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Pit failure at Codelco Ministro Hayes in Chile

We read about the recent pit failure at Codelco Ministro Hayes in Chile. We have also read that there will be no impact on the mining operations in this particular case but that is not significant in today’s proposed discussion. This failure is particularly interesting for Riskope as we recently performed a ORE2_Slopes quantitative risk assessment on a large open pit mine in Austral Africa. For a change the client mining company and the mine location are confidential. By the way,…

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Data required to run ORE2_Tailings

Now that the last eight blogposts (General ORE2 tailings workflow, ORE2 tailings technical explanations, first steps ORE2 tailings workflow , ORE2 tailings deployment steps , ORE2 tailings results, ORE2 tailings RIDM , ORE2 tailings tactical and strategic, ORE2 tailings conclusions) have shown the capabilities and results, let’s see the data required to run ORE2_Tailings quantitative risk assessments compliant with GISTM and ISO 31000. A few words on ORE2_Tailings™ methodology ORE2_Tailings™ is a subset of the “universal” ORE platform specific to Tailings…

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Is Cyber Insurance the best tool to preserve corporate value?

Is Cyber Insurance the best tool to preserve corporate value? That is indeed an appropriate question to ask as Cyber attacks seem to constitute major threats to businesses today. Cyber liability policies exist to indemnify and cover losses which may generate under an attack. However they generally include numerous exclusions and conditions. Contrary to natural hazards and many “classic” hazards the frequency of cyber attacks can be/is very high. Consider for example: quakes with frequencies in the order of one…

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UNEP Tailings Dams report and residual risk assessment

UNEP Tailings Dams report and residual risk assessment discusses the joint UNEP-GRID Arendal assessment entitled “Mine Tailings Storage: Safety Is No Accident” from a risk assessment point of view. The United Nations Environment Programme (UNEP) released the report in October 2017 in Geneva. The report urges States and the industry to “end deadly and damaging mining waste spills by enforcing a zero-failure objective”. We believe that this objective requires some additional definitions and details. That is to make it truly…

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ORE use for Risk Informed Decision Making (RIDM)

ORE use for Risk Informed Decision Making (RIDM) explores the possible deployment of ORE within RIDM. We will teach this in Banff using well documented case histories. Here are some examples: Mining (operations and environmental rehabilitation) Transportation (RR and highways) Wharves (including multi-modal logistics) Automotive (specialty vehicles) M&A, startups ORE use for Risk Informed Decision Making (RIDM) : does it fit? We highlight below some aspects of RIDM and compare them to ORE features to show how ORE use for Risk…

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Risk assessment comparison on a system including 5 macro-elements

A client considering a full scale ORE deployment asked for a risk assessment comparison on a system including 5 macro-elements in one of his processes. A risk assessment comparison on a system including 5 macro-elements The client wanted to compare a quantitative: common practice risk assessment result with risk assessment with ranges expressing probabilities and finally risk assessment where we would consider interdependencies between macro-elements. ORE deployment We estimated quantitative probabilities of failure of each macro-elements based on case histories…

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Business tales, awe and success

We just rolled out our new course for businesses, entrepreneurs, startups. The title is Business tales, awe and success. Participants came from various business areas including mechanical engineering, green energy, automotive, wellness and health as well as engineering. Learn to write/rewrite your business story to plan for success. Embrace changes that will inspire awe and confirm your unique leadership. The two days event is an interactive and guided journey between literary analysis techniques. We also teach more advanced business decision making…

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1 way to reduce the number of Due Diligence blunders (DD) in Mergers & Acquisitions (M&A) and other transactions

In this post we look at the 1 way to reduce the number of Due Diligence blunders (DD) in Mergers & Acquisitions (M&A) and other transactions. Due Diligence Due Diligence (DD) is ubiquitously considered to significantly contribute to informed decision-making. That’s because it enhances the amount and quality of information available to decision makers to evaluate “all” costs, benefits, and risks of, for example, an acquisition, merger or an investment (Chapman, 2006). Due diligence definition is “reasonable steps taken by a…

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