{"id":4553,"date":"2015-06-13T14:54:40","date_gmt":"2015-06-13T21:54:40","guid":{"rendered":"https:\/\/www.careersingovernment.com\/tools\/?p=4553"},"modified":"2015-06-13T15:12:35","modified_gmt":"2015-06-13T22:12:35","slug":"public-policy-evaluating-climate-change-into-risk-assessments","status":"publish","type":"post","link":"https:\/\/www.careersingovernment.com\/tools\/gov-talk\/about-gov\/public-policy-evaluating-climate-change-into-risk-assessments\/","title":{"rendered":"Public Policy: Evaluating Climate Change into Risk Assessments"},"content":{"rendered":"

\"climate<\/a>Public-private partnerships <\/a>are quickly garnering an increasing amount of attention for public policy requirements, including water\/wastewater, energy, economic development, and transportation projects. P3s require an exceptional amount of planning, design, and the application of risk assessments, which expedite the process to mitigate and minimize risks. Climate change effects issues such as a rise in sea levels, increased temperatures, extreme weather events, decreased snow cover, and ocean warming and acidification. Risk assessments must be inclusive of climate change because of its potential effects on infrastructure, water, or energy P3 projects.<\/p>\n

Defining Risk Assessments<\/strong><\/p>\n

Risk assessments are a systematic process for the identification and evaluation of possible risks and opportunities that could affect the attainment of objectives, whether it be positively or negatively. These types of events may be identified within the external or internal environment. The external environment includes economic developments, regulatory perspective, and competition. The organizational internal environment are composed of the individuals, the process, and the infrastructure. Combined these variables can become risks when they intersect with a project\u2019s objectives. Risk assessments offer a procedure for the identification of which risks represent opportunities and which ones represent potential threats. If completed properly, a risk assessment can provide a clear view of which variables they may be exposed to; either internal or external, reflective or forthcoming. A robust risk assessment delivers an opportunity to better identify, evaluate, and exploit the correct risks while maintaining the appropriate controls in order to guarantee regulatory compliance.<\/p>\n

Risk and Crisis Management<\/strong><\/p>\n

Risk and crisis management within a project are critical because they can have a direct impact on the financial viability and outcome of the P3. How well risks are mitigated translate into how well a crisis can be averted. Prevention facilitates the management of any potential loss of revenue due to a specific risk, such as climate change. The failure to manage climate change may result in construction delays, increased costs, poor project performance, and decreased financial returns.<\/p>\n

In order to understand the exact nature of the risks it is important to outline and define the scope. By doing so, the risks that are deemed possible can be rated within terms of impact, probability, or both and on an innate or a lingering basis. The results can be compiled to a risk profile or heat map, which can be viewed in relation to the willingness to take on such risks. The discipline of risk management ensures that risk assessments are an ongoing process in which the objectives, risks, response measures, and controls are consistently re-evaluated.<\/p>\n

Examples of a few frequently performed risk assessments include:<\/p>\n