Improving approaches to risk in the built environment sector

This paper explores the problems facing the built environment sector when it comes to managing project risk and what steps can be taken to address them.

It has been produced for key decision-makers in Government and to prompt discussion within the wider sector about what clients, contractors and the supply chain can do differently to improve project management and attitudes to risk.

Key points include:

What needs to change?

  • Infrastructure owners should take fresh approaches to procurement, actively seeking out partners engaged in innovative research who can share novel ideas and pioneering approaches.
  • All built environment stakeholders should consider how they can move from transactional business models to those that are based on the principles of an enterprise.
  • The built environment sector as a whole must do more to build in funding for processes that allow testing and research of new methods outside of active projects.

What can Government do?

  • Further evolve procurement, moving away from a lowest cost mindset and instead place an emphasis on assessing long-term outcomes and social impact, alongside greater investment in skills and innovation.
  • Support industry innovation through establishing a regulatory and fiscal environment which incentivises companies to invest more in new approaches and technologies.
  • Provide greater vocal support for projects attempting pioneering approaches to delivery to help foster a more amenable environment for innovation.

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