Study On Owner's Risk Management Of Overseas Embassy And Consulate Building Projects

Overseas Embassy and Consulate Compounds (ECC) not only serve as working and living places for diplomats , but also represent our international image, comprehensive national strength and characteristic culture. The evaluation,approval, design and execution of ECC building projects constitute complicated systematic processes. The factors that ECC building projects are executed abroad and directed by related department in China make them more vulnerable to various risks.Applying the theory of Total Risk Management and the writer's practical experience in the field of ECC building projects management,this article identifies and analyzes both subjective and objective risks throughout ECC building projects from the Owner's perspective,and concludes that all risks eventually belong to the Owner and the Owner shall bear in mind risk management. On that basis,this article explores optional measures for the Owner and believes:it is fundamental to avoid decision making risks and project evaluation and feasibility study should be more comprehensive; Distributing risks rationally leads to effective risk management, contract management must be strengthened and competent project design, construction and supervision teams shall be selected through scientific processes; Modern risk deflection methods such as bond and insurance shall be applied more actively;It is advised to enhance standardized project management and information technology application for the purpose of minimizing subjective risks. It is decisive to select the right project management strategy based on project risk analysis,which is dealt with in the related chapter.