Munich - TÜV SÜD and Munich Re have developed a new risk rating system for industrial projects. The system facilitates the assessment of complex investment projects, and thus also the associated investment decisions.
The Project Risk Rating (PRR) builds on a modular system of individual risk factors that form the main risks of an investment project. "The rating system considers macro-economic, technical, ecological and contractual aspects of the project", says Gerhard Klein, Head of the Center of Competence Due Diligence at TÜV SÜD Industrie Service GmbH. According to Klein, PRR ideally complements due diligence because integrated risk assessment provides support for companies in deciding on whether to become involved in a project or not.
Project stakeholders that opt for PRR benefit from the combination of TÜV SÜD's comprehensive technical know-how and the diversified risk knowledge of Munich Re, particularly in the field of natural hazards.
Experts of both companies will work on the different subject areas. "This is a USP of our Project Risk Rating compared to conventional due diligence", explains Franz Vogt, Project Manager PRR at Munich Re. "If risk assessment reveals, say, a high risk of windstorms, our experts on natural hazards will communicate with the construction engineers at TÜV SÜD, discussing building specifications and suitable protective measures."
The continuous exchange between the technical experts involved also takes into account the interactions between the various risk factors, enabling a multidisciplinary and integrated overall assessment of the project to be drawn up.