On Nov. 2, CIM launched the Capital Projects Symposium, a four-day event that brings together professionals from all over the industry to discuss project execution, and CIM’s largest virtual conference to date.

The inception of the symposium, according to CIM past president, Cementation founder and event chair Roy Slack, was during Shaft Design and Construction 2019, from a group of industry veterans discussing (though more like complaining about, says Slack) the current state of capital projects in the sector and how it used to be much simpler to get projects off the ground. From there, the idea of creating a larger forum where people could come together to network and share knowledge on capital projects was born.

“In the true spirit of CIM, this symposium is all about knowledge sharing and networking. But it’s going to be more than that,” said Slack during the welcome address. “We all know that as an industry, we are struggling with capital projects, and over the next few days we’re going to hear from industry experts on what works and what doesn’t. And we’re going to have those experts share lessons learned, and I know we’re all going to learn. There’s no doubt about that.”

The first presenter of the symposium was Ian Pearce, non-executive director at Hattrick Resources. In his keynote presentation, Pearce spoke on several factors that the industry needs to consider in order to increase the likelihood of delivering a successful project without going over budget. According to Pearce, a key part of success is having a full understanding of the project.

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“Each project is unique, and there is no template. What you rely on is a team that is knowledgeable and has enough experience to apply judgement,” he said. “The only way a project will ultimately come in ahead of time and on budget, is when it has sufficiently defined risks…and opportunities have been identified and detailed management plans are in place to minimize the risks and seize the opportunities.”

Additionally, owners need to be fully aware and ready to take responsibility for potential risks. According to Pearce, “Owners need to understand that they can never pass on their risk. One should and can be very successful in getting suppliers, contractors, communities, etc., to manage risk, but it is naïve to think it can be done by others.”

Afterwards Day 1 had a series of short presentations, with topics ranging from social risk management, innovations in leadership and more, followed by an interactive Q&A session with the presenters hosted by Slack. Attendees to the symposium also have all-day access to a virtual-exhibit hall, where they can network and interact with sponsors and exhibitors over live stream.

The Capital Projects Symposium will continue through to Thursday, Nov. 5, and will feature many more speakers and experts.

“We know that with our delegates, there’s a tremendous amount of experience and knowledge within this symposium in terms of presenters and delegates,” said Slack. “We know that when we get better at capital projects as an industry, we all win.”