Risk Management has always been at the core of our business.
We have designed, developed and implemented a number of bespoke risk management solutions over the years, helping our clients to understand, identify and mitigate the risks to their business or high value projects. Some examples are provided below;
We have developed a Timetable Search Engine Risk Assessment Tool (TSERAT) for Network Rail. This helps Network Rail and external consultant risk assessors query working timetable data in an electronic format. This was a complex project which included a huge database development exercise, where millions of records were migrated to support the timetable and risk assessment queries.
In addition to TSERAT, we have also developed a signal overrun risk assessment tool (SORAT) for Network Rail, a truly innovative solution that helps improve performance and on-going safety across the whole rail network. Our solution helps Network Rail understand and mitigate the business risk associated to operational safety and in particular reducing the consequential impact of a train going through a red signal.
SORAT also includes a number of complex data sets and mathematical algorithms which allow Network Rail to risk rank each line as part of the risk assessment process, including train, timetable, signal, timing point and layout data.Project Risk Modelling
We continue to work with National Grid on a major construction project and were asked to help design a risk modelling and project planning solution. Due to the value of the construction project - estimated at £1.2bn - it was imperative that National Grid could accurately understand and measure the project contingency costs for each project phase. Our innovative application allowed National Grid to successfully evaluate and accurately budget costs for each phase of the development project. National Grid continue to use the tool on other key projects in the UK.