Risk Management in F1—Team Work & Technology at 350 kph
Speaker: Mika Hakkinen, Two-time FIA Formula One World Champion (1998-1999)
Interviewer: Mark Gallagher, Formula One Industry Executive
Wednesday, 16 November, 2016 | 15.30 hrs | Level 1 | Room: Auditorium
For two-time Formula One World Champion Mika Hakkinen the quest to succeed in this high speed, high technology sport requires an equal emphasis on the management of risk and high performance. Risk comes in many forms, and the most obvious risk associated with Formula One concerns the physical safety of the drivers who compete wheel-to-wheel at 350kph. For the teams tasked with designing, manufacturing and developing Formula One vehicles leading edge performance requires world class system design and operation such that safety, quality and reliability are central pillars of performance. Leading teams such as McLaren employ over 800 staff on their Formula One project, 90% of whom do not ever attend an event, being engaged year-round in creating the technology solutions which are deployed in the racing environment. Using full vehicle connectivity, however, a driver racing in Japan or Malaysia has both his car and personal performance monitored and managed real-time using encrypted data acquisition and analysis. This provides the team with the ability to examine anomalies and the agility to reconfigure systems and strategies in the heat of battle. For the driver at the epicenter of this data-driven environment the challenge is inherently complex. Armed with the correct tools and functionality, however, he or she can deliver world class performance assisted by a team ranging from data scientists on the other side of the world to trackside support teams which can deliver pits stops in under 2 seconds.
Double Formula One World Champion Mika Hakkinen scored back-to-back titles in 1998 and 1999 as Lead Driver for the all-conquering McLaren-Mercedes Benz team, achieving unprecedented success in a career almost ended by a serious crash at the Australian Grand Prix in 1995. With 20 Formula One race victories and 51 top-three podium finishes to his credit, he ranks among the most successful drivers of all time. Hakkinen’s performances remained at their peak until he opted for a sabbatical after another accident in 2001. He subsequently decided to retire from Formula One at the age of 33. Today he remains closely involved in Formula One through a number of brand ambassadorships and business interests within the sport, and is regarded as one of the most accomplished drivers of the modern era.
A Senior Executive and respected Broadcaster in the adrenaline-charged world of Formula One, Mark Gallagher translates his experiences from the race track into the language of business. Gallagher’s passion for the sport has been partly driven by the dual challenges of managing risk and high performance. His roles at the Jordan and Red Bull Racing Formula One teams were followed by his relaunch of Cosworth as one of Formula One’s best known technology suppliers. He also played a key role in developing the current technical regulations which place an emphasis on energy efficiency and sustainability. His latest book, The Business of Winning: Strategic Success from the Formula One Track to the Boardroom, exposes the behind-the-scenes management of a Grand Prix team to ensuring business continuity, viability and profitability.