December 18, 2020

DesignIntelligence Features Q&A with Jamie Frankel on Risk Management in a Post-COVID-19 World

2 min

Jamie Frankel was featured in a Q&A with DesignIntelligence about risk management in a post-COVID-19 world. The following is an excerpt:

DI: What can designers, builders and owners do to manage their risk? Money solves many problems. Are there other solutions?

JF: It seems there are three keys to the solution:

  1. There has to be a continuity of relationships. Every major contract in the chain of design and construction needs to be maintained throughout this indeterminate period of COVID.
  2. Subcontractors and critical material suppliers will need to provide assurances of ability to perform. (“Trust but verify”). Financial resources and contracts for material supply will need to be audited. Supply of labor and back up labor sources will need to be audited if quarantines are imposed due to failed testing for the virus.
  3. Set up a “auditing protocol” to examine domestic and international suppliers and their labor sources. That audit should be updated every two weeks and needs to include financial resources.

The solution tree is found in the maintenance and auditing of relationships.

We started this conversation by going back to 1987. Those people who experienced and lived through Black Monday of 1987 as well as the technology and housing busts of 1990-91 and 2008 are the people I want on my team. I’m more comfortable with team members that have experienced the dislocation or disintermediation of 2008 and hopefully gained the wisdom of an experienced advisor because they’ve been on the playing field a long time. I’m looking for wisdom on my projects. I want my advisors, suppliers and team members to have that wisdom.

Click here to access the article.