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
II: A Survey of Eight Water Utilities. Journal of Risk Research, Volume 10,
Issue 1, January 2007, pages 105-123
Abstract:
Risk management in the water utility sector is fast becoming explicit. Here, we
describe application of a capability model to benchmark the risk management
maturity of eight water utilities from the UK, Australia and the USA. Our
analysis codifies risk management practice and offers practical guidance as to
how utilities may more effectively employ their portfolio of risk analysis
techniques for optimal, credible, and defensible decision making. For risk
analysis, observed good practices include the use of initiation criteria for
applying risk assessment techniques; the adoption of formalised procedures to
guide their application; and auditing and peer reviews to ensure procedural
compliance and provide quality assurance. Additionally, we have identified
common weaknesses likely to be representative of the sector as a whole, in
particular a need for improved risk knowledge management and education and
training in the discipline.