In a rapidly evolving global landscape, it’s imperative for every business, irrespective of its industry, to understand the increasing intertwining of financial risk analysis and ESG (environmental, social, and governance) risk factors. When titans of the financial world—investors, underwriters, and lenders—expand their scopes beyond traditional financial metrics to incorporate ESG risk factors, it’s more than just a trend. It’s a clarion call to all businesses, signaling a foundational shift in our economic ecosystem. As these financial giants zoom in on how well-positioned (or how vulnerable ..read more

Last week, the National Weather Service (NWS) launched a four-year national rollout of “experimental” flood forecasting maps. The maps show when, where, and how much floodwaters are expected to impact specific areas up to five days in advance. The first release of the flood inundation maps covers eastern Texas, central Pennsylvania, and parts of the Northeast. The official rollout of the maps just began; the NWS will expand its flood inundation mapping service to cover 30% of the US population in 2024, 60% in 2025, and 100% in 2026. According to David Vallee, director of the Service ..read more

Concrete is the most widely used building material in the world, and cement is its key ingredient. Unfortunately, cement production is responsible for about 8% of global carbon emissions, making it a significant contributor to climate change. In regular cement manufacturing, limestone is heated to around 1,400 degrees Celsius by burning fossil fuel to produce pure lime. There are two key points at which carbon is emitted during traditional cement manufacturing. Burning fossil fuel to heat the limestone is the first key point that releases CO2. Gases released from the limestone during the heati ..read more

Congress has not yet passed crucial funding bills for the fiscal year 2024, which starts on October 1. If Congress does not act promptly, the government may be forced to shut down due to lack of funding. Congress may yet act, but the agencies and the design firms and contractors working on federal projects should prepare for a shutdown. Here are some of the things design firms should know as they make their plans for a potential shutdown: Look at the operating plan agencies are issuing Federal agencies have been issuing new guidance in recent weeks. The plans restate general rules that all fed ..read more

Recently, it seems like labor is having a moment, and this shift has the potential to influence various aspects of the industry. According to polls, more than 70% of Americans view labor unions favorably, which could potentially have implications that trickle into the design and construction industry. Workers across different industries are flexing their collective muscle, demanding better working conditions and pushing for more favorable compensation. From Starbucks and Amazon workers organizing labor efforts to UPS Teamsters recently securing a favorable contract to the United Auto Workers ..read more

With extreme weather patterns transforming from rarities to regular occurrences, you are not alone in wondering how you can help affected communities in the wake of such disasters—as a design professional, however, you are especially qualified to assist. Providing voluntary or pro bono services in emergency situations can be a rewarding and impactful way of contributing your time and skills to aid in the resilience and recovery of affected communities, but it is not without risk. Regardless of whether you and your firm (hereinafter collectively referred to as “you”) provide your services for a ..read more

Introduction In the rapidly evolving world of business, environmental, social, and governance (ESG) principles might be undergoing an identity crisis, but its essence remains unshaken. For professionals in the design and construction industry, ESG underscores the profound shift in our understanding of risk and resilience in business. ESG evolution: More than just an acronym At its heart, ESG is not about aligning with the latest trend; it’s a forward-looking perspective, urging businesses to look beyond the present and anticipate future challenges. While the debates on nomenclature unfold, it ..read more

The Infrastructure Investment and Jobs Act, enacted on November 15, 2021, unfurled the Build America, Buy America Act. More than just words on paper, this act is a clarion call to give procurement preference on taxpayer-funded public works projects to construction materials and products produced by companies and workers in the US. However, as is the case with most visionary endeavors, it hasn’t been without its challenges. To navigate these waters, the Office of Management and Budget (OMB) has provided a guiding beacon: a pre-publication of their final guidance. Once the official version grace ..read more

After nearly a decade, the Victor Risk Advisory blog will transition to a new platform as we launch our new website in late July. Moving forward, all future blog posts will be integrated into the Victor website, and we will cease publishing on WordPress once the new site is live. Further instructions on accessing new blog posts will be provided upon the website’s launch. We extend our heartfelt gratitude to all our followers and readers who have engaged with our content throughout the years. Rest assured, we will persist in delivering timely posts pertaining to the design and construction indu ..read more

The Engineers Joint Contract Documents Committee (EJCDC) has released the construction manager at risk document series, a completely new series for construction manager at risk project delivery method. The new document series is intended to be a comprehensive solution for the construction manager at risk (CMAR) project delivery method, which evolved from traditional design-bid-build. CMAR involves the contractor early in the project, allowing the contractor (designated as the CMAR) to be more involved in the design phase of the project. With this project delivery, the client engages the contra ..read more