Managing Information Risks in asset management - Experiences from an in-depth case study in the utility industry

Information is one of the most important resources in our globalized economy. The value of information often exceeds the value of physical assets. Information quality has, in many ways, an impact on asset management organisations and asset managers struggle to understand and to quantify it, which is a prerequisite for effective information quality improvement. Over the past few years, we have developed an innovative management concept that addresses these new asset management challenges: a process for Total Information Risk Management (TIRM), which has been already tested in a number of asset management industries. The TIRM process enables to manage information quality more effectively in asset management organisations as it focuses specifically on the risks that are imposed by information quality. In this paper, we show how we have applied the TIRM process in an in-depth study at a medium-sized European utility provider, the Manx Electricity Authority (MEA), at the Isle of Man.

Management of thermal performance risks in buildings subject to climate change

This article reports on the use of building performance simulation to quantify the risks that climate change poses to the thermal performance of buildings, and to their critical functions. Through a number of case studies the article demonstrates that any prediction of the probable thermal building performance on the long timeframes inherent in climate change comes with very large uncertainties. The same cases are used to illustrate that assessing the consequences of predicted change is problematic, since the functions that the building provides in themselves often are a moving target. The article concludes that quantification of the risks posed by climate change is possible, but only with many restrictions. Further research that is needed to move to more effective discussion about risk acceptance and risk abatement for specific buildings is identified. © 2012 Elsevier Ltd.

Building performance simulation for the management of thermal performance risks in buildings subject to climate change

This paper reports on research that uses building performance simulation and uncertainty analysis to assess the risks that projected climate change poses to the thermal performance of buildings, and to their critical functions. The work takes meteorological climate change predictions as a starting point, but also takes into account developments and uncertainties in technology, occupancy, intervention and renovation, and others. Four cases are studied in depth to explore the prospects of the quantification of said climate change risks. The research concludes that quantification of the risks posed by climate change is possible, but only with many restrictive assumptions on the input side.