2014 Risk Prize finalists.

Congratulations to the 2014 finalists

First place finalist

Campbell Hennessy, Cambridge Judge Business School, MPhil Candidate

This paper describes how approaches to fatigue management in maritime search and rescue may be applied to knowledge based business. It uses the construct of the ‘knowledge worker’ to identify the risks that fatigue poses within business and the constraints upon any proposed fatigue controls. Fatigue risks in business are associated with reduced situational awareness and a decreased capacity for employees to assess risk and make ethical decisions. Ultimately, I explore potential modifications to the United States Coast Guard’s Crew Endurance Management programme that could make it an effective control for business.

An Enduring Workforce: Fatigue Risk Management in Marine Search and Rescue and Its Potential Applications to Knowledge-Based Work

Honourable mentions

Trevor Bruce, Cambridge Judge Business School MBA Candidate

A description of how the primary risk in the mining industry has fundamentally shifted from relatively manageable “technical risks” to ESG risks, which are substantially more difficult to predict and control. ESG risks have emerged due to the combination of heightened public social/ environmental awareness and increased mining activity in more remote, and politically unstable, regions of the world. Unfortunately, the mining industry has been slow to respond to this shift and continues to encounter serious problems.

Managing Environmental, Social, and Government (ESG) Risk in the Mining Industry: The Emerging Relevance of ESG Risk and the Dangers of Getting It Wrong

Joe Crawford, Cambridge Judge Business School, MBA Candidate

Large infrastructure projects have a reputation for being costly and risky. I wanted to examine the processes that the UK Government has in place for managing these risks and understand to what extent they are contributing to infrastructure cost overruns. As a structural engineer, I have been involved in project-level risk management on large construction projects. This project was a great opportunity to understand how this fits into the broader business-case risk management process.

Infrastructure and Risk: Identification, Management & Transfer of Risk by HM Treasury

The winner of the Prize was announced on Tuesday 24 June 2014 during the Cambridge Centre for Risk Studies 5th Risk Summit, by Dr Sven Heilitag, Principal, McKinsey & Company.