Vision - "To Institutionalise sound risk management in the Engineering & Construction Industry to improve performance and predictability of large capital projects, consequently enhancing the long term health of the E&C community and the value to its clients."
ECRI is an Industry platform to heighten awareness of risk (Project, Portfolio and Enterprise) and promulgate best practices among Sponsors with the basic objective of leading transformation of the E&C Industry as well as enhancing its reputation.
Provides access to library of ECRI Standards, Processes and Best Practices drawn from significant players having diverse global E&C Industry expertise. Dramatically helps those parties just beginning the Risk Management Process in a formal way or honing the processes of those with varying degrees of established practices. Also helps those Companies in relatively remote locations by keeping abreast of global best practices.
Provides access to web-based E&C Risk Manager's Bulletin Board and Forums.
Participation in Sponsor Meetings and Workshops attended by Sponsor Companies risk experts with the advantages of networking among the E&C Industry's leading Risk Managers.
Participation in Work Groups as Best Practices and Procedures Development Teams jointly with the Industry's top discipline and risk management professionals.
Participation in review, audit and possible certification of risk management processes of Sponsors.
Provides ability to benchmark each Sponsor's risk management processes against both its Peer Group and Best Industry Practices.
Sponsorship of ECRI therefore provides access to a global fraternity of expert risk management personnel for dialogue, assistance, up-dates and specific issues resolution.
ECRI has been established as a Platform for identifying and publishing Emerging Risks among its Sponsors.
ECRI provides a vehicle to work with, and influence, the Legal, Finance/Development Banks, Insurance, Bonding industries and other E&C Industry related organisations (e.g. APM, PMI, CM etc.). In addition, Risk Management Organisations (e.g. IRM, IRMI, SIG's of PMI, APM etc), Professional Institutions, Certification / Accreditation Agencies (e.g. BSI, ISO) and Academia.
Provides an E&C Industry Platform for outreach and dialogue with Client Companies including the use of Joint Risk Management Workshops. The synergistic power of the Group in having an Industry voice rather than any single Company means that Clients are listening and we are able to influence their risk positions. Broadening the institutionalisation of sound risk management throughout the global E&C industry is ECRI's core mission. We believe that this will promote an industrywide, risk-aware business environment with resultant contract terms which will enhance the industry's profitability while also benefiting E&C clients by improving the predictability of large capital projects.
Continue to expand Sponsorship to provide a broader Geographic and Industry Sector / Product Line base with the attendant benefits to be derived from geographic spread and cross-fertilisation.
As Sponsorship expands, continue to implement Regional Sponsor's and Joint Risk Manager's Meetings and Workshops. ECRI's industrial Charter is Multi-Sectorial/Product Line within the global E&C industry but as with Geographic Regions, it is intended to examine groupings of Specific E&C Industry Sectors/Product Lines such as Downstream Petroleum & Chemicals, Upstream Oil & Gas Production, Power, Mining & Minerals, Infrastructure, Transportation, Water and the like.
Complete methodology for certifying Sponsoring Companies Risk Management Processes associated with the Internal Review/Audit Programme.
As an adjunct to the above, an E&C specific Educational and Training Programme is being established to include Risk Training Module(s) for our Sponsors in the form of a ECRI Risk Academy
Continue with the preparation of additional ECRI Best Practices and Procedures including Portfolio and Enterprise Risk drivers.
ON COMPETITION ASPECT
ECRI is a chartered and incorporated Industry Body involved in education with respect to the identification, management and implementation of best risk practices in the E&C industry. It complies with established anti-competition law and does not purport to dictate risk identification and management practices to, or of, any specific Company.