Citation:
Brian H. MacGillivray, Simon J.T. Pollard, What can water utilities do to improve risk management within their business functions? An improved tool and application of process benchmarking, Environment International, Volume 34, Issue 8, November 2008, Pages 1120-1131
Abstract:
We present a model for benchmarking risk analysis and risk based decision making
practice within organisations. It draws on behavioural and normative risk
research, the principles of capability maturity modelling and our empirical
observations. It codifies the processes of risk analysis and risk based decision
making within a framework that distinguishes between different levels of
maturity. Application of the model is detailed within the selected business
functions of a water and wastewater utility. Observed risk analysis and risk
based decision making practices are discussed, together with their maturity of
implementation. The findings provide academics, utility professionals, and
regulators a deeper understanding of the practical and theoretical underpinnings
of risk management, and how distinctions can be made between organisational
capabilities in this essential business process.
