3 Pillars of a Successful Legacy Liability Management Program
Organizations have been managing remediation legacy liability around the world since the 1960s and have experienced a multitude of challenges to reduce these liabilities to zero. The horror stories range from “These sites just never go away” or “Why is there so much variability in this reserve?” along with everyone’s favorite, “Why does the estimated cost to close these sites keep going up with no end in sight?” If you have experienced the maze of regulators, NGOs, attorneys, consultants, public concerns, and internal company pressure, you were probably hoping for a program or strategy that could help you extinguish your liability and be able to present it to your financial or executive team.
Understanding complex technical issues, managing “technically righteous” consultants, keeping regulators happy, and engaging with your operations and finance team can be a struggle. Most people live in a world of constant change orders, complex stakeholder engagement, and regulatory remediation programs that seem to go on forever. These liabilities are a burden to the balance sheet and finding the pathway to manage them to zero is a business-driven goal for your organizational stakeholders. That business driver can be used as a vehicle to close sites and quickly extinguish those legacy remediation liabilities.
At Antea Group we “own” or have owned liability for over 2,000 sites so we know what it is like to be in your shoes. As the owners of the liability, it is in our best interest to close sites and extinguish those legacy remediation liabilities as quickly as possible. Because of these thousands of experiences, our remediation portfolio managers have learned efficient strategies and are able to present these strategies to our leadership in business terms.
There are three key elements to reduce your legacy liability, both on a project and program level, that can keep you out of hot water with regulators, finance, and the C-suite. Learn what they are on our full blog post on Antea Group’s blog, here.