Riskope’s ORE deployments generally include quantitative convergent business interruption risk profiles. These are based on “as usual” and, very importantly, on divergent scenarios. They allow for tactical and strategic corporate planning while facing, for example, climatic uncertainties. It is not rare to see a client smile at our scenarios descriptions. In particular, when they include hazards that may be interpreted as “far fetched”. Indeed, the dominos effects that intervene in those cases, due to the interdependencies within the considered system…
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We are delighted to show below ten specific questions Riskope/ORE effectively and elegantly solve for you and your company. ORE is the methodology Riskope has developed over two decades of continuous improvements while working for Fortune 500, international organizations, private groups and governments. Ten specific questions Riskope/ORE effectively and elegantly solve for you and your company. For the ease of reading we have grouped the ten specific questions Riskope/ORE effectively and elegantly solve for you and your company in four…
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A few years ago Riskope developed machinery-specific risk assessments. They were geared towards mitigating Health and Safety issues, covering Mining deaths and injuries generating high risks, in particular around underground coal extraction machines. Mining deaths and injuries We were recently delighted to read that All Mining Fatalities in the US fell to an all-time low (25 casualties) for 2016 (source Labor Department). The value is 86% from the previous low set of 29 (2015) and sharply down from 46 casualties…
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At R&R Conference we heard the representative of a major mutual insurance company talking about Resilience, sustainability and insurance. Resilience, sustainability and insurance Resilience was defined as the ability to recover after an accident, the ability to withstand disruption and rebound quickly. The talk also discussed sustainability as it was defined by the UN in 1987. The UN Brundtland Commission was officially dissolved in December 1987 after releasing Our Common Future. The text, also known as the Brundtland Report, coined…
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Estimating Business Interruption Recent media reports on business interruption insurance claims triggered by natural catastrophes have revealed an ubiquitous trend to shortcomings. Business interruption (or BI) insurance policies cover the loss of profit that a business suffers after a disaster (such as the downpours in Quang Ninh, or what Godzilla’ El Nino could create) due to a reduction in turnover and the increased costs in running the business. The loss covered may be due to a disaster-related closing of the business…
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Risk advisor comments world news related to mining and health & safety Two separate instances just appeared in the South East Asia media which illustrate two cases of “involuntary risks” that populations may be exposed to. Here are the summaries of ou Risk advisor comments world news related to mining and health & safety: 1) Downpours in Quang Ninh (July 27 to August 2) Considered the worst in the past forty years, have reportedly caused flooding and landslides, along with…
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In this post we keep analyzing some buzz-words and their meaning. Resilience Cont’d (3rd part) is today’s subject. The prior post discussed “antifragile”. Some Buzz-words and their meaning. Resilience Cont’d (3rd part). Another buzz-word: resilience. Following the dictionary, resilience is the ability to become strong, healthy, or successful again after something bad happens (so, it would be a subset of antifragile, as it contemplates return to normality, but not thriving out of the mishap). Resilience is also the ability of…
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A discussion on LinkedIN entitled “Does anyone use Standard Deviation, Variance or similar measures to prioritise risks” prompted a reply we are now posting on the blog for our interested readers. It’s a bit technical, but it shows that maths make things simpler, rather than more complicated, bring clarity! Talking about clarity, let’s remember that the context of most of our work at Riskope is in downside risk, in various industries. When we refer below to “Consequences”, we are referring…
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