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43-533: Comer Group is an international property development firm established by brothers Luke and Brian Comer . The company has its headquarters in London, and is mainly active in the UK and Ireland. Luke and Brian Comer were plasterers from County Galway , Ireland, who moved to London in 1984 and expanded into property development. They set up the first of their many property development companies in 1985. Comer Group Limited

86-431: A company's prospects. In economics, as in finance, risk is often defined as quantifiable uncertainty about gains and losses. Environmental risk arises from environmental hazards or environmental issues . In the environmental context, risk is defined as "The chance of harmful effects to human health or to ecological systems". Environmental risk assessment aims to assess the effects of stressors, often chemicals, on

129-405: A highly quantified way. The technique is usually referred to as probabilistic risk assessment (PRA). See WASH-1400 for an example of this approach. The incidence rate can also be reduced due to the provision of better occupational health and safety programmes. Security is freedom from, or resilience against, potential harm caused by others. A security risk is "any event that could result in

172-400: A large organization or simply crossing the road. Intuitive risk management is addressed under the psychology of risk below. Risk management refers to a systematic approach to managing risks, and sometimes to the profession that does this. A general definition is that risk management consists of "coordinated activities to direct and control an organization with regard to risk". ISO 31000 ,

215-519: A planning inquiry which opened in July 2024, Comer claimed changes in company policy following the Grenfell Tower fire had led to it breaching planning permissions at Mast Quay. Greenwich council said the change to the façade cladding was just part of one of the 26 ways in which the development differs from the agreed permission, highlighting changes to the overall design, poor wheelchair access and

258-431: A pool of risks including market risk, credit risk, operational risk, interest rate risk, mortality risk, longevity risks, etc. The term "risk" has a long history in insurance and has acquired several specialised definitions, including "the subject-matter of an insurance contract", "an insured peril" as well as the more common "possibility of an event occurring which causes injury or loss". Occupational health and safety

301-533: A potential development is sometimes called speculative development . Subdivision of land is the principal mechanism by which communities are developed. Technically, subdivision describes the legal and physical steps a developer must take to convert raw land into developed land. Subdivision is a vital part of a community's growth, determining its appearance, the mix of its land uses , and its infrastructure, including roads , drainage systems, water , sewerage , and public utilities . Land development can pose

344-458: A project's economics; attorneys to handle agreements and government approvals ; environmental consultants and soils engineers to analyze a site's physical limitations and environmental impacts ; surveyors and title companies to provide legal descriptions of a property; and lenders to provide financing. The general contractor of the project hires subcontractors to put the architectural plans into action. Purchasing unused land for

387-622: A simple summary, defining risk as "the possibility of something bad happening". The International Organization for Standardization (ISO) 31073 provides basic vocabulary to develop common understanding on risk management concepts and terms across different applications. ISO 31073 defines risk as: effect of uncertainty on objectives Note 1: An effect is a deviation from the expected. It can be positive, negative or both, and can address, create or result in opportunities and threats . Note 2: Objectives can have different aspects and categories, and can be applied at different levels. Note 3: Risk

430-530: A team of professionals to address the environmental, economic, private, physical and political issues inherent in a complex development project is critical. A developer's success depends on the ability to coordinate and lead the completion of a series of interrelated activities efficiently and at the appropriate time. Development process requires skills of many professionals: architects , landscape architects , civil engineers and site planners to address project design; market consultants to determine demand and

473-521: A variety of hazards that may result in accidents causing harm to people, property and the environment. In the safety field, risk is typically defined as the "likelihood and severity of hazardous events". Safety risks are controlled using techniques of risk management. A high reliability organisation (HRO) involves complex operations in environments where catastrophic accidents could occur. Examples include aircraft carriers, air traffic control, aerospace and nuclear power stations. Some HROs manage risk in

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516-494: Is a questionnaire screening tool, used to provide individuals with an evaluation of their health risks and quality of life. Health, safety, and environment (HSE) are separate practice areas; however, they are often linked. The reason is typically to do with organizational management structures; however, there are strong links among these disciplines. One of the strongest links is that a single risk event may have impacts in all three areas, albeit over differing timescales. For example,

559-416: Is an individual or collaborative undertaking planned to achieve a specific aim. Project risk is defined as, "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives". Project risk management aims to increase the likelihood and impact of positive events and decrease the likelihood and impact of negative events in the project. Safety is concerned with

602-476: Is concerned with occupational hazards experienced in the workplace. The Occupational Health and Safety Assessment Series (OHSAS) standard OHSAS 18001 in 1999 defined risk as the "combination of the likelihood and consequence(s) of a specified hazardous event occurring". In 2018 this was replaced by ISO 45001 "Occupational health and safety management systems", which use the ISO Guide 73 definition. A project

645-432: Is narrowly focused on computer security, information risks extend to other forms of information (paper, microfilm). Insurance is a risk treatment option which involves risk sharing. It can be considered as a form of contingent capital and is akin to purchasing an option in which the buyer pays a small premium to be protected from a potential large loss. Insurance risk is often taken by insurance companies, who then bear

688-414: Is the complete demolition and the restoration of the land to its former condition." Comer Homes Group expressed surprise and disappointment at the council's decision, and said its statements were inaccurate and misrepresented the company's actions, adding: "We will be appealing against the enforcement notice and look forward to robustly correcting the inaccuracies and addressing the council's concerns." In

731-472: Is the use of computers to store, retrieve, transmit, and manipulate data. IT risk (or cyber risk) arises from the potential that a threat may exploit a vulnerability to breach security and cause harm. IT risk management applies risk management methods to IT to manage IT risks. Computer security is the protection of IT systems by managing IT risks. Information security is the practice of protecting information by mitigating information risks. While IT risk

774-436: Is usually expressed in terms of risk sources, potential events, their consequences and their likelihood. This definition was developed by an international committee representing over 30 countries and is based on the input of several thousand subject-matter experts. It was first adopted in 2002 for use in standards. Its complexity reflects the difficulty of satisfying fields that use the term risk, in different ways. Some restrict

817-620: The Town and Country Planning context in the United Kingdom, 'development' is defined in the Town and Country Planning Act 1990 s55. A development team can be put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering . At the other end of the spectrum, a development company might consist of one principal and a few staff who hire or contract with other companies and professionals for each service as needed. Assembling

860-478: The variance (or standard deviation) of asset prices. More recent risk measures include value at risk . Because investors are generally risk averse , investments with greater inherent risk must promise higher expected returns. Financial risk management uses financial instruments to manage exposure to risk. It includes the use of a hedge to offset risks by adopting a position in an opposing market or investment. In financial audit , audit risk refers to

903-714: The Corrib Great Southern Hotel in Galway , completion of a partly-built tower block, the Sentinel, in the Sandyford district of Dublin, and redevelopment of an apartment block in Ballysadare , County Sligo . In July 2023, Comer launched an affordable home division, Dovepark Properties, to manage and maintain units across the group's UK residential developments. In September 2023, Comer Homes Group

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946-509: The absence of promised commercial space, car parking and landscaping. Tenants in the buildings called on the council to scrap plans for demolition, saying "it is wholly unreasonable that the remedy to this problem is for a perfectly good building to be demolished and for current tenants to be evicted". Real estate development Developers buy land, finance real estate deals, build or have builders build projects, develop projects in joint ventures, and create, imagine, control, and orchestrate

989-711: The common methods of management, the measurements of risk and even the definition of risk differ in different practice areas. This section provides links to more detailed articles on these areas. Business risks arise from uncertainty about the profit of a commercial business due to unwanted events such as changes in tastes, changing preferences of consumers, strikes, increased competition, changes in government policy, obsolescence etc. Business risks are controlled using techniques of risk management . In many cases they may be managed by intuitive steps to prevent or mitigate risks, by following regulations or standards of good practice, or by insurance . Enterprise risk management includes

1032-452: The compromise of organizational assets i.e. the unauthorized use, loss, damage, disclosure or modification of organizational assets for the profit, personal interest or political interests of individuals, groups or other entities." Security risk management involves protection of assets from harm caused by deliberate acts. Risk is ubiquitous in all areas of life and we all manage these risks, consciously or intuitively, whether we are managing

1075-432: The context of public health , risk assessment is the process of characterizing the nature and likelihood of a harmful effect to individuals or populations from certain human activities. Health risk assessment can be mostly qualitative or can include statistical estimates of probabilities for specific populations. A health risk assessment (also referred to as a health risk appraisal and health & well-being assessment)

1118-540: The earliest use of the word in English (in the spelling of risque from its French original, 'risque') as of 1621, and the spelling as risk from 1655. While including several other definitions, the OED 3rd edition defines risk as: (Exposure to) the possibility of loss, injury, or other adverse or unwelcome circumstance; a chance or situation involving such a possibility. The Cambridge Advanced Learner's Dictionary gives

1161-771: The environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas ( business , economics , environment , finance , information technology , health , insurance , safety , security etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000 , provides principles and general guidelines on managing risks faced by organizations . The Oxford English Dictionary (OED) cites

1204-414: The importance of different adverse effects in a particular situation. The Society for Risk Analysis concludes that "experience has shown that to agree on one unified set of definitions is not realistic". The solution is "to allow for different perspectives on fundamental concepts and make a distinction between overall qualitative definitions and their associated measurements." The understanding of risk,

1247-444: The local environment. Finance is concerned with money management and acquiring funds. Financial risk arises from uncertainty about financial returns. It includes market risk , credit risk , liquidity risk and operational risk . In finance, risk is the possibility that the actual return on an investment will be different from its expected return. This includes not only " downside risk " (returns below expectations, including

1290-469: The methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. Economics is concerned with the production, distribution and consumption of goods and services. Economic risk arises from uncertainty about economic outcomes. For example, economic risk may be the chance that macroeconomic conditions like exchange rates, government regulation, or political stability will affect an investment or

1333-727: The mid-1990s as Princess Park Manor, redevelopment of the former Royal Masonic School for Boys in Bushey , Hertfordshire as Royal Connaught Park, a housing development in Portland, Dorset , and a proposed conversion of a former office block in Southend into residential apartments. In Ireland, Comer projects include redevelopment of the University College Dublin veterinary college in Ballsbridge , redevelopment of

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1376-436: The most risk, but can also be the most profitable technique as it is dependent on the public sector for approvals and infrastructure and because it involves a long investment period with no positive cash flow . After subdivision is complete, the developer usually markets the land to a home builder or other end user, for such uses as a warehouse or shopping center . In any case, use of spatial intelligence tools mitigate

1419-425: The possibility of losing some or all of the original investment) but also "upside risk" (returns that exceed expectations). In Knight's definition, risk is often defined as quantifiable uncertainty about gains and losses. This contrasts with Knightian uncertainty , which cannot be quantified. Financial risk modeling determines the aggregate risk in a financial portfolio. Modern portfolio theory measures risk using

1462-440: The potential that an audit report may fail to detect material misstatement either due to error or fraud. Health risks arise from disease and other biological hazards . Epidemiology is the study and analysis of the distribution, patterns and determinants of health and disease. It is a cornerstone of public health , and shapes policy decisions by identifying risk factors for disease and targets for preventive healthcare . In

1505-488: The process of development from beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards. Typically, developers purchase a tract of land, determine the marketing of the property, develop the building program and design, obtain the necessary public approval and financing, build the structures, and rent out, manage, and ultimately sell it. Sometimes property developers will only undertake part of

1548-739: The process. For example, some developers source a property and get the plans and permits approved before selling the property with the plans and permits to a builder at a premium price. Alternatively, a developer who is also a builder may purchase a property with the plans and permits in place so that they do not have the risk of failing to obtain planning approval and can start construction on the development immediately. The financial risks of real estate development and real estate investing differ due to leverage effects. Developers work with many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, lawyers, leasing agents, etc. In

1591-448: The risk of these developers by modeling the population trends and demographic make-up of the sort of customers a home builder or retailer would like to have surrounding their new development. Risk In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or

1634-422: The term to negative impacts ("downside risks"), while others also include positive impacts ("upside risks"). Some resolve these differences by arguing that the definition of risk is subjective. For example: No definition is advanced as the correct one, because there is no one definition that is suitable for all problems. Rather, the choice of definition is a political one, expressing someone's views regarding

1677-423: The uncontrolled release of radiation or a toxic chemical may have immediate short-term safety consequences, more protracted health impacts, and much longer-term environmental impacts . Events such as Chernobyl , for example, caused immediate deaths, and in the longer term, deaths from cancers, and left a lasting environmental impact leading to birth defects , impacts on wildlife, etc. Information technology (IT)

1720-502: Was incorporated in 2003. The growth of the brothers' business in Ireland was helped by investments in stalled ' Celtic Tiger ' developments and buying up heavily discounted properties. By May 2023, the brothers were running a property portfolio with an estimated value of over €1 billion. The companies' UK projects included the conversion of the listed Friern Hospital (formerly Colney Hatch Lunatic Asylum) to residential accommodation in

1763-439: Was missing. At the time of the enforcement notice the council believed that 78 of the development's 204 apartments were occupied, and the developer continued to market flats to prospective new tenants. The council said "the only reasonable and proportionate way to rectify the harm created by the finished Mast Quay Phase II development to the local area, and the tenants living there, because of the changes made during its construction,

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1806-406: Was nearly finished. However, noting 26 main deviations from the original planning permission granted in 2012, Greenwich Council ordered Comer to demolish the blocks. Apartments marketed as having disabled access were found to have steps to the outdoor space; there were missing roof gardens; a garden area had become a carpark after the planned underground parking was never built; a child's play area

1849-618: Was ordered to demolish a build-to-rent development at Mast Quay in the Woolwich Dockyard area of southeast London. The waterfront development was between an earlier tower scheme (c. 2005) and the Woolwich Ferry carpark. Completed in late 2022, it comprised towers of 23, 11, nine and six storeys, but differed significantly from its original design. Comer only proposed revisions to the design in December 2022 when construction

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