JOINT RESEARCH INITIATIVE · ICxA AND IMIA · WORKING GROUP 149
From Risk Transfer to Risk Predictability
Can Readiness Improve Construction-to-Operations Transition Risk Assessment?
A Joint Research Initiative
The Institute of Commissioning & Assurance (ICxA) and the International Association of Engineering Insurers (IMIA) are undertaking a joint research initiative through IMIA Working Group 149: From Risk Transfer to Risk Predictability: Can Readiness Improve Construction-to-Operations Transition Risk Assessment?
What the Research Will Investigate
The study will investigate whether measurable Readiness Conditions can improve the assessment and predictability of risk as major capital projects transition from project delivery into stable operations.
Which conditions matter
Determining which Readiness Conditions matter to construction-to-operations transition risk.
How they can be measured
Determining how those conditions can be measured.
Earlier, more useful information
Determining whether they can provide earlier and more useful information for better risk decisions.
The research brings together perspectives from engineering insurance, underwriting, risk engineering, claims, Operational Readiness, project delivery, transition to operations and asset operations.
Research Leadership
David Tain, Chairman of the ICxA Technical Committees, has been appointed Chair of the research on behalf of ICxA and will provide research leadership and direction under IMIA sponsorship. Doug Akerson is Sponsor of Working Group 149.
IMIA
Advances engineering-insurance knowledge through international technical research.
ICxA Technical Committees
Advance knowledge and professional practice in Readiness, Transition to Operations and Outcome Assurance.
Together, the initiative creates an important bridge between project delivery, transition risk, operational performance, and the long-term sustainability and value of assets.
Value for the Engineering-Insurance Profession
The proposal positions Readiness information as a potential complement to existing insurance risk assessment across the construction-to-operations lifecycle.
Transition risk
Strengthening how transition risk is identified, assessed and monitored.
Risk decisions
A more structured basis for underwriting, risk engineering, claims analysis and risk differentiation.
Coverage and policy design
Informing future consideration of coverage and policy design.
Acknowledgements
ICxA is deeply grateful to Richard Radevsky, Chairman of IMIA, and Doug Akerson, Sponsor of Working Group 149, for their trust, support and commitment in enabling this joint research initiative. We look forward to working with IMIA and specialists across the global project, operations and insurance communities and to sharing the progress and findings of this important research.
Learn More
View the research flyer, or find Working Group 149 among IMIA’s working groups.