Risk Management: Brick by Brick
Risk Innovation Expert: Managing your Risk Portfolio, The Role of Technology in Construction & The Power of Curiosity
Jul 11, 2024
Seth Hausman, a Managing Director with over 25 years in construction risk management, shares his insights on the critical nature of managing risk portfolios. He discusses how technology, such as drones and predictive analytics, is revolutionizing the industry. Seth also highlights the importance of clear communication in contracts to avoid pitfalls and stresses that curiosity is a vital driver of career growth. His passion for innovation and learning shines through as he advocates for a dynamic approach to risk management in construction.
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Quick takeaways
- Understanding the embedded nature of risk in construction decisions is crucial for developing an aligned risk appetite.
- Integrating technology with consultative expertise enhances risk management processes and fosters better decision-making in complex environments.
Deep dives
The Role of Risk Management in Construction
Understanding the nature of risk is crucial in the construction industry, which is inherently high-risk. Risk management involves making informed decisions about whether to transfer, avoid, or manage risks associated with business operations. One key insight is that risk is embedded in every decision, and while insurance may provide a safety net, it cannot cover all risks. Therefore, businesses should develop an appetite for risk that aligns with their operational goals, ensuring they remain informed and prepared.
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