The Local Area Risk Assessment helps cities undertake a comprehensive lifecycle assessment of risks to the achievement of targeted development and resilience outcomes at neighborhood- or district-scale. The tool supports assessment of how the wide range of shock and stress risks in the local area interact to impact specific assets, specific locations, different business sectors, residents and users. The assessment of the key risk ‘hotspots’ is used to identify designs and measures that will reduce risks to project performance and build resilience of the area.
The Local Area Risk Assessment tool is an Excel-based analysis tool that supports planners and engaged stakeholders to establish and evaluate a comprehensive catalog of risks that are present in the local area and associated with any regeneration projects. Risks are identified associated with the current state and for the planned project, across the full project cycle, from enabling environment/political mandate to delivery to post-delivery performance management. The identified risks are tagged to distinct assets, locations, user/resident groups, and activities or activations. This tagging of the comprehensive catalog of risks enables the creation of risk profiles for specific assets, locations, groups, and activations involving a mix of interacting risks to performance. Scoring of risks enables the identification of the complex mixes of risk associated with specific assets, places or groups that would particularly undermine achievement of desired outcomes and the local area’s resilience.
This tool and process is designed for efficient identification and prioritization of the complex variety and number of risks and vulnerabilities that are distinct to specific neighborhoods or districts, and that are not normally evaluated in required assessment processes (e.g., environmental impact assessments). It offers a particularly useful method for understanding the localized risks and project-specific risks associated with innovative projects with ambitious impact or performance objectives.
The Local Area Risk Assessment tool and process was developed by The Next Practice Ltd.