ABSTRACT
This chapter considers the identification and management of environmental risks associated with property. The management of property-related environmental risks presents some particular challenges. The management approach to property risks has therefore been influenced by the property transfer protocols. Confusingly this type of work has been given a range of different names, including environmental audit or review, property transfer study, environmental site assessment or most commonly pre-acquisition audit. The route through which many organisations have been exposed to the process of environmental risk assessment in the first instance is through a property transfer assessment. Developments in information technology facilitate the manipulation and management of data for the risk assessment of contaminated land projects. The Royal Institution of Chartered Surveyors (RICS) has recognised that their members can be involved in decisions relating to environmental risk, particularly land contamination. The uncertainty regarding financial aspects is reflected in the historical difficulties in obtaining insurance cover for property environmental risks.
