IIA Presentation Major Capital Projects

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1 IIA Presentation Major Capital Projects Darren Gerber Partner Risk Services Deloitte Perth 28 August 2012

2 There is currently, almost One Trillion Dollars of shareholder capital at risk in Australia Olympic Dam Gold, Uranium National Broadband Network Source: bree.gov.au

3 and the average capital project is getting bigger! Source: bree.gov.au

4 Mega project capex would rank them in the ASX30 relative to market capitalisation* $b ASX30 by Market Gorgon APLNG NBN Future Submarines Olympic Dam * Capital expenditure and market capitalisation are not interchangeable

5 Project trends Labour Issue Shortage of talent Contractors oversubscribed Lack of training Regional shortages Fewer owner resources to monitor Implications Escalating project pricing Shortage of A team talent Delay in design and construction Increased field re-work Materials Global demand Issue Limited manufacturing capabilities Manufacturing of components by others Pricing volatility Implications Price escalation during project Schedule delays Place in queue determines on-line date push for early commitments Supply Chain management

6 Project trends Technology Issue Larger facilities More complexity State-of-the art Integration risk Implications Schedule and startup delays Increased cost risk Lack of predictability Greater demands on project management Increased litigation Contractual Relationships Issue Contractor joint ventures Owner joint ventures Complex financial arrangements Regional contractor risk related preferences (reimbursable, lump sum turn key, unit rates) Implications Slower decision making, particularly when responding to unanticipated problems Accountability Variety of contract types

7 Implications for internal audit Training and staffing level for engagements Contracts are unique and tailored Understanding of owner/contractor responsibilities Understanding of project risk Understanding contract mechanisms for: Change management and scope control Some prices may not be determined until after full notice-to-proceed is issued Schedule delays Errors and omissions Implementing industry leading best practices

8 Root causes Extract of presentation provided to Perth IIA meeting on 28 August 2012 While the external pressures may influence project direction, the root causes of many project breakdowns exist within the owner s own span of control Common root causes of poor project performance Inadequate contract planning Matching structure to risks Poorly designated incentives Owners accept too much risk Governance over the project team takes on an administrative flavor, e.g., review and monitor Difficulty in managing and reporting both large and small risks to gauge the likely impact on performance Construction is started, although critical engineering is incomplete or delayed Owner pays Net effect inability to accurately predict outcomes and effectively deliver. Cost overruns Schedule delays Scope changes Contract/claims Inability to reasonably forecast performance early enough to affect outcomes Project managers report most optimistic outcome; then reality sets in Labor availability and productivity not realistically assessed in project planning Cost management takes an accounting approach and does not emphasize trends and forecasts Shareholder Pays

9 Project review framework Extract of presentation provided to Perth IIA meeting on 28 August 2012 When to review? Project Review Framework

10 Where to review Extract of presentation provided to Perth IIA meeting on 28 August 2012 Full portfolio of projects Project sampling funnel Sampling filters Sampling filters Sampling filters Proposed sampling filters: Project Manager Start date Approved spend Estimated spend Project lifecycle phase (e.g. Execution) Nature of technology Strategic importance Project issues Management request Project schedule (i.e. is the project schedule fast tracked) Contracting arrangement Sample of projects that require review

11 Deloitte Perth Risk Services Team Darren Gerber Partner - Perth Phone Mobile dgerber@deloitte.com.au Richard Thomas Partner - Perth Phone Mobile richthomas@deloitte.com.au Don Gillespie Principal - Perth Phone Mobile dogillespie@deloitte.com.au Andrew Baldwin Duy Vo Ben Fountain Julian Tehan Account Director - Perth Account Director - Perth Manager - Perth Manager - Perth Phone Phone Phone Phone Mobile Mobile Mobile Mobile abaldwin@deloitte.com.au duvo@deloitte.com.au bfountain@deloitte.com.au jtehan@deloitte.com.au

12 General information only This presentation contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively the Deloitte Network ) is, by means of this presentation, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shall be responsible for any loss whatsoever sustained by any person who relies on this presentation. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 182,000 professionals are committed to becoming the standard of excellence. About Deloitte Australia In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia s leading professional services firms. Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 5,700 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit our web site at Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

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