The Water Risk Assessment Framework is adaptable and can be easily customized to meet the specific needs of each company’s environment-related requirements. It encompasses all the major differences among each site that is a part of the assessment and encompasses all elements of the location. The factors comprise the physical environment and topography, the current environmental conditions and climate, as well as cultural factors, and economic considerations. Furthermore, it evaluates the possibility that a location is affected by elements of the natural environment which it is situated in. For instance, certain aspects or elements could be eliminated when they are not contributing to the overall situation of the location.
When assessing the risk of water it is crucial to take into account the effects of water on the company, particularly in relation to financial risk since this is a part of the framework for financial risk. This kind of analysis will analyze the direct cost of an activity as well as the costs associated with it regarding environmental health and human health. The analysis will also include indirect costs such as the effect it has on maintenance costs and other types of capital expenditures necessary to run the utility and the effect on the work of those involved in the running of the company. These are all the factors which will be considered by an analysis of financial risks.
However, the physical aspects that are involved in risk assessment for water are vital because they are the outcomes of the operations and processes performed by the utility facilities. Quality of water is an essential element in this evaluation. The comparison of current samples to the standards of excellence to determine if they are suitable for use is typically performed to determine the extent of contamination. The same process is used to assess the quality of water in the region. Furthermore an assessment of risk to operations is also part of this framework, since all sites within the utilities system have been examined to assess the nature of the activities that need to be conducted.