, check out our typical engagements.
For a better risk management solution, contact us today!