New guidelines published to improve risk governance in water sector
New guidelines to help water companies in the international water sector better manage and implement effective risk governance have been published this week.
According to Cranfield University, who developed the guidelines, managing risk and opportunity for water utilities is central to water safety and security, serviceability, profitability, environmental sustainability and improved water quality.
A change in the tone of regulations, increased pressure from customers, financial stakeholders and the added complexity of long term risks such as changing climate, demography and infrastructure renewal are all leading to the need for better risk management.
The publication, 'Risk governance: an implementation guide for water utilities,' provides utility managers and Boards with advice on the implementation of risk management, information on closer engagement with business leaders on issues of risk, improved integration of risk across the business and coordination of risk information within their organisations.
Head of Cranfield's Department of Environmental Science and Technology, and principle author, professor Simon Pollard said: "This is a challenging job in most utilities because to be effective, risk managers must support colleagues in the business units and inform their Boards on issues that impact business performance and reputation.
"The guide will help risk managers scope out, and focus on, business critical elements of the job," he added.