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GRC Professional : GRC Autumn 2013
22 GRC Professional • Autumn 2013 PROJECT GRC through the looking glass When an urban development is of such magnitude that it will take 20 years to complete, being able to deliver value beyond profit while meeting those profit objectives requires a great deal of futuristic and lateral thinking. BY DEN ISE MCNA BB THE CHALLENGE IS TO CREATE A blueprint with such flexibility and co-operation at every level that it will endure the test of time to the satisfaction of all parties. Not only must a host of regulatory requirements be met and design aspects covered off, but also technological change and sustainability needs to be taken on board. This is the challenge facing the creators of Barangaroo -- 22 hectares of disused container wharves on the western harbour edge of Sydney's CBD. The project is a mix of state-of-the-art sustainable apartments, commercial office towers, retail, educational, civic, and cultural and entertainment activities as well as a six-hectare headland park integrated with new and extended transport systems. The NSW Government created the Barangaroo Delivery Authority (BDA) to ensure the $6 billion project is managed in a coordinated and financially responsible manner with the aim of turning it into a global exemplar to port cities around the world so there is both a regulatory and government buy-in. Learning on the go GRC professionals can learn a lot from how these sorts of projects are executed because, like regulatory projects, there are mandatory forces that are external to the organisation that drive them. An analogy can be drawn between planning a sustainable building and sustainable regulatory change. In both instances it is necessary not Issues involving governance and funding into the future need to be captured now to ensure that the environmental systems can be maintained and can improve over time. only to look at the execution but also at policy, and behavioural and operational changes that are intended to flow from the policy. Sue Linney, a concept engineer and principal at Lex Regulate, which manages and transforms regulatory projects, says the key is to build a framework that is adaptable to change when regulations change. Linney says the process, timing and resourcing need to be different from other projects to reflect these factors. "There are a multitude of stakeholders, both internal and external, with many seemingly divergent interests who are on steep learning curves at different times with different perspectives and goals." She says building for changes in regulation, technology and business needs to be done in phases so participants can be assured there is a truly sustainable regulatory change framework. "These phases can happen concurrently or sequentially. It is a question of defining the benefits, and participants having a clear blueprint -- very much like you would have with a building." Rules of engagement Anticipating the environment for compliance in a project such as Barangaroo needs a shift in attitude as well as a change in the approach to undertaking regulatory change, says Linney. "Engagement is a key part of this, but all too often there is confusion about what engagement entails
GRC Summer 2013