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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The UNEP “Mine tailings storage: safety is no accident” report asks mining companies to make environmental and human safety a priority. To ensure mining companies meet that result in management actions and ground operations, a residual risk assessment should be performed. For clarity, residual risk assessments are those that intervene after mitigations or critical controls. However not all risk assessments are created equal so let’s explore the differences. What are the requirements for a good risk assessment? Risk assessments are…
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We just delivered the third edition of our Risk module in MBA course at the SAA (University of Turin, Italy, School of Management). Each time we roll out a new course edition we eagerly await the delegates’ reactions. This years we had in front of us a very active and brilliant group of professionals. Here are a couple comments at the end of the three days module: Angelo Costa, Ph.D., Head of Innovative IT Solutions Sales Department at TIM wrote:…
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The Oroville Dam Spillway Incident Report became public in January 2018. The story it tells is remarkably similar to the one we assumed, based on publicly available information in the aftermath of the accident. As risk advisers and managers we discuss below the various statements in the Oroville Dam Spillway Incident Report. We aim at highlighting risk biases and potential management changes to avoid similar developments. Oroville Dam Spillway Incident Report Conclusions Commented The Independent Forensic Team Report made a number…
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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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It is obvious that risk and uncertainty analyses can and will always be challenged by opposing stakeholders not satisfied with probability assessments. They will base the challenge based on their subjective, modeled or even „pseudo statistical“ approaches. Under the excuse of limited or poor available knowledge of the problem at stake some stakeholder may invoke the „unrepresentative“ character of expert analyses. In addition they will try to avoid making sensible decisions based on “mistrust„ in the results. Indeed they will…
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