Please find below some commonly asked questions about our services.
Critical to the success of large projects, Project Assurance focuses on the core operations areas which safeguard revenue and reduce risk.We go further than the standard risk management profile and provide an in depth understanding of the project to the leaders and executive from an independent point of view.
1. What does Project Assurance do?
Project Assurance means that a Project Board, rather than the project manager, evaluates project performance. Each member of the project board represents the three main parts of assurance:
- The Executive oversees business assurance
- The Senior User is responsible for user assurance
- The Senior Supplier represents those handling project production, in other words, specialist assurance
The project board must be somewhat removed from daily operations. This minimises biased reporting, and encourages transparency between the project team and stakeholders.
2. What is Project Governance and why is it important?
Project Governance is the framework which provides the Project Manager and team with structure, processes, decision-making tree, and tools for managing the project. Project Governance gives all necessary things to the project manager to manage a project.
3. What are the pillars of Corporate Governance?
The three pillars of corporate governance are: transparency, accountability, and security. All three are critical in successfully running a company and forming solid professional relationships among its stakeholders which include board directors, managers, employees, and most importantly, shareholders.
4. Is the Assurance Team is like an auditor and will report non-compliance?
It really depends on the type of assurance requested as to whether it has a strong compliance focus or not. Where there are defined standards or processes not being followed, they will likely be reported upon if they are material to the overall findings, but mostly we are there to get a snapshot of a project for the Board and Executive to make informed decisions.
5. Does the Assurance Team decides whether the project gets shut down or funded?
The assurance team doesn’t decide these things, but we do make recommendations which have a direct impact on these decisions. If you are concerned that the project may get shut down, or may not get funded there will be a reason for that. The decisions on this are ultimately the made by the Board and Executive who will need to consider their options. Our assurance report provides an input into their decision making.
6. What do you look at when you conduct a Project Assurance review?
Our approach is a little different to others, we have expanded the term ‘Project Assurance’ to reflect a more complete solution. For Stone+Partners, it now encompasses the recognised original approach of audits in the hard disciplines (methods, tools, processes) and has been expanded to offer soft skills (leadership, people management) to be included, incorporating consideration of elements such as the context, content and complexity of a project and its environment – with appropriate levels of granularity and precision – to identify critical success factors and barriers to success.