Our client, an energy company, had experienced significant growth. They were concerned they had outgrown many existing processes, systems and controls. In addition, the client’s project management team could not appropriately report construction progress.
Protiviti’s Capital Projects and Construction professionals provided insight to the client through the following steps:
Mapping all existing company processes associated with the conceptualization, approval, management and execution of its capital projects.
Development of process maps (e.g., current state, future state), risk and control matrices, and a gap analysis, and utilization of multiple frameworks. The frameworks included a pipeline process classification scheme, a capability maturity model, and the six elements of infrastructure.
Providing detailed findings and recommendations for the remediation of deficiencies, as well as opportunities for process enhancements.
Protiviti’s professionals identified many opportunities for improvement that the client was able to put into action. The process and control improvements helped the client parlay a sale of the company’s assets initially valued at over $250 million into a deal valued at more than $600 million that closed with a joint venture partner.
Following the project, Protiviti was engaged to assist in the development of processes and controls for the new company formed by the initial client’s executives.
Recent national surveys by the Construction Management Association of America indicate that 40 percent to 50 percent of major construction projects run longer than planned and incur significant cost overruns.
Protiviti's team of construction project specialists has assisted clients with improving control over their projects, creating more reliable project timelines and reducing their exposure to cost overruns.