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Mount Polley Dam Breach: discussing Tailings Dam Failure Frequency and Portfolio Risk. Continued

Mount Polley Dam Breach: discussing Tailings Dam Failure Frequency and Portfolio Risk. Continued Mount Polley Dam Breach: discussing Tailings Dam Failure Frequency and Portfolio Risk. Continued. The mandate given to the expert panel forced them to consider all failures “equal”. Thus the risk equation became the simple expression of the probability of failure.  We have discussed how tolerance and risk engineering would apply to large portfolios of dams and other critical infrastructures. We also expressed our opinion in the aftermath…

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Follow up to: “accidents’ consequences can lead to diverging societal impacts: where lies the difference?” and “Metaphoric description of risks and their perception”

This blogpost is in follow up of Identical single accidents’ consequences can lead to diverging societal impacts and similarly, the Metaphoric description of risks and their perception. Nuclear Reactors: Let’s look at some accidents types, i,.e. c1, c2, c3. c1: Class 5+ accidents (Fukushima, Tschernobyl, Kyshtym disaster, Windscale fire, Three Mile Island accident, First Chalk River accident,  and Lucens partial core meltdown) were likely to be interpreted as Sword of Damocles metaphor, but would likely be Medusa now. c2: Nuclear Waste storage can be…

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Mining Risk Management Functions Audit

Mining Risk Management Functions Audit Mining Risk Management Functions Audit help your risk assessment do all what you want. Would you like to: rationalize the sizing of insurance coverages? understand extant inter­dependencies within and outside your system? Finally, receive a unique management road­map with a unified approach to 360°­risks, including environmental, reputational and cyber risks spanning over your entire system? Mining Risk Management Functions Audit The replies to those questions should be the direct result of your risk assessments. However, if your…

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Hazmat trains travel across the country since railroads exist…what are the risks

In follow-up of this post. Hazmat trains travel across the country since railroads exist…what are the risks? Accident b1) Each year various accidents occur, limited casualties occur, they are reported in local to national media, as “minor” accidents. For example CN train hauling dangerous goods derails near Clair, Saskatchewan or the two Union Pacific locomotives hitting head on, in Hoxie, Arkansas. Accident b2) One major, catastrophic accident occurs, a vivid one with “unthinkable” consequences (Lac Megantic, for example) Hazmat trains travel across…

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Identical single accidents’ consequences can lead to diverging societal impacts: where lies the difference?

Identical single accidents’ consequences can lead to diverging societal impacts Let’s discuss, as we mentioned in the prior post, different accident types, with identical or very similar single-accident direct consequences, but very different global impacts, which may generate surprisingly different public reactions. The discussion will include the classification of the “German” metaphors. Incidentally, we have found one non German document entitled “Blackett Review of High Impact Low Probability Risks ”, by the U.K. Government Office for Science, that refers to…

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Metaphoric description of risks and their perception: are they useful or just “wordplays”?

Metaphoric description of risks and their perception A couple decades ago, German researchers in the field of theoretical risk management developed a series of metaphors to describe public perception of risks. They are summarized below, with examples: Sword of Damocles has a very high disaster potential, although the probability that this potential manifests itself is theoretically extremely low. Nuclear power plants (Fukushima), large-scale chemical facilities (Bophal, Seveso), hydro-dams and meteorite impacts are typical examples. Cyclops it is only possible to…

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Consumer trust, consumer experience and risk management

Consumer trust, consumer experience and risk management A recent article by Michael Lowenstein indicates that customer trust “is the connective tissue that holds customers, brands, and enterprises together; and, without trust, these connections would quickly dissolve.” Over the last few years Riskope have spent a lot of R&D funds and efforts to study the relationship between public perception of risks, risk assessments and crises developments, coming to the same conclusions.  If trust is not built through at least: transparent and rational risk assessments,…

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BYOD Security: Balancing Risks and Rewards

Security: Balancing Risks and Rewards Riskope thanks Paige Calahan for this post. Bring your own device (BYOD) campaigns involve companies allowing employees to use their own smartphones, tablets and laptops for business. It’s a great perk for employees because they remain connected to their own gear with some financial compensation, and businesses receive more productive and satisfied employees. With all that activity between devices in a cloud computing space, BYOD can “compromise your company information if [employees] don’t have the…

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