| Article from: Issue No. 74 |
Publish date: August 2008 |
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Operational risk and major infrastructure projects |
A cursory review of New Civil Engineer reveals the rapid change in engineering practice over recent years. Increasingly, attention focuses on managing, renewing or expanding our ageing infrastructure or, for new build, on delivering outcomes that meet enhanced expectations. As a result, the industry, including clients, contractors, suppliers, and operators, has become very concerned with operational risk. |
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Given the growing interest in and concern about operational risk, ICE is now funding a new initiative to look at operational risk in four major infrastructure sectors – energy, water, waste management and transport. Key aims are to obtain a broad understanding of the range of operational risks, how these are inter-related, and the extent to which operational risks can or should receive early attention in the conception and design stages of project life cycles.
Southampton University’s School of Management has been contracted to undertake this study of operational risk. The work will involve:
- a review of the literature to identify common issues and illustrations,
- interviews with infrastructure specialists to understand existing practices and perceptions,
- synthesising an overview of key issues
The resulting report and conclusions, due in late 2008, are expected to put operational risk management firmly at the heart of engineering, whether of new-build or of maintenance and refurbishment of existing works.
For further information please contact: Professor Stephen Ward, Chief Researcher (E-mail scw@soton.ac.uk)
or Dr Roger Allport, Chairman, ICE/Actuaries Working Group (E-mail rja@onslowroad.co.uk).
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