Case Study: Revay & Associates achieves data-driven enterprise risk assessment for Fort McMurray Airport with Palisade's @RISK

Revay and Associates uses @RISK to Lead Alberta Airport Enterprise Risk Assessment

Revay & Associates was engaged by the Fort McMurray Airport Authority to assess risks around a $250M terminal expansion and the broader enterprise as the region experienced rapid growth. To move beyond qualitative ERM, Revay & Associates used Palisade’s @RISK Monte Carlo simulation software to quantify uncertainty and enable direct comparisons between disparate risks.

Using Palisade @RISK, Revay modeled probability and impact on a common “Util” scale (each Key Success Driver started with 10,000 Utils), applied trigen distributions and generated probabilistic S‑curves and a quarterly risk dashboard. The quantitative outputs (P50s, confidence intervals, pre‑ vs. post‑mitigation curves and ranked risk scores) gave FMAA clear, measurable insight into top risks, supported prioritization of mitigation actions, and enabled ongoing tracking of risk trends.

Revay & Associates

Mark Krahn

Consultant