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Business as usual definition in Risk Assessment

Business as usual definition in risk assessment, as defined in our day-to-day practice, is an unchanging state of affairs. That is, despite the occurrence of non-divergent hazards of any kind (man-made, natural). An example of business as usual and non divergent hazard For instance, the variability of any parameter as considered and specified in the design of a system is “business as usual”. Therefore that variability does not represent a hazard. For example, the variation of the oil price of…

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Foreseeability and predictability in risk assessments

The discussion of terms such as Foreseeability and predictability in risk assessments is rather common. Like usual, at Riskope we like to have an extremely clear glossary, in order to avoid blunders due to miscommunication. Foreseeability and predictability in risk assessments Foreseeability is the facility to perceive, know in advance, or reasonably anticipate that damage or injury will probably ensue from acts or omissions. A foreseeable event or situation is one that can be known about or guessed before it…

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Act of God in probabilistic risk assessment

We define an Act of God in probabilistic risk assessment as an event with a probability of occurrence below the general consensus for credibility. In other words it is an unbelievable event that is supposed to be unfathomable “God’s will”. We can quantify probabilities down to certain frequency levels. As a matter of fact, in our day-to-day practice we consider events probabilities as follows: down to 10-5 as credible, between 10-5 and 10-6 as poorly credible, and finally, below 10-6…

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Comments on KPMG survey about third party risk management

We just read KPMG’s Third Party Risk Management outlook 2020 and today we will pitch in comments on KPMG survey on third party risk management . Risk integration We discuss what its conclusions mean in terms of practical risk assessment and Enterprise Risk Management (ERM). At Riskope we started integrating third parties risks in ERMs and risk assessments twenty years ago. We note that in the grand scheme of things third party may also mean neighbors. Of course, defining the limits…

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Tailings dams knowledge base creation

Tailings dams knowledge base creation is about how to acquire the information needed to perform well documented risk assessments. Of course, there are many possible ways to create the necessary knowledge-base for a risk assessment that is compliant with the new Global standard. Today we will discuss a few possible ways to do so at a high-level.At Riskope we passionately believe that only a blending of these approaches is capable of bringing the answers needed for high quality risk assessments…

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Limitations, disclaimers and risks

Today we present a story about Limitations, disclaimers and risks. The case related to limitations, disclaimers and risks. This is a case history on limitations, disclaimers and risks. Below is the summary of the case. Like all other consultants, we introduce in our reports verbiage clarifying our reports address specifically a project, a situation. Thus no one should generalize them to other operations, even if these may appear similar. In particular, the verbiage aims at protecting the client from the…

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Not all risk assessments are created equal

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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Distinguishing knowledge in risk assessment and risk-informed decision making

Distinguishing knowledge in risk assessment and risk-informed decision making is paramount and this post shows an example. Once upon a time we were studying large Alpine landslides in the Alps. We were working in a Swiss Federal Research Project.  We were members of a multidisciplinary team encompassing geologists, hydro-geologists, monitoring specialists and ourselves as geotechnical engineers and risk (hazard) specialists. The research project focused on landslides prone areas characterized by “continuous” movement. For those slopes, failure is a brutal and…

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