Tailings dam mitigation risk informed decision making closes the discussion we presented in prior blogposts. We now focus on one dam and show how ORE2_Tailings™ supports rational and sensible risk mitigation decision-making as requested by GISTM. The dam case The dam we selected for this example is inactive and is parallel to a valley bottom. An unprotected creek runs at its toe and the bed is considered to be sufficient for the 1/500 return. Beyond that flood, there will be…
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Today, we look at what happens when Common Cause Failures impact Risks. Common Cause Failures impact Risks defined Common cause failures (CCFs) are almost “simultaneous” failures of specific system’s elements resulting from single shared causes or coupling factor (or mechanisms). By applying the definition above we can immediately see there are two families of CCF: The coupled CCF, i.e. interdependent failures where one element failure drives the failure of another element and The uncoupled CCF where Physical or environment stresses…
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Personal and business cyber-risks Riskope thanks Paige Calahan for this contribution It is amazing to see that so many private users, small business, but sometimes even sizeable companies are far behind in basic mitigation of cyber-risks. As a business owner, you’ve put in a considerable amount of proverbial blood, sweat and tears to launch your operations. Now that your business is up and running and doing well, the last thing you want is for some sort of privacy leak or…
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We will discuss today why Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Force Majeure clauses in contracts should be optimized to reduce costs and litigation potential. Indeed, any time spent in the aftermath of a mishap “discussing” if the event was Force Majeure, negligence or had other causes severely impacts operations. In addition it can significantly increase the costs of consequences. Thus the need to optimize the Force Majeure formulation. If it was…
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Humanity’s risk profile is changing Long term risk mitigation plans at country wide scale can be measured. The elements of humanity’s global risk equation, which already seem, also thanks to media and informational pressures, to describe an ascending and worrisome trajectory, will change radically in the future (Financial Times, 2007). Among these changes we can cite: Some parameters of change Global climate change (natural hazards). The intensity/magnitude, probability and annual distribution of many natural hazards may change because of global…
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