The risk analysis workshop conducted early in the project's life (during project Business Case development) is not about identifying insurable risks. At this stage, the main objective is to capture all significant projects risks and develop a risk management strategy. However, one of the mitigation strategies for some of the risks may be insurance.
Participants in the risk analysis workshop should be the Owner (and their stakeholders) and the risk advisor. The objective of the risk analysis workshop is to support the project procurement decision. After careful consideration of the characteristics of the project (including the risk profile), the decision may be to select alliancing as the method, where it is demonstrably provides better Value-for-Money than other delivery methods.
A complete description of the risk analysis tasks during the risk analysis workshop and subsequent process steps is outside the scope of this guidance note. Appendix A discusses project risk from a project alliance perspective. In summary, the tasks include:
• establishing the risk context of the project;
• identifying, evaluating and allocating; and
• developing a risk management plan.
After the appointment of the Non-Owner Participants, a final risk assessment workshop with all Participants and their insurance brokers is often held to finalise the insurance arrangements. The final regime is the end result of a cooperative process, making for better ongoing behaviours.