News Risk Management29 Aug 2018

UAE:Launch of world's first publicly available standard for electricity and water risk management

29 Aug 2018

The Dubai Electricity and Water Authority (DEWA) has collaborated with the British Standards Institute (BSI) to set the world's first publicly available standard to document best utility risk management practices for the electricity and water sector.

The new standard aims to advance risk management standards and addressing any problems, constraints or gaps in existing global standards and practices in the sector, announced DEWA in a statement earlier this week.

This move comes as part of DEWA’s efforts to achieve its vision to become a sustainable innovative world-class utility. It participated in an international workshop held in London last June, aimed at harmonising the new standard by bringing together major utilities in America and Europe including the British National Grid and EDF to gain consensus on the effectiveness of the specified standards.

“Setting the new PAS standard for risk management in the electricity and water sector is in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It aims to achieve the highest standards of quality and excellence, and strengthen DEWA’s position as a global leader and one of the best utilities for electricity and water sectors in the world,” said DEWA MD and CEO HE Saeed Mohammed Al Tayer.

Mr Al Tayer said the standard is expected to be completed and applied to utilities globally by September 2019.

This is the latest initiative from DEWA to strengthen institutional risk management in the domain of utilities. Risk management is a field in which DEWA has been increasingly active in recent years. The authority said it is the first organisation in the Middle East to implement the SAP Risk Management 10.1 and to adopt best international practices derived from the ISO 31000 certificate.

DEWA also adopted the International Standard for Business Continuity Management (ISO 22301), becoming the first utility to receive this certificate in the MENA region for its integrated operations, said Mr Al Tayer.

“DEWA is keen to continuously develop its capabilities, especially when it comes to facing, assessing and responding to potential risks. We recognise the importance of supplying water and electricity to more than 850,000 customers based upon the highest levels of availability, reliability and quality,” he said.

“We are pleased to cooperate with the BSI, which plays a leading role in the development of international standards, and is a leading figure in this sector. The institute has helped establishments around the world apply various management systems and provide them with accreditation certificates. We are pleased to adopt this new standard that aims to upgrade the international standards applied in the field of risk management.”

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