We split this Chapter in two sections: section 10.1 discusses what actions one can take to enhance the knowledge base. These are obvious “simple” procedural mitigations. Thye lead to better understanding of the risks and/or to mitigate them. Section 10.2 shows how one can deploy ORE2_Tailings™ during the mitigation design process. That is in order to support decision-making. The goal is to define rational and sustainable risk mitigation programs. This process has to occur in parallel with the design by…
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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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We wrote a paper with 10 rules to enhance risk assessments and today we will focus on three ways to enhancing your risk registers, namely rules #3, 5, 6. We have selected three rules out of ten of the original paper based on issues various delegates focused on at a recent conference. Of course we invite you to read the full paper and review your risk registers. Your projects/operation/company will greatly benefit from this action once the dust settles. Three ways…
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Resilience cannot be based on instinctual decision-making. Instead it should rely on forward looking risk assessments to avoid squandering private and public money in useless Capex. Do we need resilience enhancements? The Canadian government pledged a budget of 40M$ over five years to integrate climate resilience into building design, guides and codes. It’s certainly a wise move as codes customarily rely on statistics, business like usual, and experience. None of those approaches is robust enough to cope with climate changes…
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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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In December 2015 we looked at uncertainty taxonomy, resulting epistemological and ontological approaches to risk, all the way to intuition. Some readers have asked for an example helping to differentiate intuition from the other approaches. We all experienced driving a car at night. Certainly everyone recognizes the usefulness of our cockpit instruments informing us on various functional and hazard parameters. At night we lit the cockpit and we use the front light to ‘see’ ahead. Then we make decisions. Our…
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3 decision-making truths derived from Uncertainty taxonomy [scheme of classification] and a road sign. A couple winters ago I saw an interesting road sign: in its own, warped and cynical way it reminded people about The law of attraction (aka the secret), and how we can influence our world, one way or another, with our decisions and, more importantly with the way we take them or what motivates them. Lately I found the image below defining a taxonomy of uncertainty…
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We are about to present Risk Assessment, Decision-Making, Engineering Management for Mine GeoWaste Facilities online. Risk Assessment, Decision-Making, Engineering Management for Mine GeoWaste Facilities online Indeed, less than a week to our Tailing and mine waste 2015 (TMW 2015) short course on Tailings Dams Risk Assessment, Decision Making, and Management. We are very pleased that after 2 long years of preparation and compilation EduMine has just published our EduMine on-line course on the same subject. In fact, it has occurred…
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