Effective management of risk exposure has recently been highlighted by the UK Office for Water Services (OFWAT) relating to customer serviceability. To target investment and to realise maximum benefits from risk management, the strategy adopted should a) allow investment needs to be identified, prioritised and be applicable for a range of data, b) satisfy the Regulator, be auditable and provide a common basis for decision making c) be cost effective, use available data effectively (including condition and performance data) and minimise the need for additional data collection.
In the UK, the UK Water Industry Research (UKWIR) are developing an inherently risk-based framework for capital maintenance planning. To support this framework this project guided the four participating water undertakings on associated risk assessment tools.
- A full appraisal of the various tools and approaches to risk assessment
- Detailed guidance to select tools and approaches suitable for undertaking risk-informed capital maintenance planning
- Guidance on the use of tools to produce effective submissions to the Regulators.