Managing risk across TFL's 12bn investment programme
- OverviewRead more
In April 2005 Transport for London (TfL) embarked on a mammoth £12 billion Investment Programme for the capital's transport system over the forward five-years, including enablement for 2012 Olympic transportation. TfL recognised that delivery of the Investment Programme (IP) would require new structures and processes at senior levels to ensure that the TfL Commissioner and the TfL Board had adequate visibility. The set-up of an independent Oversight Group was seen as a key component - to help achieve this we delivered a comprehensive strategic risk management framework to identify and manage risk across the IP. Crucially we further developed a process to categorise the hundreds of included projects against a number of inherent risk criteria to create a prioritised 'Top 50' project portfolio. Our support enhanced the organisation's ability to manage risk across its programme which in turn has improved the delivery chances of the 'planned for' benefits to the travelling public.
- Our client's challengeRead more
Transport for London (TfL) is the integrated body responsible for the capital's transport system. As of April 2005, TfL embarked on a huge Investment Programme equating to a £12 billion investment (£3.5 billion enabling 2012 Olympic transportation), over the forward five-years.
TfL recognised that delivery of the Investment Programme (IP) would require new structures and processes at the senior levels to ensure that the TfL Commissioner and the Board had adequate visibility. A key component of the new organisation was the need for an Oversight Group to provide the TfL Commissioner with independent assurance as to the progress of the IP and the mitigation of identified strategic risks.
- Our responseRead more
We delivered a comprehensive framework to identify and manage strategic risk across the IP, comprising three components:
- Development of a governance risk exposure diagnostic for the IP. Drawing from best practice principles , we developed a diagnostic against twelve core categories to assess TfL's risk exposure. The output – widely acknowledged as “the first time this has been done” – codified and prioritised the strategic risks involved, a number of whichwere addressed and mitigated.
- At a sub-portfolio level, the Oversight engagement facilitated the set-up and use of an integrated risk management process across the separate TfL businesses. We subsequently facilitated a number of strategic risk mitigation efforts – for example, improving the ability of projects' to gain planning consent's approval and maximising the opportunity to develop the PPM capability of TfL's staff.
- We developed and facilitated a process to categorise hundreds of projects within the Investment Programme against a number of inherent risk criteria. The output is now regularly used to apply executive focus to these priority areas.
- The value to our clientRead more
The prioritised 'Top 50' concept and the strategic risk management framework has enhanced the organisation's ability to manage risk across its programme - which, in turn, has improved the delivery chances of the 'planned for' benefits to the travelling public.
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