Enterprise Risk Management for the uncertainties and risks

Did you know the NSW Government was one of the first to produce risk management guidelines in 1993 (Local Government Act 1993), now risk management or a risk based approach forms the basis of many legislative requirements and International standards. I’m really enjoying the exposure across a broad team of professionals, discussing their challenges, harnessing my role as a Risk Manager to share knowledge and drive mitigation actions to reduce the project risk.

This Briefing Sheet from the Institution of Civil Engineers highlights the need for Enterprise Risk Management to be the single central focus for the big uncertainties and risks. It outlines some of the challenges and provides guidance to review existing practices.

Risk management supports infrastructure development throughout all phases of the project lifecycle. The Government also expects project issues and risks to be transparent, with delivery agencies acting on and mitigating problems before there is an impact on community and stakeholder outcomes. Beyond active risk identification, management and mitigation undertaking schedule risk analysis and quantitative risk analysis provides visibility of a project’s risk profile and identifies the key risks to tackle.

How is risk management serving your organisation? Are you using dynamic dashboards to tackle the critical risks, leveraging timely information to empower decision making? Are you investing in risk management to provide assurance, run challenge scenarios and deliver greater certainty?

I’m excited to see where risk management is going, so much innovation and exploration into;
• Digital Engineering, GIS and BIM models (PAS1192-6 but broader than H&S into full risk spectrum)
• Leveraging big data and IoT (to close the loop and continually improve our approaches)
• Strengthening Infrastructure construction and Asset Management (ISO55001 in practice throughout the lifecycle)



by Rocky Wolters, MCE Risk Lead

Date: Aug 19, 2021
AUTHOR: Matthew Colton