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Risk Management in Engineering 49006

Added on - 23 Feb 2020

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Climate Risk and Adaptation PlanningBy Student’s NameCourse + CodeClassInstitutionDate
Climate Risk Assessment and Adaptation PlanningIntroductionThis paper entails the strategies employed to accomplish the risk adaptation and riskassessment organization for the Melbourne Town, Australia. The risk management outline isprovided in accordance with theAS/NZS ISO 31000:2009.Additionally, the study presents anevaluation framework for risk assessment. The evaluation framework is based on the Riskmanagement structure of Melbourne city[ CITATION Aus05 \l 1033 ]. The town encourages a riskmanagement methodology that is flexible. At such, it approves the framework modification toenable it fit in the context of decision-making. The project consultants in conjunction with theClimate Change Working Group and Risk Management worked to develop an evaluationframework to evaluate the risk of climate to the town. Primarily, the resultant context is basedon the current risk organization of Melbourne city, whereas the modification validation, whereconstructed, are shown.Risk ManagementRisk management refers to the method of analysing and defining risks to ease resultantdecision to be made pertaining the necessary strategies with an aim of reducing risks[ CITATIONHea15 \l 1033 ]. The framework for Risk Assessment used in this plan is the one endorsed by theAustralian Regime. The Department of Climate Change of Australia, formerly referred to asThe Australian Greenhouse Office (AGO)’ s publication, provides methodology to carry outclimate 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
Phases in Assessment of Risks Based on Paris FrameworkStageDetailsSettingthe ContextDescribing the scope of assessment and the defining of theorganization 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 changeRisksIdentificationDescribing and highlighting how climate change affect organizationalkey elements.RiskAnalysisEvaluation of the government controls, reactions, and management ineach risk situation.Evaluation of each risk effects against the objectives and successmeasures of the organization.Form an informed judgement concerning the likeliness of eachhighlighted consequence.Determining the risk level toDetermine the organizational level of risks for each scenarios of theclimate change applied in the analysis.Stage(Phase)DetailsRiskEvaluationReestablishment of the judgements and other estimates.Highlighting risks based on their severity level.
Highlighting inconsequential risks that can be put aside and whichmay 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 andtheir impacts.RiskChoose an option which is best and selection of the ideal options forfuture plans.
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 throughworking by the consequences chains. It is significant to understand that the outcome is atactical assessment of risk and adaptation plan, which is undersigned to give treatmentrecommendations that are spatially[ CITATION Maa04 \l 1033 ]. The stages of the frameworkfor risk assessment are shown below:
Process of Risk AssessmentContext SettingThese part of the risk management determines the scope and the boundaries of theassessment, the framework of evaluation, and identifies the engagement strategy of theshareholders. 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 toenhance an understanding of the language applied in this plan[ CITATION Cli17 \l 1033 ]. This
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