Risk mitigation cost estimation
Step Four entails an evaluation, at the concept level, of cost-effective, risk mitigation (adaptation) options that may be available to reduce the risk and vulnerability to specific assets, also taking the asset’s criticality into account. Step 4 typically involves engaging specialized experts who can help the client match the risks identified in Steps 1- 3 with remedies that are relevant and available.
Instead of just providing clients with the “bad news” and leaving them hanging when they ask, “what do we do next”? Coastal Risk will deploy its ecosystem of experts to assist the client accelerate its resilience. Step Four generally identifies applications that will mitigate some or all of the risks. These may include such measures as: flood barriers; dry floodproofing, improved storm sewers, improved roofing to prevent wind damage; enlarged roof drains to prevent water intrusion; hurricane windows and shutters; elevation of electrical and communications equipment; replacement and upgrade of AC chillers to reduce energy costs: improved emergency response plans, etc.