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Digital transformation means significant benefits and critical risks

Digital transformation means significant benefits and critical risks. Like any medicine digital transformation has good effects and side effects. Many consider digital transformation as the way to address all productivity and margin challenges. In other words, the way to deliver significant bottom-line value. However, a recent EY’s global report ‘The digital disconnect: problem or pathway?’ points to some significant disconnect insofar there is a lot of talking, but not many actually embrace the new ways of digital transformation (DT). The…

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Independent Forensic Team Report Oroville Dam Spillway Analysis

We just read the Appendix F From 2018 Independent Forensic Team Report Oroville Dam Spillway Analysis. So, we decided to discuss a few points from our risk perspective. It was a joy to read the statements the Independent Forensic Team made on “normalization of deviance” and the disproportionate influence some experts may exert on group deliberations. Indeed a Potential Failure Modes Analysis (PFMA) team generally includes various members bringing diverse perspectives into the process. Oftentimes one or two strongly opinionated persons,…

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Broken window fallacy parable amid risk misinformed decision

The broken window fallacy parable amid risk misinformed decision is the belief that destruction is good for the economy. Frederic Bastiat, a French economist, introduced the concept in 1850. It illustrates why destruction and related recovery expenditures are not beneficial to society. The broken window fallacy parable amid risk misinformed decision The aim of the broken window fallacy parable is to discuss hidden, or ignored effects of opportunity costs and unintended consequences on economic activities. The opportunity cost is the loss of…

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Social License to Operate and Risks

Does your risk management keep a separate scale for environmental, logal, or business interruption? Do you treat separately Cyber risk from your operational risk? i.e. Do you look at Social License to Operate and Risks as separate siloes or do you integrate them? Let’s start by noting that the Social License to Operate (SLO) basic assumption is that communities/social expectations around projects/activities of mining companies usually exceed legal matters. SLO refers to non-explicit “agreement” made by industry with society and…

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