About the Engineering & Construction Risk Institute® (ECRI®)
An initiative of the World Economic Forum - ECRI was
formed and is currently sponsored by major global Engineering & Construction firms
Engineering & Construction Risk Institute, Inc. is a non-profit organization chartered under the laws of Washington, D.C.
Business address: 1220 L ST NW, Suite 100-114, Washington, DC 20005, USA, Attention: Xanthe Larsen, Secretary.
ECRI MISSION STATEMENT
To institutionalise sound risk management in the Engineering & Construction Industry with the object of improving the performance and predictability of large capital Projects, consequently enhancing the long term health of the E&C community and the value it adds to its Clients.
Through the participation of leading global engineering and construction companies, to be the recognised leader in knowledge-based Risk management.
The objectives of the Engineering & Construction Risk Institute, Inc. are to work with clients/owners and the insurance and bonding industries to accomplish the following goals:
Devise ways to apply existing risk valuation techniques/methodologies more effectively to commercial and contractual situations in the Engineering & Construction industry
Identify/modify existing or develop new methods to price risk
Identify and enable the sharing of risk management best practices, from within the Engineering & Construction industry and from other industries
Identify/develop improved instruments to insure against risk
Disseminate data, methodologies and best practices to member companies and the partner/supplier community as appropriate
Issue a periodic report on risk management performance by region and market
Identify and understand emerging risks within the Engineering & Construction industry and from other industries
Establish training and educational seminars to educate employees in the member companies with respect to ngineering & Construction risk management.
Create a shared pool of data for understanding and measuring risk, which facilitates a ranking of types of risks by cost impact, frequency and other relevant indicia (starting with, but not limited to historical project data across all regions of the world)
Define a unified set of metrics/standards for measuring risk and other related performance indicators
Establish improved methods for managing project risks when there is change in the project.
ENGINEERING & CONSTRUCTION RISK INSTITUTE® and ECRI® are registered in the U.S. Patent and Trademark Office
and in the European Union as trademarks/service marks of Engineering & Construction Risk Institute, Inc.