With financing tougher, and tighter and thinner returns the norm these days, people are taking a much harder look at risk
Denver, CO (PRWEB) May 12, 2010
Harris Group Inc. (http://www.harrisgroup.com), one of the premier full service engineering firms in the United States, today announced that Mark A. Juneau has joined its Project Finance / Independent Engineering team as Executive Director.
With more than 30 years of experience in the power industry - including senior level positions at General Electric, R.W. Beck and Combustion Engineering (ABB). - Juneau brings significant expertise in project finance, development and design; risk management; independent engineering; solid fuels; boiler design; and business development.
"Mark adds world-class experience to Harris Group, and our clients will benefit as a result of his insight and intelligence, particularly in the area of risk management," says Trent Markell, head of the Project Finance / Independent Engineering Team at Harris Group. "He's got tremendous judgment and vision, and he understands every aspect, nuance and facet of our business. We're fortunate to have him on board."
Fully Understanding Project Risk Is Critical
For his part, Juneau believes that understanding and quantifying project risk is critical.
"As risk managers and risk advisors, it's essential that we inform clients about the risks they're taking because identifying risk, and then managing it, is what it's all about," he explains. "You've got to look at and understand how potential volatility in a project's performance drivers can affect your bottom line. Having a platinum risk management process in place is critical."
Juneau also points out that risk management plays even a greater role in how project finance deals are structured today.
"With financing tougher, and tighter and thinner returns the norm these days, people are taking a much harder look at risk," he says. "Understanding your risk appetite is a high priority, and it has to be, given the economy in which we operate. It's a lot less likely your project will succeed in this macro environment without strong risk management."
Access to real-time data, according to Juneau, makes managing risk easier today.
"The Internet is an extremely useful tool that can be used to either validate or refute your economic assumptions," he explains. "You can look at those numbers and see pretty clearly how volatility will impact your asset. Then, you're in a good position to recalibrate your short- mid- and long-term approach to the project before events conspire against you. Yes, there are anomalies that damage the real-time data, but overall, the speed of the Web is a total positive that you've got to leverage in risk management."
From Risk Management to Asset Management
Risk management professionals, adds Juneau, need a larger toolbox today "As engineers we also need to understand the financial side of the deal and be able to see the forest for the trees." Harris Group has the right toolbox and the ability to identify the performance drivers of a deal and manage project risk.
Prior to joining Harris Group, Juneau held senior positions at General Electric Energy Financial Services, R.W. Beck and Associates, and Combustion Engineering Inc.
Serving as Vice President, Asset Management, Global Energy Group at GE for over a decade, he provided technical risk underwriting for equity and debt investments in energy, commercial and infrastructure projects worldwide while identifying potential technical and operational risks for facilities in development, under construction, and in operation.
As Director of Client Services at R.W. Beck, he managed a professional staff that provided a variety of solid waste management consulting services to both public and private clients.
And, at Combustion Engineering, he was responsible for forming and leading domestic and international project sales teams, contract negotiation, project design activities, cost development, screening of potential projects, development of target pricing, contract development and client relationships.
Now that he's at Harris Group, Juneau will be working with a financial consulting team that offers a full suite of technical due diligence and independent engineering services, including: initial fatal flaw reviews, full due diligence reviews, syndication support, construction monitoring, performance test monitoring, and annual operations and maintenance reviews. His new colleagues at Harris Group also bring, on average, more than 25 years of industry experience in all disciplines; and they have performed over 350 reviews of facilities worldwide.