Question

Recent reports have warned of climate change impacts on the Florida coastline, including a rise in sea levels, more frequent storms, flooding, and coastal erosion. Assume you are a member of senior management at a large property development company in Florida that owns a material amount of undeveloped ocean front property, which the company expects to develop over the next 15 years.

Write a report identifying the main risks to your company that you believe should be considered at the next meeting of the risk assessment committee. Include risks to the company’s operations, assets, finances, and personnel.

Answer 1

As a member of senior management the main risk to be identified are :

1. Unpredictable Weather: As the company holds undeveloped oceanfront property then there is a high impact of the weather on the property. As the oceans front involves heavy wind and heavy rain.

2. Extreme weather, coastal erosion and rising sea levels

3. Maintenance Cost:  The corrosive nature of saltwater, potential flood damage etc. causes heavy cost for the maintenance of the property.

4. Sand Erosion: Due to the heavy tides there are chances of erosion of the upper layer of the land.

These are some of the risks that should be discussed in the meeting regarding the undeveloped oceanfront property.