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Enhancing risk management in construction projects

Modern construction projects are increasingly expansive in scope, cost, and complexity. 

As these factors rise, so too does the associated risk.

New materials, sustainable practices, and advanced technologies are enabling projects to reach new heights of ambition. However, effectively quantifying, managing, and mitigating risks — while also contending with geopolitical uncertainties and supply chain disruptions — has become more important for construction industry businesses aiming to successfully deliver projects and plan for future growth.

To address these challenges, Marsh has developed a range of innovative products that provide accurate insights and analysis at the touch of a button. These tools enhance risk awareness and support businesses to make informed, data-driven decisions on risk management.

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Sentrisk

Marsh McLennan’s Sentrisk provides comprehensive assessments of supply chain risks by evaluating potential vulnerabilities at the company, product, component, and individual supplier levels. Utilizing advanced supply chain mapping AI and geospatial satellite imaging, Sentrisk collects site-specific and hazard-specific risk data.

Throughout the lifecycle of construction projects, Sentrisk provides detailed supplier risk analysis and alerts.

Sentrisk enables businesses to:

  • Analyze potential delays related to equipment or materials, enhancing contingency planning.
  • Model possible supply chain risks within the project’s critical path.
  • Identify and monitor key supply chain exposures.
  • Collaborate with engineering, procurement, and construction (EPC) stakeholders to confirm contractual terms for supplier monitoring and cooperation.
  • Prepare schedules with key dependencies.

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Blue[i] RFO

Marsh’s Blue[i] Risk Finance Optimization (RFO) tool delivers real-time, actionable insights tailored to an organization’s specific needs, providing a comprehensive view of the risk portfolio to better manage uncertainty.

With customized loss projections based on unique risk profiles, organizations can refine their strategies to assess risk appetite at both the portfolio and product line levels. By evaluating risk appetite, exposure to insurable risk, cost of capital, and cost of insurance, businesses can better understand how different program options may impact their operations.

Blue[i] can help your organization:

  • Customize on-demand programs to meet your specific needs.
  • Achieve a comprehensive understanding of risk factors.
  • Create and implement enhanced insurance strategies.
  • Drive improved decision-making processes.

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Data Navigator (US only)

Data Navigator empowers clients to build custom dashboards, aggregate data from diverse sources, and create targeted workflows. Analytics from Data Navigator can help identify trends, improve processes, and inform decisions to better protect the business.

Data Navigator enables clients to:

  • Develop a custom digital platform: Customize the platform to align with specific risk management requirements, ensuring access to the necessary tools for success.
  • Integrate data management: Seamlessly connect data from various sources to provide a comprehensive view of the risk landscape in one centralized location.
  • Enhance collaboration: Streamlined communication features improve teamwork, allowing risk management teams to work together more effectively and efficiently.
  • Access end-to-end support: A dedicated team of consultants and analysts is available to assist with data consolidation, cleaning, system maintenance, and any other questions.
  • Gain data-driven insights: Leverage powerful analytics to identify trends, assess risks, and inform risk decision-making.

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Marsh Global Connect

Marsh Global Connect provides complete visibility across all aspects of an international insurance program and can greatly reduce administrative efforts.

The Marsh online tool provides a repository for all policies, allowing a single view across lines of coverage.

Marsh Global Connect can support your organization by:

  • Identifying coverage gaps and allowing for the elimination of any duplication in cover.
  • Providing comprehensive information about current coverage, including a summary of global programs, underlying policies, and local policies purchased on a standalone basis.
  • Detailing an analysis of costs, broken down by country, coverage line, and policy type.

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Talk to us

Contact us to get in touch with a Construction specialist, request a demo to learn more about a specific solution, or submit a sales inquiry.

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