Citation:
B. H. MacGillivray; J. V. Sharp; J. E. Strutt; P. D. Hamilton; S. J. T. Pollard,
Benchmarking Risk Management Within the International Water Utility Sector. Part
I: Design of a Capability Maturity Methodology. Journal of Risk Research, Volume
10, Issue 1, January 2007, pages 85-104
Abstract:
Risk management in the water utility sector is becoming increasingly explicit.
However, due to the novelty and complexity of the discipline, utilities are
encountering difficulties in defining and institutionalising their risk
management processes. In response, the authors have developed a sector specific
capability maturity methodology for benchmarking and improving risk management.
The research, conducted in consultation with water utility practitioners, has
distilled risk management into a coherent, process-based framework. We
identified eleven risk management processes, and eight key attributes with
characterise the extent to which these processes are defined, controlled and
institutionalised. Implementation of the model should enable utilities to more
effectively employ their portfolio of risk analysis techniques for optimal,
credible and defensible decision making.