Services

Cost and Risk Management are in-built throughout our business with specific offerings available as stand-alone assistances. Faolan Consulting offers both once-off cost estimations and risk assessments as well as establishing, capacitating and managing these units on a day-to-day and long-term client strategic vision basis within and throughout a project lifespan as part of the owner’s team or as an outsourced provider. We leverage existing or create new systems-driven approaches to improve our clients’ service delivery performance and in doing so, maximise their return on investment to the benefit of their shareholders and stakeholders.

Our cost management services include but are not limited to:

• Establishing project viability and an accurate, cross-cutting and detailed baseline through the comprehensive study of current financials, technical procedures, past project implementation lessons compared against projected future income, inflation, legislation, market drivers, service costs and trends.
• In line with baseline exercises, we also conduct labour rate studies specific to project location; ratio of local to international staff and equally ratio of client to contracted service providers’ professionals; on-site labour requirements inclusive of accommodation, technical outfitting, etc.; materials and equipment required including transport and operational costs as well as any capacity building required to initiate operations.
• Additionally, we undertake best value studies that compares the costs of labour options, building materials, required equipment, technical specifications creating scenarios for realistically determining the best options for desired scope, budget and timelines.
  Using the baseline, apply both our global political economic analysis and specific market intelligence to provide empirical executive advice and strategic documentation for decision making and / or the mandate for commencing of implementation per approved contractual mandate.
• Design the cost controls plan aligned to project scope, budget and timelines using international benchmarked standards for each component and the latest in estimating tools both human and AI driven.
• Contract management from initiation through to execution including the development and assessment of contracts, their deliverables and measurement against allocated activities, budget and timelines. We source, negotiate terms and conditions, oversee execution, conduct compliance monitoring and provide recommendations for renewal or close-out. We elucidate roles and responsibilities across project scope and stakeholders. Faolan Consulting digitizes the documentation, automates a central depository; provides a legal compliance framework for the entire contract process and sets technological early warning alerts to mitigate over-budget, reduced profitability; off track progress; shareholder and stakeholder dissatisfaction and reputational risks.
• Use the initial benchmarking to quantitatively track progress and advise / implement adjustments if required to remain on track within the framework of the adopted cost management plan.
• Draft progress reports at agreed intervals with regular internal and external stakeholder consultation to ensure that cost management is cohesively included in the project management comprehensively. This includes automating reporting functions and data analytics leveraging ICT, which is cost-effective, easier to implement across the board of role-players and most importantly provides real-time budget tracking to foresee and thus proactively take steps to minimise risks.
• In tracking progress and developing decision-making reports, we work with local vendors whilst staying abreast of the regional and international benchmarked costs and quality. This forms part of our internal and external stakeholder and communication toolkit which we see as integral to achieving our commitments.
• Assess the policies and procedures including the data and software used against the cost management plan to determine its remaining suitability and if it doesn’t best serve meeting performance indicators, introduce new technologies aligned to practice processes fit for purpose.
• According to baseline needs assessment; develop estimating and cost management internal capability and capacity building through interventions such as developing curriculum, rolling out training, hosting “brown bag lunch sessions” to share latest developments and update or draft new guidelines specific to cost management and noting its importance to project success mainstream throughout project / corporate policies and practice manuals.

Our Risk Management services include but are not limited to:

• Conduct corporate and operating environment risk management assessments that consider the client’s current and projected financial health, the market’s present and envisaged demand and supply needs; any likely impacting geopolitics hindering international operations and trade; pending changes in local and international legislation; forecasted climatic events; anticipate technology trends that can render systems redundant or offer opportunities to more efficiently and cost effectively render services; whilst internally flag potential issues with regards to strategy; performance against targets and times; existing or pipeline legal liabilities; financial and budgeting errors and / or out of margins; level of health and safety compliance and existing or potential human resource complexities such as wage disagreements.
• Undertake a baseline assessment to inform project or business-wide risk management strategies that plan for internal and external risks across magnitude through data-driven, systems approach risk reporting by designing a project / corporate specific risk management toolkit.
• Develop a compliance operating system that includes assisting our client to produce policies that address applicable national and international legislation; conflict of interests; data integrity; health and safety; protection of personal information; stakeholder engagement including governance; accompanied by checklists, registers and standard operating procedures.
• Implement risk reporting, monitoring and evaluation mechanisms that optimise generative AI and advanced ICT technologies with appropriate tailor-made software that forms part of the work and doesn’t become burdensome and relegated to simply a tick box exercise whereas it is a proactive means to meeting project scope, budget and timeframes.
• Establish a policy and activate the platform for risk governance that puts into practice the principles of good governance, details how to identify; access; manage; guide decision-making and communicate on matters relating to risk. All of which relates to our hubs of excellence for research and ESG respectively.
• Create awareness on the forms of risk, the potential severity and toolkit to mitigate these throughout the project management team including key policy and decision-makers, enabling the management thereof to become a natural and collective component of the project management, controls and planning disciplines.
• Offer a range of training courses that can be adapted to include the project / corporate specific policies, standard operating procedures and toolkit as part of the practical component of the coursework.