Multi-hazard risk prioritization of the national asset portfolio - Environment and Climate Change Canada
The national asset portfolio for Environment and Climate Change Canada spans across the entire country, with buildings located in a large variety of terrains. As a first phase of a comprehensive climate and disaster risk assessment for this portfolio consisting of unique scientific facilities, offices and conservation centres, a prioritization by asset types and occupancy based on physical risk exposure is an important step for developing a long term asset management plan that meets the custodian’s regulatory and budget context.
To develop a consistent view of risk across all assets and across all of the major hazards, earthquake, flood, and extreme wind, Kinetica Risk developed a prioritization scheme based on ranking of normalized financial, safety and downtime metrics. Under this scheme, we developed a digital portfolio using representative asset archetypes and vulnerabilities for each of the hazards considered. An ensemble of hazard models are then combined with the vulnerabilities to predict the financial loss, safety ratings, and downtime for each asset, for each facility, and for the entire portfolio for prioritization. This information provides the custodian with a clear breakdown of contributions to risk by metric, by asset type, by location and by occupancy. This information permits high level cost comparisons for flood, earthquake and extreme wind risk mitigation options, and the development of initial business cases that support key asset management needs including operational expenditure and capital expenditure projects.
