The bigger picture of risk
Understandably in the world of nuclear, risk management is focused on safety. Wider considerations of longer term strategic risks and short to medium-term project risks can easily be neglected. A broader approach in which risk management is embedded across your organisation could be key to improving overall business performance, writes Val Jonas.
Ideally, risk management should be an integral part of every business process for organisations working in waste and nuclear. However, the nuclear industry is unique in some of the challenges facing it.
If we start with the extreme time-frames we work to, effectively our industry life-cycle spans decades. Already this complicates the decision-making process, and sets the scene around the scope of risk that organisations need to factor into their management approach. For example, horizon scanning becomes necessary, taking into account threats such as catastrophic terrorism, cyber-crime as well as those posed by the natural world like earthquakes. We're contending with such huge risks - climate change and how this affects rising sea levels - that risk takes on an enormous role.