Risk management: developing a framework for a water authority

Abstract

PurposeThe purpose of this paper is to provide an analysis of the key issues to be addressed in implementing a risk management system, based on the experiences of a water authority in Australia.Design/methodology/approachBased on an analysis of the literature and the use of a case study approach, the key issues to be covered in implementing a risk management system in a water authority are discussed.FindingsThrough a case study analysis in the water industry, a number of strategic risks were identified, such as failure to provide a safe, acceptable and reliable water supply, and also a number of lessons were learned about the essential requirements for an integrated approach to managing risks in a water authority.Research limitations/implicationsAs this analysis is based on one case study only, it limits the generalisability of the results. However, valuable insights into risk management issues in the water industry are highlighted.Practical implicationsA very useful resource for risk managers in the water industry to learn from an Australian water authority's experience in developing a risk framework and the lessons that can be learned from an integrated risk management approach.Originality/valueThis paper provides an insight into risk management issues in the water industry and also provides practical help for risk managers who wish to develop and implement an integrated risk management strategy.