Sustainability Report 2016 - page 83

Risk Management
CCC has grown to become a pioneer in the
international construction and engineering arena. To
maintain our leading position in this industry which
ranks high in terms of volatility and change we
recognize that risk management is key in preserving
our success.
CCC, like any other business, faces risks every day
but instead of trying to avoid them, we strive to
mitigate impacts and explore opportunities. We
have adopted a forward looking approach to risk
management, with a focus on being proactive rather
than merely reactive so as to drive CCC’s competitive
advantages and sustain our corporate profitability
and growth. Our applied risk management system
derives from established industry best practices
(including the ISO 31000:2009 guidelines) tailored to
CCC’s specific needs.
During the years 2014 and 2015, we continued
to enhance our risk management framework. A
meticulous process was followed to identify and
compile all corporate and project risks in order
to understand and manage them. For project risk
analysis, we continue to concentrate on project
objectives, which typically include cost, schedule
and quality, whereas for corporate risk, we look
at the overall impact on corporate goals including
strategic, financial, operational and compliance
objectives. Regular workshops are conducted with
CCC’s senior management and project directors
to review the top risks that could affect CCC’s
operations. The risk priority ratings assigned are
always revalidated with executive management
before further analysis is carried out and mitigation
plans proposed.
To track our progress and measure the level of
risk, we developed a number of KRIs (Key Risk
Indicators). We invested significant IT resources to
develop a dedicated executive dashboard which
simplifies tracking these key risk indicators at the
corporate level. In addition, our risk toolkit includes
our own iRisk software which tracks the risk
register for individual projects. These tools ensure
consistency of tracking and reporting, and allow
us to embed both qualitative and quantitative risk
analysis into our operational management cycle.
CCC has developed
and the
Executive Dashboard
as systems that not
only boost business intelligence but also
drive continuous improvement for the
company as a whole.
“A ship is safe in harbor, but that’s
not what ships are for.”
William G.T. Shedd
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