In the intricate realm of project management, the importance of independent third-party assurance cannot be overstated. Organisations investing in major projects allocate substantial resources, both in terms of time and capital, aiming to reap significant benefits. To safeguard these investments and ensure successful outcomes, robust assurance frameworks are essential. While some entities rely on internal audit functions, others opt for experienced interim managers to assure project viability. However, it's crucial to acknowledge that well-run assurance frameworks typically come with a cost, often ranging between 5-10% of the project's total expenditure.

The Essence of Independent Assurance

Projects, by their very nature, are complex endeavours involving various stakeholders, intricate processes, and numerous challenges. Amidst this complexity, blind spots can emerge, potentially leading to missteps, delays, or even failures. Independent assurance acts as a vital safeguard against such pitfalls.

The primary objective of independent assurance is to provide unbiased, objective insights into the project's progress, performance, and alignment with predefined standards and objectives. By operating outside the project's immediate sphere of influence, third-party assurance providers offer a fresh perspective, devoid of internal biases or conflicts of interest. This impartial viewpoint is invaluable in identifying potential issues, assessing risks, and recommending corrective actions to keep the project on track.

The Role of Interim Managers in Assurance

A popular approach to independent project assurance involves the deployment of experienced interim managers. These seasoned professionals bring a wealth of expertise and a proven track record of success to the table. Having navigated similar challenges in the past, they possess a deep understanding of best practices, industry standards, and effective strategies for project delivery.

Interim managers offer several distinct advantages as assurance providers:

1. Tailored Expertise: Interim managers are selected based on their specific skills and experience relevant to the project's requirements. Whether it's IT infrastructure, financial restructuring, or operational optimisation, these professionals bring targeted expertise to address project needs effectively.

2. Objective Assessment: As external consultants, interim managers provide an objective assessment of the project's status and performance. Their independent perspective enables them to identify areas of concern, assess risks objectively, and recommend appropriate interventions to mitigate potential threats.

3. Agile Deployment: Interim managers are often engaged for short-term assignments, facilitating swift deployment to address pressing project needs. This agility is particularly beneficial in situations where immediate action is required to address emerging challenges or capitalise on opportunities.

4. Knowledge Transfer: Beyond providing assurance, interim managers serve as valuable mentors and knowledge transfer agents within the organisation. By sharing their expertise and insights with internal teams, they facilitate skill development and capacity building, strengthening the organization's project management capabilities over time.

In conclusion, independent assurance is a cornerstone of successful project management, providing valuable oversight, risk management, and performance monitoring. Whether organisations choose to leverage internal audit functions or enlist the expertise of experienced interim managers, the goal remains the same: to enhance confidence in project success and ensure benefit realisation for the business.

While the cost of well-run assurance frameworks may represent a significant investment, it is ultimately a small price to pay for the assurance of project viability and the maximisation of long-term value. By prioritising independent assurance as an integral component of project governance, organisations can mitigate risks, capitalise on opportunities, and deliver greater value from their investments, positioning themselves for sustained success in a competitive marketplace.

To discuss how Osprey Clarke Interim Executives work in supporting major transformations and how we maximise benefit realisation contact Justin Whitehouse at justinwhitehouse@ospreyclarke.com