The effects of climate change are no longer distant projections—they’re happening now. From extreme heatwaves and flooding to bushfires and coastal erosion, infrastructure and asset-intensive organisations across Australia and New Zealand are under increasing pressure to adapt. But are traditional risk frameworks enough?
The Asset Management Council’s Sustainability & Resilience in Asset Management (SRiAM) Special Interest Group has released a timely new discussion paper titled “Holistic Assessment of Climate Event Impacts.” This paper addresses a critical gap in the way asset managers assess and respond to climate risks.
Why this paper matters
Standard risk assessments often fall short in capturing the true complexity and long-term consequences of climate-driven events—especially High Impact, Low Probability (HILP) scenarios. The SRiAM working group proposes a more integrated, lifecycle-based approach to understanding both direct and indirect impacts of climate events across physical assets, operations, and community services.
What’s inside
The paper provides:
- A climate-aware risk framework aligned with ISO 31000 and the new ISO 55001:2024 updates
- Guidance on stakeholder engagement, including the importance of incorporating Indigenous and local knowledge
- Tools for identifying, analysing, and evaluating climate risks using both quantitative and qualitative methods
- Case studies from across sectors (local government, energy, water, transport, mining) that showcase emerging best practices
- Recommendations for embedding climate resilience into asset management strategy and governance
For asset managers, the message is clear:
To stay ahead of regulatory changes, stakeholder expectations, and escalating hazards, we need to move beyond traditional assessments and adopt a holistic, systems-thinking approach to climate risk.
This paper offers practical insights for organisations ready to lead the way.
👉 Download the Discussion Paper
We welcome your insights to help shape further work in this area:
