It is imperative for Boards and Senior Executives to have adequate, objective assurance on the status of major capital projects, regarding schedule, cost, quality and regulatory compliance, to assist them in discharging their accountability and maintain or achieve legitimacy with all stakeholders.
Executive teams and Boards are faced with increased stakeholder and regulatory focus, pressure to grow profits whilst conducting business ethically, competitively and with a lack of surprise.
This is even truer when scarce capital is to be invested or spent on Capital Projects or a new IT system. Investment Committees and the Board not only require assurance that approved projects willbe delivered on time and budget, but also that the overall capital portfolio is appropriately balanced and prioritised, to support the organisation’s strategic objectives.
The execution of major capital projects presents owners and contractors with enormous challenges. Having appropriate governance, oversight and control in place is critical at Project Portfolio, Programme and individual Project level. Objective feedback around the health or status of projects in the portfolio, promotes key decisions around portfolio prioritisation and optimisation, and drives ongoing risk mitigation regarding project cost, timeline and scoping by project owners, developers and contractors.
Furthermore, the global economic downturn and prevailing local concerns and uncertainty, requirescompanies to critically re-assess the viability and affordability to initiate new capital programmes and projects and the completion of existing projects. Commerciality requires a focal shift to maximise the performance of newly completed assets or assets already owned. The need for a more holistic asset management process has thus become critical to the sustainability and continuation of operations.
KPMG’s Major Project Assurance (MPA) services has a mature, end-to-end methodology to address risk and assurance at every milestone of asset creation, through concept, pre-feasibility, feasibility, project execution to operational readiness, post implementation review, asset hand over and asset maintenance stage.
Our multi-disciplinary professionals recognise that each project is unique, so we tailor our services based on the structure and complexity of the project, experience of the project delivery team, and the client’s business objectives (short, medium and long-term) to ensure focus on the right risks at the right time.
Project assurance interventions are scheduled throughout the project lifecycle at key stages of the project, tracking changes to the project’s risk profile, to ensure that assurance activities focus on the relevant (existing and emerging) project risks and assurance requirements at the best possible timing.
Thus, increasing the probability of on-time and within cost project delivery, at the specified quality.
All our services can be tailored to specifically meet the needs of owners and constructors undertaking major capital projects, plant shutdowns, asset maintenance processes i.e. all clients with a project or operating asset portfolio.