Tag: risk management

Why Crossrail is a triumph for risk management

April 10, 2015, Strategic Risk

Risk management has been central to the success of Europe’s largest infrastructure project, owing much to sustained engagement with the board and senior management.

At the end of March, Europe’s largest construction venture, Crossrail, initiated the final stages of building a 42km tunnel network under London. Six years ago, the project began with the construction of eight new stations and servicing of 38 existing stations to accommodate the new railway. The completed railway will stretch from Reading and Heathrow to the west of the city, to Shenfield and Abbey Wood in the east. Read more >

Managing the Unexpected

Assuring High Performance in an Age of Complexity

Book by Karl E. Weick and Kathleen M. Sutcliffe
Review by Michael J. Novak for Office of Research, IRS

“By some estimates, executives and managers spend nearly half their time in activities related to planning: developing an organizational vision; translating that vision into a strategic plan; communicating the plan; deploying the plan via subordinate – e.g., operational, business, financial, human capital, and individual performance – plans, monitoring progress of plans; initiating corrective action when plans go off track; articulating reasons why the plans failed to achieve desired outcomes; and rewarding individuals and teams for their parts in successful execution of the plans.

But why plan? In today’s fast-paced, highly complex transformational environment, it could be argued that planning is obsolete. Because the environment is so chaotic – because the future is therefore so fraught with uncertainty – it is impossible to predict the future. And that is why some organizations have given up on planning: They see it as a waste of precious time that could be used reacting to unpredicted (unpredictable?) events.

That is the impression one might get from a first reading of the book under consideration. Weick and Sutcliffe tell us, among other things, that planning might not only be obsolete; it might be dysfunctional. Picture this: An organization has strategic plans, operational plans, annual business plans, and contingency plans – all expertly crafted, deployed, and executed – yet a series of unexpected events (Murphy’s Law in action) derail the plans and cause disaster. Weick and Sutcliffe argue that the mere fact of such extensive planning tends to detract executives’ and managers’ attention away from those aberrations that fall outside the plans. Organizational leaders may assume that these pesky little anomalies are simply random occurrences when, in fact, they are part of a larger, more insidious pattern coming into play – one that is not recognized until the damage is done.” Read more>

Managing tunnel construction risks

intergrating knowledge for managing risk in infrastructure projects: The case of tunnel works

Author: Ibsen Chivatá Cárdenas

Clearly, tunnel construction risks are the consequences of interactions between site- and project- specific factors. In the ground many features can affect and compromise the stability of a tunnel, for instance, by undesirable interactions between the excavation process and remains, unexpected features in the ground, buried works, and infrastructure on the surface. Overlooking those risk factors interactions can lead to undesirable consequences such as injuries or loss of life, damage to third parties, additional costs, and delays in completion of the tunnel project. To prevent this happening, the use of procedures and tools that systematically manage risk-related knowledge (prior knowledge) is highly desirable and will decrease the likelihood that those interactions are overlooked.

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Centre for Risk management, Safety and Security

Risk and safety to be themes new centre for Risk management, Safety and Security

Source: University of Twente

At the opening of the Centre for Risk Management, Safety and Security various speakers will stress the importance they attach to how their organizations deal with risk and safety. The speakers are: Prof. dr. Ed Brinksma, Rector Magnificus, University of Twente; Prof. mr. Pieter van Vollenhoven; Mr. drs. Jan Kees de Jager, outgoing Minister of Finance; General (Rtd) Dick Berlijn; Prof. dr. Melvin Samsom, Chair, UMC St Radboud Board of Directors; Capt. Bart de Vries, Vice President, Boeing 737 KLM; and Prof. dr. Kees Aarts, Scientific Director, Institute for Innovation and Governance Studies, University of Twente. The astronaut André Kuipers will address the audience with a video message.

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Recession denial

Recession deniers should shut up as down we continue to go

David Blanchflower makes the case for an immediate increase in public investment in building.

The drop in gross domestic product of 0.7 per cent in the second quarter of 2012 was greeted with incredulity by those who have been saying for months that the UK is not in a double dipper when we obviously are. Business and consumer confidence and lots of other measures have been in recession territory for a year. The latest industrial production figures suggest only a small upward revision. The economy shrank in five of the past six quarters, including all of the past three. GDP is now lower than it was when George Osborne became Chancellor in 2010. It’s time for the recession deniers to shut up. Read more >

Information Security and Privacy Risk Survey

We’d like to invite you to PARTICIPATE  in a RESEARCH STUDY we are conducting in association with Zurich, which has sponsored Harvard Business Review (HBR) to help the risk management community to:

  • Gain a greater understanding of how the global risk management community views information security and privacy risk, from its significance within organizations to effective mitigation processes, the financial implications, and emerging international regulations.
  • Learn what processes and actions that other organizations are implementing to predict and prevent information security breaches from occurring.
  • Benchmark your knowledge and views on information security and privacy against those of your peers.

As a Risk Manager, your views on information security and privacy risks are greatly appreciated. This is the first initiative in our quarterly series on Leadership in Risk Management, and the main topics identified from the survey findings will be the focus of our security and privacy webinar later this year.

A subsequent report will then outline the key insights; and we hope that this partnership between Zurich, HBR, FERMA and PRIMO Europe will truly help you control the potential risks in this area of key concern.

This survey should take no longer than 15 minutes to complete, and the final date for responses is Friday, 10 August 2012. As a thank you, upon completion of the survey, you will be able to download a complimentary copy of Harvard Business Review article, “What Every CEO Needs to Know about The Cloud“.

To participate, simply follow THIS LINK

Kind regards,

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