The 2014 Cambridge - McKinsey Risk Prize
The Cambridge Centre for Risk Studies, in conjunction with McKinsey & Company, is pleased to award the "Cambridge - McKinsey Risk Prize". This award recognises the best submission on risk management by a current student at the University of Cambridge Judge Business School.
The prize is open to all students at University of Cambridge Judge Business School. Entries are in the form of an illustrated document no longer than 6,000 words on subject matter broadly related to risk management including governance, risk in strategy, risk modelling, risk metrics, or risk as a general subject. Potential subjects include regulation, corporations, global strategy and financial institutions.
Cash prizes are awarded to the winners. Judges include members of McKinsey's Global Risk Practice, the Editor-in-Chief of the McKinsey Working Papers, and members of the Cambridge Centre for Risk Studies at the Cambridge Judge Business School.
Congratulations to the 2014 Finalists
First Place Finalist
Campbell Hennessy, Cambridge Judge Business School MPhil Candidate
An Enduring Workforce: Fatigue Risk Management in Marine Search and Rescue and Its Potential Applications to Knowledge-Based Work
This paper describes how approaches to fatigue management in maritime search and rescue may be applied to knowledge based business. It uses the construct of the 'knowledge worker' to identify the risks that fatigue poses within business and the constraints upon any proposed fatigue controls. Fatigue risks in business are associated with reduced situational awareness and a decreased capacity for employees to assess risk and make ethical decisions. Ultimately, I explore potential modifications to the United States Coast Guard's Crew Endurance Management programme that could make it an effective control for business.
Trevor Bruce, Cambridge Judge Business School MBA Candidate
Managing Environmental, Social, and Government (ESG) Risk in the Mining Industry: The Emerging Relevance of ESG Risk and the Dangers of Getting It Wrong
A description of how the primary risk in the mining industry has fundamentally shifted from relatively manageable "technical risks" to ESG risks, which are substantially more difficult to predict and control. ESG risks have emerged due to the combination of heightened public social/ environmental awareness and increased mining activity in more remote, and politically unstable, regions of the world. Unfortunately, the mining industry has been slow to respond to this shift and continues to encounter serious problems.
Joe Crawford, Cambridge Judge Business School MBA Candidate
Infrastructure and Risk: Identification, Management & Transfer of Risk by HM Treasury
Large infrastructure projects have a reputation for being costly and risky. I wanted to examine the processes that the UK Government has in place for managing these risks and understand to what extent they are contributing to infrastructure cost overruns. As a structural engineer, I have been involved in project-level risk management on large construction projects. This project was a great opportunity to understand how this fits into the broader business-case risk management process.
The winner of the Prize was announced on Tuesday 24 June 2014 during the Cambridge Centre for Risk Studies 5th Risk Summit, by Dr Sven Heilitag, Principal, McKinsey & Company.