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Tactical and strategic planning to mitigate divergent events

Tactical and strategic planning to mitigate divergent events is one of the themes of our next book. The term divergent does not yet appear in our glossary, as we are preparing its fourth edition. Stay tuned for the announcement of its publication. In short, hazards or exposures become divergent when they part from long term averages and “usual extremes”, both in terms of frequencies and/or magnitude. For example, a hundred-year rain event that occurs three times in a short interval…

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Comments on KPMG survey about third party risk management

We just read KPMG’s Third Party Risk Management outlook 2020 and today we will pitch in comments on KPMG survey on third party risk management . Risk integration We discuss what its conclusions mean in terms of practical risk assessment and Enterprise Risk Management (ERM). At Riskope we started integrating third parties risks in ERMs and risk assessments twenty years ago. We note that in the grand scheme of things third party may also mean neighbors. Of course, defining the limits…

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Tailings dams knowledge base creation

Tailings dams knowledge base creation is about how to acquire the information needed to perform well documented risk assessments. Of course, there are many possible ways to create the necessary knowledge-base for a risk assessment that is compliant with the new Global standard. Today we will discuss a few possible ways to do so at a high-level.At Riskope we passionately believe that only a blending of these approaches is capable of bringing the answers needed for high quality risk assessments…

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Credible events and black swans

We have discussed credible events and black swans several times in this blog, but this time it is different. We do have a real black swan event and we can show it is incredible! 31st  December 2019 to end of February I can still recall champagne popping on December 31st 2019.  Everyone was merry, the expectations for an incredible 2020, a bissextile year on top of that, were flamboyant. Yes, pun intended. Flying to Italy from Brazil on January 23rd …

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Dams Failure modes and catastrophic failures

Today we explore the relationship between Failure modes and catastrophic failures. Catastrophic failure of tailings dam and its water management structures are the likely result of the failure of a number of essential components or any combination of states. We purposely use a different terminology from failure modes because they explain how the dam can fail, but not why. If we look at past events, hydro dams and tailings dam are similar as, for example Oroville and Fundao did fail…

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Dam risks informational gap

Dam risks informational gap impacts to a certain extent all dams: hydro, tailings and finally, toxic dumps. There are thousands of active dams around the world significantly different because of: age, function, materials, construction style and care, maintenance care and finally “behavior” or performance. Oroville dam was one of those, like other recent mining catastrophes and the Michigan failures. What do all dams have in common? Dams are all exposed to hazards, e.g. natural, man-made such as excess of confidence,…

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Dam Monitoring Effects

Dam monitoring effect is a case history. A client acquired a mining properties portfolio. It included inactive dams at closed mines. Some of these structures were relatively well documented, while others were not. As a result, the client was facing important decisions, one of them being the effort to enhance the knowledge on the structures. The question the client asked was: “What happens to a particular dam if the level of knowledge we have on an inactive dam goes from…

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Of Human and Dams Health

Someone asked us to do a ELI5 tailings dam failure (i.e. Explain me Like I am 5, aka explain in layman’s term what are the problem in the management of dams). We find the similarities on common traits of Human and Dams Health particularly striking and hope it helps people to understand the missing pieces. Human Health Human health is a complex field. Numerous factors (Key performance Indicators) may generate diseases which provoke failure modes, such as: Heart issues Lungs…

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