Balancing an engineer’s enthusiasm to detail risk versus an investor’s need for a simple and reliable project assessment is one of the main challenges facing offshore wind projects.

Good risk management identifies risk areas within the project, assesses likely project contingency fund requirements and provides senior management with a tool for monitoring and mitigating risks.

However, a classic trap is to end up with 500+ risks in the risk register, each with their own pre- and post-mitigation probabilities, min, mid and max cost and time impacts, and no reliable means of handling or making good sense of this data.