What can water utilities do to improve risk management within their businessfunctions? An improved tool and application of process benchmarking.

摘要

We present a model for benchmarking risk analysis and risk based decision makingpractice within organisations. It draws on behavioural and normative riskresearch, the principles of capability maturity modelling and our empiricalobservations. It codifies the processes of risk analysis and risk based decisionmaking within a framework that distinguishes between different levels ofmaturity. Application of the model is detailed within the selected businessfunctions of a water and wastewater utility. Observed risk analysis and riskbased decision making practices are discussed, together with their maturity ofimplementation. The findings provide academics, utility professionals, andregulators a deeper understanding of the practical and theoretical underpinningsof risk management, and how distinctions can be made between organisationalcapabilities in this essential business process.