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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…
Read MoreWe 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…
Read MoreTMW2022 discussion and video presentation covers some important points and coveys our gratitude to the friendly colleagues that helped us overcome a significant work overload. Indeed, for the first time since 2013, we could not make it to the conference to present in person the results of our R&D. We were particularly sorry for this, as the reviewer wrote: The authors present a discussion on how to optimize actions needed to address risk mitigation to ALARP for a large TSF…
Read MoreTailings risk correlations or lack thereof refers to a phenomenon we oftentimes encounter in ORE ERMs deployments in various industries. The risk bubble in the p-C graph The figure below shows a classic simplified result from a ERM. The quadrant is the probability (p), Consequence (C) quadrant with the addition of the risk tolerance band. The band has a width corresponding to the divergent opinion between optimistic and pessimistic key stakeholders on tolerance. A given hazard has uncertainties on both…
Read MoreHunger stones refresh our short memory, they are indeed messages straight from the past. Those who endured droughts and resulting famine left them for their successors. Indeed, the hunger stones tell stories of severe hardship due to droughts. Of course they become visible when it is too late, as they are normally lying below water level (Hungersteine in the Rhine – Memory of great need – Experience Worms (worms-erleben.de). Today we will discuss if these events actually constitute divergence from…
Read MoreA colleague sent us a paper by Rana, Ghahramani, Evans, Small, Skermer, McDougall and Take. We reference it herein as Rana’s 2022 paper. The title is “Global magnitude-frequency statistics of the failures and impacts of large water-retention dams and mine tailings impoundments”. It is available online since Aug. 3rd 2022 at Earth-Science Reviews (2022), . I must confess at first I was quite intimidated. Almost a decade earlier we had written Factual and Foreseeable Reliability of Tailings Dams and Nuclear…
Read MoreTailings dams risk mitigation through risk informed decision making (Tailings Dam Risk Mitigation Through Risk Informed Decision Making,) is the title of our PLANNING FOR CLOSURE 2022 paper. Risk Informed Decision Making (RIDM) supports rational and sensible risk mitigation This blogpost shows how Risk Informed Decision Making (RIDM) using ORE2_Tailings™ supports rational and sensible risk mitigation selection. This is a requirement of the Global Industry Standard on Tailings Management (GISTM). We use an anonymized case report to preserve confidentiality.…
Read MoreZero to 300 in thirty is not the performance of a new sensational sport car. And we are talking about thirty years, not seconds! Actually, zero to 300 in thirty years is the cumulative experience Riskope and its founders have dealing with tailings dams risk assessments all over the world. You should not understand it as an “average” evaluation either, as the evolution has been trending towards exponential. Let’s discover together what we are talking about. Zero to 300 in…
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