The practice of risk management by cost consultants in Northern Ireland

This research endeavoured to explore the practice of risk management by cost consultants in Northern Ireland. It attempted to subjectively investigate the cost consultant’s appreciation of risk management practices and then further appraise the cost consultant’s understanding and usage of the theories and techniques available to manage risk under the risk management framework. A case study based approach involving five consultancy practices was adopted. A series of semi structured interviews (one per each case study) was carried out. The data collected was analysed using the Delphi technique. The practice of risk management for each organisation was documented using an analysis and evaluation of project documentation substantiated with interviews. The research indicated that consultants have a broad awareness of risk management but disparity exists on considering it as a core service. All consultants were unequivocal in identifying the need for an improved risk management framework. It was evident that there was a lack of knowledge of the array of risk identification and analysis techniques available. The research has established that there is a severe need to bridge the void between the theories and techniques used to manage risk and those which are implemented in practice. There is a necessity to train consultants in the practice of risk management and educate clients in the benefits of enforcing risk management practices as an integral part of project delivery.