COTES in Risk Management Workshop

Chief Engineer Vitaly Kuchanov and Chief Manager of Turn-key Projects Pavel Sterligov (COTES Engineering) took part in the Moscow PM Expert workshop by Yana Krukhmaleva, a recognized risk management expert.

After the Federal Law No. 209 “On amending the Federal Law on joint stock companies” entered into force in July, 2019, the risk assessment and management has become binding for all public joint stock companies (PJSC). In connection with that, many customers ask to have “risk assessment” section additionally included into new projects. “We have already been requested for it when implemented a project for Rosatom, — said Vitaly Kuchanov. — And the risk assessment will be the must for more and more future projects“.

During the workshop, Yana shared the experience of implementing the risk management system in Russian companies, presented an overview of the Russian and foreign software products. Also the expert said about global trends in the risk management and digitalization, as well as about the most efficient implementation options in Russia.

The risk management is based on the mathematic and expert methods. Special-purpose software (Oracle Risk Management, Oracle Primavera Risk Analysis, RISKGAP) allows a large team to work with big data bases at the same time. This enables completion of the risk assessment at the first stage and next management of the risks during the whole project, by foreseeing the risk transformation moment from the controlled to critical one.

“The risk assessment is what one has to be able to do right today, — Vitaly Kuchanov asserted. — First of all, it is of the most concern for foreign projects, and it is becoming demanded more in Russia as well. We are ready to make that section, while deepening our knowledge and skills in that field. Yana helped us to learn better the risk assessment process in a correct manner, shared a useful experience and understanding of efficient practical tools we have already started deploying in our company “.