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Risk Management in Engineering 49006

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UNIVERSITY OF TECHNOLOGY SYDNEY

   

Risk Management in Engineering (49006)

   

Added on  2020-02-24

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This essay discusses Risk Management in Engineering and the methods used to organize the risk adaptation and risk assessment process for Melbourne Town, Australia. According to AS/NZS ISO 31000:2009, a risk management outline is supplied. The study also provides a framework for evaluating risk assessment.

Risk Management in Engineering 49006

   

UNIVERSITY OF TECHNOLOGY SYDNEY

   

Risk Management in Engineering (49006)

   Added on 2020-02-24

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Climate Risk and Adaptation PlanningBy Student’s NameCourse + CodeClassInstitutionDate
Risk Management in Engineering 49006_1
Climate Risk Assessment and Adaptation PlanningIntroductionThis paper entails the strategies employed to accomplish the risk adaptation and risk assessment organization for the Melbourne Town, Australia. The risk management outline is provided in accordance with theAS/NZS ISO 31000:2009.Additionally, the study presents an evaluation framework for risk assessment. The evaluation framework is based on the Risk management structure of Melbourne city[ CITATION Aus05 \l 1033 ]. The town encourages a risk management methodology that is flexible. At such, it approves the framework modification to enable it fit in the context of decision-making. The project consultants in conjunction with the Climate Change Working Group and Risk Management worked to develop an evaluation framework to evaluate the risk of climate to the town. Primarily, the resultant context is based on the current risk organization of Melbourne city, whereas the modification validation, where constructed, are shown.Risk ManagementRisk management refers to the method of analysing and defining risks to ease resultant decision to be made pertaining the necessary strategies with an aim of reducing risks[ CITATION Hea15 \l 1033 ]. The framework for Risk Assessment used in this plan is the one endorsed by the Australian Regime. The Department of Climate Change of Australia, formerly referred to as The Australian Greenhouse Office (AGO)’ s publication, provides methodology to carry out climate change risk assessment and adaptation planning based on the Paris Climate Agreement. On this framework, as shown in the table below, there are five key phases:Setting the contextRisks identificationRisk analysisRisk evaluationRisk treatment
Risk Management in Engineering 49006_2
Phases in Assessment of Risks Based on Paris FrameworkStageDetailsSetting the ContextDescribing the scope of assessment and the defining of the organization or the business to be assessed.Clarification of the business objectives.Identifying stakeholders and their concerns and objectivesEstablishing the criteria for successDevelopment of the key elementEstablishing pertinent assessment scenarios for climate changeRisks IdentificationDescribing and highlighting how climate change affect organizationalkey elements.Risk AnalysisEvaluation of the government controls, reactions, and management in each risk situation. Evaluation of each risk effects against the objectives and success measures of the organization. Form an informed judgement concerning the likeliness of each highlighted consequence.Determining the risk level to Determine the organizational level of risks for each scenarios of the climate change applied in the analysis.Stage (Phase)DetailsRisk EvaluationReestablishment of the judgements and other estimates. Highlighting risks based on their severity level.
Risk Management in Engineering 49006_3
Highlighting inconsequential risks that can be put aside and which may make the management to lose focus. Screening out risks which require a more detailed evaluation.Identification of necessary options to adapt or manage the risks and their impacts.RiskChoose an option which is best and selection of the ideal options for future plans.
Risk Management in Engineering 49006_4
The predominantly duty of risk assessment framework is to facilitate adefendable and systematic approach to risk management and adaptation. Theseapproach is centered on the treatment of organizational risk[ CITATION Maa04 \l 1033 ].The link between organization risk and climate change is depicted in the followingfigure:Link between organizational risk and climate changeThe climate change effects on an organization can be noted and treated through working by the consequences chains. It is significant to understand that the outcome is a tactical assessment of risk and adaptation plan, which is undersigned to give treatment recommendations that are spatially[ CITATION Maa04 \l 1033 ]. The stages of the framework for risk assessment are shown below:
Risk Management in Engineering 49006_5
Process of Risk AssessmentContext SettingThese part of the risk management determines the scope and the boundaries of the assessment, the framework of evaluation, and identifies the engagement strategy of the shareholders. The main activities achieved within this part comprises the following:The scope of assessmentThe Assessment ObjectivesDefinition of likelihood scalesIdentification of the main elementsSelection of relevant scenarios for climate change to be assessedComprehensive identification of stakeholdersThe terminologies pertaining to risk assessment have also been identified to enhance an understanding of the language applied in this plan[ CITATION Cli17 \l 1033 ]. This
Risk Management in Engineering 49006_6

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