Enterprise risk management and civil engineering

Abstract

This paper discusses enterprise risk management and shows why it is important to civil engineers. Its three component parts are strategic risk management, project appraisal and operational risk management. Enterprise risk management is holistic and complex. It is best carried out within a structured framework, enabling each person involved to play their part. The aim is to accept risk at appropriate levels for the risk tolerance of the business as a whole and to manage risk efficiently in ways which will optimise the chances of overall business success.