Multi dimensional Consequences approaches take into consideration the varied losses that a failure can generate. Thus they allow for a more thorough and rational evaluation of a failure potential consequences. Indeed, by breaking down the consequences into distinct dimensions, such as environmental, economic, and social, an additive evaluation of multi dimensional consequences can provide a more realistic assessment of the risks associated with a failure. This approach also allows for greater consideration of the long-term implications of the failure. These…
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We need to diverge from “cosi fan tutti” if we want to truly bring something valuable to our profession and the public. Some professions are open to “disruption” and thus foster innovation. However, many voices around the world comment that strategic/ operational risk assessments, including tailings risk assessments are stuck in a complacent lull. Bring something valuable to our profession and the public is way more than doing our job diligently and perhaps having a fantastic career. Indeed, our friend…
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We thought of Wells Fargo judgement and Tailings risks in follow-up to the recent judgement against a number of bank’s officers. The judgement cites widespread failure to: “identify the root cause of …misconduct”, “provide credible challenges to risk controls managers”, “timely evaluate the effectiveness of risk controls” and finally, “timely identify, address and escalate the risk management controls failures that threatened the safety, soundness and reputation…”. At first sight one may be tempted to dismiss this “banking-legal” stuff as not…
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