A major part of Griffiths & Armour’s positioning and proposition involves the provision of informed risk and insurance advice. In our core construction sector, much of our insight on professional risk and PI considerations flows as a direct result of the year-on-year experience gained from working closely and proactively with our long standing client portfolio.
Central to our work is the ability to listen to our clients to gain a true understanding of the key issues of the day in their evolving world. We see supporting and contributing to discussion within client groups in our key industry sectors as an integral part in that process.
With that in mind, we have just embarked on our latest substantial risk management initiative, in conjunction with Infrastructure Intelligence, the new media partner of ACE. The initiative will conclude with production of the next in our series of Lessons Learned publications, scheduled for early 2016.
Specifically we are bringing together leading and influential members of the infrastructure and built environment community to help create a better understanding of the issues and pitfalls of poor risk management in the sector and conversely to learn from examples of best practice.
Our previous studies into understanding the problems faced by the industry and finding ways to avoid these problems highlighted three key steps that are crucial when entering into construction activities namely:
- Identifying the risks
- Quantifying the harm
- Minimising the likelihood
The sessions will drill into the issue surrounding professional liability claims, illustrate best, good and poor practice and to discuss the issues in more detail with key members of the infrastructure and built environment community.
The first session evaluated the major issues that were concerning SMEs and how they plan to avoid financial and insurance claims risks as they react to the opportunities offered by a heating market, and included a debate on the risk of walking away from low fees and of investing in BIM. In turn, this led to a discussion on the merits of Integrated Project Insurance (IPI).
The first in the series of mini-articles has been published following the first session and you can read the article in full here. You can also read a section by Steve Bamforth on the basics of IPI by clicking here.
The first guest Panel included individuals from: Alan Baxter & Associates, Campbell Reith Hill, Max Fordham, Sandberg, Elliott Wood Partnership, Hydrock Consultants, Pick Everard, BWB, Sweett Group, Hill Dickinson, Infrastructure Intelligence and Griffiths & Armour.
The next event is to focus on the risk faced by Large Consultants and is scheduled for December. Further news on the output from that event will follow early in 2015.