Much of the grid that we use today was designed and constructed many decades ago when climate change, decarbonization and urbanization were not significant concerns. Additionally, many of the operations and maintenance activities to support the grid are based on principles set forth before the rise of these concerns. As a result, utilities are beginning to bear the full consequences of climate change, urbanization and new technologies due to aging infrastructure and processes not designed to mitigate those concerns.
Because the physical risks and their consequences linked to these concerns are often ambiguous, complex, and may be difficult to identify, assessing and responding to these risks requires a more strategic approach to enhancing certain capabilities within an organization. We call this the need to become resilient.
Resilience, at its core, is the ability to reduce the likelihood and impact of “extreme” events. These “extreme” events represent a “disruptive risk,” which is a risk so severe that it threatens the long term survivability of the business.
The KPMG Global Energy Institute, in conjunction with the Western Energy Institute, are pleased to invite you to the Managing Risk and Building Resilience webcast.