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COSO Aligning Risk with Strategy and Performance

COSO Aligning Risk with Strategy and Performance, dealing with public exposure, appeared in June 2016 within the frame of Enterprise Risk Management. COSO Aligning Risk with Strategy and Performance We have read with enormous interest the document which very eloquently explains the benefits of ERM and its interactions with business strategy, operations, etc. Defining Risk and Uncertainty We started balking when we arrived at the section entitled “Defining Risk and Uncertainty”. Not because of the general concepts, but because of…

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Risk assessment comparison on a system including 5 macro-elements

A client considering a full scale ORE deployment asked for a risk assessment comparison on a system including 5 macro-elements in one of his processes. A risk assessment comparison on a system including 5 macro-elements The client wanted to compare a quantitative: common practice risk assessment result with risk assessment with ranges expressing probabilities and finally risk assessment where we would consider interdependencies between macro-elements. ORE deployment We estimated quantitative probabilities of failure of each macro-elements based on case histories…

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IoT paves way to sustainable mitigation

Internet of Things, IoT paves way to sustainable mitigation once data transmission is wireless and sensors are ubiquitous. Based on recent experiences, there are no limits to the spaces and devices that could be instrumented in a mine. The information provided this way offer numerous ways to optimize mining operations and additionally to understand how operational risks evolve. During the implementation and deployment of such an application, it is possible to mix-and-match: Internet of things (IoT), discrete sensor and monitoring reporting,…

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Mining Water Stewardship

Mining water stewardship can avoid the industry running into a global crisis. The Global Risk Report of World Economic Forum (WEF) has indeed identified water as one of the top five risk generating scenarios that could most impact society over the next decade. Mining Water Stewardship The International Council for Mining and Metals (ICMM) has developed guidance documents on responsible stewardship. Mining water stewardship is not only altruistic. Mining operators that do not address water issues may have unacceptable returns…

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Mount Polley dam breach legal consequences.

Mount Polley dam breach legal consequences will be heard for years to come. Imperial Metals (Vancouver, B.C., Canada), the owner of the breached dam, is reportedly suing the engineering companies Knight Piesold (KP) and Amec Foster Wheeler (AFW, formerly known as AMEC) for negligence and breach of contract over the August 2014 tailings dam failure at Mount Polley (B.C., Canada). The breach spilled 24Mm3 of tailings and water into nearby environment. Mount Polley dam breach legal consequences Reportedly Imperial Metals…

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